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How Cold Steel Can Create Burning Loyalty – The Nucor Story

How Cold Steel Can Create Burning Loyalty – The Nucor Story. Donovan Marks November 19, 2008. DISCUSSION. Who is Nucor Culture Employee Relations Principles The Platinum Rule Empowerment Nucor’s Incentive Plans Conclusion. Who Is Nucor. 52 Operating Facilities in 18 States

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How Cold Steel Can Create Burning Loyalty – The Nucor Story

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  1. How Cold Steel Can Create Burning Loyalty – The Nucor Story Donovan Marks November 19, 2008

  2. DISCUSSION • Who is Nucor • Culture Employee Relations Principles The Platinum Rule Empowerment • Nucor’s Incentive Plans • Conclusion

  3. Who Is Nucor • 52 Operating Facilities in 18 States • 22,000 employees • Corporate staff of 80 • Largest recycler in the United States

  4. Who Is Nucor • Profitable every year and every quarter since 1966 • Revenue of $17 Billion (2007) • Net Income of $1.47 Billion (2007) • Ship 22 million tons of Steel • 5 Layers of management

  5. It Starts With Our Culture • Team Work • Incentive Based Pay – For everyone based on performance • Non-Union • Lean management • Decentralized • Egalitarian Benefits • No Lay-off Practice

  6. It Starts With Our Culture 4 Employee Relations Principles Management is obligated to manage Nucor in such a way that employees have the opportunity to earn according to their productivity.

  7. It Starts With Our Culture 4 Employee Relations Principles Employees should feel confident that if they do their jobs properly, they will have a job tomorrow.

  8. It Starts With Our Culture 4 Employee Relations Principles Employees have the right to be treated fairly and must believe they will be.

  9. It Starts With Our Culture 4 Employee Relations Principles Employees must have an avenue of appeal when they believe they are being treated unfairly.

  10. It Starts With Our Culture Platinum Rule Do one to others as they would have done to themselves

  11. It Starts With our Culture • Empowerment • It’s OK to Fail • Keep trying • “Don’t let the people who say you cannot do it, get in the way of those that are getting it done”.

  12. Bonus Systems • Production Bonus • ROA Bonus – non-production • ROA Bonus – Managers • ROE Bonus – Senior Officers

  13. Production Bonus • Low Base Rate • Bonus only paid during production hours • The Role of Quality • Paid Weekly

  14. Production Bonus - Example

  15. Pay & Benefits • Base Salary • Bonus • 401k Match • Profit Sharing • Medical Plan Philosophy • Scholarship Program – $44 Million

  16. Questions

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