How Great Companies Achieve Extraordinary Results with Ordinary People Presented by: “Ning” Jidapa Ittipong “Mink” Pinyarat Sirisomboonsuk “Peggy” Sirikanya Buranabunpot
The Men’s Wearhouse • Started operation in 1973 • Company-based in Houston, Texas • One of the North America’s largest specialty retailers of men’s apparel with over 500 locations • A full selection of designer, brand name and private label suits, sport coats, sportwear, outerwear, furnishings and accessories, including tuxedo rentals
Company’s Philosophy • Servant leadership • Take advantage of people’s strengths • Employees are customers too • Look for win-win opportunities • Celebrate individual and team success
People Resource Management This Retailer’s Program Affects the Employees Ultimate Outcomes Training & Development Skill Rewarding & Motivation Employee Performance Effort Feedbacks Morale
Training & Development • Workers not always from the best pool but have potential to develop • Suit University • Servant leadership • Development of teamwork
Rewarding System • Extrinsic vs Intrinsic • “Wardrobe Consultant” title • Stock options and sales commission • Individual vs Team Spirit • Based on philosophy of “Success comes only when everyone in the store is successful.”
Measures & Feedbacks • Focused on behaviors that influence important business functions • Aligned the evaluation criteria emphasis on company’s philosophy
Outcomes • Differentiated itself in a price-sensitive market • Driven customer loyalty by employee loyalty • Fortune 100 best companies to work for • Increased in sales and profit
Conclusions • “PEOPLE” is the most important. • “VALUE” comes first. • It helps people to be better. • It lowers turnover, increases margin. • It is crucial to be able to turn theoretical knowledge into action.
Conclusions • Company’s motto “We are in the people business not the suit business. The company’s job is to help people understand others, listen better, and develop excitement about helping themselves and their teammates reach their potential as a person.” said George Zimmer, Founder and CEO.
Works Cited O'reilly III, Charles A., and Jeffrey Pfeffer. “The Men’s Wearhouse: Growth in a Declining Market.” Hidden Value. Boston, Massachusetts: Harvard Business School Press, 2000. 78-98. “FORTUNE: 100 Best Companies to Work For” 11 May 2006<http://money.cnn.com/magazines/fortune/bestcompanies/full_list/>. "The Men's Wearhouse Company." 11 May 2006 <www.menswearhouse.com>. “U.S. Securities and Exchange Commission.” 11 May 2006 <www.sec.gov>.
How Great Companies Achieve Extraordinary Results with Ordinary People . . . Thank You . . .