Worthington

In: Business and Management

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Running head: WORTHINGTON INDUSTRIES CASE 12-3

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Worthington Industries Case 12-3 MBA

Worthington Industries Case 12-3 Worthington Industries has a long history of success in steel processing and metals-related businesses. From 1995 to 1999, they increased sales consistently yearover-year. During 1995, the company reported net sales of $1.126 billion. By 1999, net sales grew to $1.763 billion, an increase of 57 percent (Anthony & Govindarajan, 2007). There are four key factors of their management system that have helped them exceed their competitor’s performance. These four factors include their values, organizational structure, human resource policies, and their reward systems. Values The first key factor is the company’s values. The company founder developed these values and they have remained at their core ever since. There are eight rules or statements that make up the company’s philosophy. These eight statements include earnings, their golden rule, people, customers, suppliers, the organization, communication and citizenship. The heart of these values is the golden rule of treating others the way you want to be treated. They apply this rule to their customers, employees, investors, and suppliers. The first priority for the company is to earn money for their shareholders (employees are also encouraged to become shareholders through the company’s profit sharing plan) and increase the value of their investment. They measure this through growth earnings per share. From 1999 to 2005, operating income as a percent of stockholders’ equity increased from 19% to 21% (Anthony & Govindarajan, 2007). These values are interwoven into each part of the company. They have been successful in creating an environment where people feel valued and everyone treats each other with mutual respect. When employees know that their hard work is

appreciated and rewarded, they…...

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