The Secret Ingredient of Business Success | Pete Stavros | TED
Too often, employees are unmotivated and unhappy, with no real incentive to invest much of anything into their place of work. Investment expert Pete Stavros thinks there's a better way, and he's on a mission to rethink corporate structures to expand who benefits from a thriving company. Sharing personal stories of his own journey along with the profound impact doing this work effectively can have, this moving talk provides a blueprint for changing the narrative - and outlook - for millions of workers worldwide.
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• The Secret Ingredient ...
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I work for a company that has ESOP. Along with many others (at my location) we've been there 20+ years because it is a great system. Many have retired as millionaires because of the stock they earned. I plan on retiring with the company and being happy. We are in the USA and started in Washington, Idaho, Nevada, California, and Oregon... since then we have opened several more locations in markets that demand our business. ESOP is a great business model where employees are happy, productive, and successful through retirement.
I can see the bewilderment on some CEO's face as he hears the idea of sharing the wealth. Same bewilderment when he was a kid when told/asked to share his candy or toys.
what a brilliant analogy
This is what TED is about. Spreading ideas like this.
One of the main problems with inequality is reducing it without decreasing incentives to work. If you increase income tax for the rich, the incentive to become rich is less, so you become demotivated. Providing ownership to employees will redistribute the income and increase incentives to work with no trade offs. Could be pretty exiting stuff.
It not only looks truly phenomenal but also a game changer movement in creation of wealth that impacts the lives of millions.
THIS! Been obsessed with this concept for years. I love entrepreneurship, and love the idea of worker ownership just as much!
You know you're half step into communist ideology, right?
This is probably one of the best TED talks I’ve listened to! My interest is definitely piqued!
Its not just about sharing wealth, its about sharing ownership. Which means sharing of responsibilities as well as risk - when wealth is lost and not generated
Μπράβο παλικάρι!!!! Greeks always leading the way
The focus on employee stock ownership is a powerful way to reshape workplace dynamics and tackle wealth inequality head-on. Creating an ownership culture not only fosters engagement but also strengthens the foundation of companies. Let's empower more workers to share in the success they help create! 🌟
Wow! Uplifting voices, wealth growth & education and putting people first is so empowering! Here’s to more companies choosing this model. 💜
Absolutely awesome! Well done Pete and I’m sure you feel Gods blessings. ❤❤❤
This almost made me teary 🥺
The mystery of business achievement lies in a blend of components working as one to advance development and maintainability. It starts with a reasonable vision and mission upheld by essential preparation and execution. Versatility, development, and a client driven approach are fundamental components to stay with an in front of the curve.Solid drive, strong correspondence, and convinced bunches are central for developing a positive workplace culture and achieving progressive targets.Ceaseless learning, information driven navigation, and an emphasis on quality and consumer loyalty are key components that add to long haul achievement. Eventually, outcome in business is the aftereffect of a coordinated and far reaching way to deal with activities and system.
Love this
Wait… if all employees had stock, why would the payout depend on seniority and not on the number of shares they own? Also, most of the things you said you did, didn’t have to be tied to employee stock ownership. 11:00 is right. Letting the employees involve in decision making is the main point here. The success didn’t come from giving them shares of the company. The management didn’t need to be forced by shareholders to give the employees more power. They can voluntarily let the employees in the decision-making process, and skip the stock part.
There is a book you can find online that explains this and more eloquently you can find online, its called: "towards a new socialism" by Paul Cockshott.
Good point. Maybe the company allows employees to buy more stock with each additional year/month they work there? Mabye that’s why returns are higher for senior members, as they have more shares. Not sure but just a thought
@@logancooper6062 That’s fair enough. But again, companies don’t need to force themselves to listen to their employees because they double as stockholders. They can still let employees in on their decision-making processes without them being stockholders.
This guy gets it!
The Mondragon Worker's Cooperative in Basque county has done far more than this and has been doing it since shortly after World War 2.
Finally! A GOOD TED Talk!😁
What a great entrepreneur!
@10:30 - $340 MILLION of wealth infused into the local economy. Not from government handouts or printing money or excessive taxation--just by doing right by the average American worker. Imagine how much better this country could be if we dealt with the problem that's ACTUALLY holding us back: Corporate Greed.
AKA owning the means of production. Evergreen Marx ♥️
That was represented by the chicken.
Nice video for my future career, In my opinion I agree with improve the incentive for worker. This opportunity could help them to enhance the potential abilities, also increase of the attention in company to work more fascinating. But, I wonder nowadays, huge company such as Samsung or Lg they have a beneficial incentive environment for their worker but some of the worker still try to abort of that what is the main problem in this situation?
Respect 💯 ❤
Great. Farbot Burun'Net Nia
So let me get this straight!= "His real name is TED!!"
My mom got profit sharing from the small locally owned company she worked for. Is this still a thing? It sounds similar.
I wonder whether the employees that he referred to went back to being non stockholders once the company was sold?
fare squadra, sempre
I want this for all of us!
But it's impossible.
@@shuyanEnglishMaterialsSharing Why?
@vivalaleta most businessmen are mean. They just want to rob us.
Okay so question. I own a roofing company, I have to spend 10k a year on workers comp and general liability just to operate. I take home less than 50k a year. If we are sharing the wealth should the employees pay their part of workers comp&general liability if they are going to benefit? Yea I know it’s selfish but if I built this company from the ground up, paying more taxes, more liability on me and more stress. Why should someone else benefit for what I built?
This idea is for publicly traded companies. Ones that have stock.
@@aaronhinspater6771 I guess it makes sense there but he was also talking about construction companies too. Maybe I misunderstood
@@aaronhinspater6771 Many large companies and corporations come from such humble beginnings 🤷♂️ Or do you simply mean once you deem them "too big" or "too profitable" for one person or family to reap the benefits of? 🤔
@@tristondoyle9286 Risk = Reward my friend, if you're taking all, or the majority of the risks, don't feel bad about receiving all, or the majority, of the rewards. 🫡
Give all of your employees an equal share in the company via cooperative shared ownership, including distributing liability amongst them as shareholders, and then ask them to vote to decide who is the best representative to deal with administrative duties and how much that person should be compensated for their stress.
As a former employee of an ESOP, I found that the management simply appreciated the tax breaks while retaining all control, all authority, and responsibility. The stocks were not shared fairly across the employees and no one was empowered to raise ideas to better the company, the products and services, nor the employees. When I left I was working to start a union to support the employees. Sad that such a powerful tool can be used. While it looks yummy on the outside, ESOPs are as big a joke as a traditionally owned pyramid business. The stocks only gain value when value is put into the business.
🤔Could this idea work for nonprofits?
Interestingly, most employees want to share in the profits, but no one is willing to share the losses. If you want to share the profit, then you also need to pay in when losses are made.
How about most of your waking life spent working at a job where you don’t see a fraction of the value you’ve created for the company? How’s that for losses?
CEOs ain't gonna like this
Ted talk is good
I thought we outlawed owning employees a long time ago?
This is how you change the world
Be like Huawei
My man said "it might allow us to achieve an inclusive form of capitalism" after accidentally explaining socialism. I love it when liberals try to steal the ideas of us communists. We have been trying to do this for 150 years now, and people like our speaker here have opposed us for that entire period. The fact that liberals are now supporting our policy is telling of how fickle they really are.
Right?! This is called Social Democracy and it's been a priority of Labor Parties for decades. This just looks like Capitalism is evolving to stay relevant without committing fully to the idea of democratized labor. Regardless it's a good start and if it opens some people to the ideas of socialism then I'm all for it whatever they decide to call it.
I don't know a heck of a lot about socialism, but as a layman with an outside perspective, it seems like 150 years of trying hasn't netted any success. It's just my thinking on this, but it seems like humanity in general is just too self-centered and small minded to make these systems (including the content of this video) work. No matter what benefits you offer to the "elites", all they will see is money and power discarded into the hands of people less than them. It's just human nature at this point in our evolution; enough is never enough, and we always need someone to grind under our boot. If humanity can survive another 10,000 years, we might transcend this petty, self serving small-mindedness, but not for many generations in my view.
@@Mafyeux I'm not sure what you mean by "hasn't netted any success." Socialism, in every example of its existence bar Laos has brought it's people vastly ahead of other countries that did not have a revolution that were in a similar position beforehand. Not to say there were no disasters in socialist countries, but in every crisis in every socialist country outside of perestroika, socialist countries have been able to recover faster and stronger than their capitalist counterparts.
For any Economics experts out there -- Is this a form of Marxism? Is it Communism? If not, what's the difference?
It is Syndicalism in that Money, government and Class still exist but most people adhere's to the "common ownership of the means of production". After Syndicalism comes Anarcho-Syndicalism which abolishes government. Then once you get rid of Money and class, you are left with Communism.
Its syndicalism or left communism depending on if he wants a revolution or not.
Marxism and communism believe that there should be no private property. The opposite of that is when ownership is distributed widely, which is what this video suggests.
An employee-owned company can still treat its workers like crap
Sure, but they are far less likely too. That's the point.
But the workers now have a say in that. Remember stock ownership also grants voting rights on strategic decisions
Is that picture of your father in his road grader taking in the late '60s? How could he not build wealth with $20 an hour? $20 then had the buying power of $160 today.
Canada’s WestJet failed with their employee ownership program. They now owned by someone else.
First comment ❤
First comment
YO THIS IS ACTUAL SOCIALISM. THIS IS SHAREHOLDER SOCIALISM - THAT’S BASED AF
oh capitalism is learning the value of generosity
more human-faced capitalism? just as those models usually brought up by behavioral economists?
That's Communism/Socialism!...some right winger
Not even close to either, but keep it up, I know you’re trying!
It is a communist/socialist idea but implemented in a capitalist society. The more i think about centralizing people in our society, the more communist/socialist i become though i know that communism doesnt work. I think we do need to reevaluate the position of people in our society and how companies can help people. The lower the needs of the maslov piramid, the higher the subsidies and higher government constraints.
FIRST
Bro is talking about Communism.
Marxism and communism believe that there should be no private property. The opposite of that is when ownership is distributed widely, which is what this video suggests.
@@bookponderings nah still communism wait when AI Robotics make this obsolete
Just because it’s not your ideal capitalist system doesn’t mean it’s communism
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