The philosophy that a firm will succeed if all of the employees share finance and operations information. Four basic practises are necessary for this: 1. Employees must be appropriately trained. 2. Employees must be empowered to use this information to cut costs. 3. Employers must trust employees to act as equal business partners. 4. Employees must be fairly rewarded for business success.

More On This Topic

Link to This Definition
Did you find this definition of OPEN BOOK MANAGEMENT (OBM) helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary