Malco Tools, Inc. one of the nation’s leading manufacturers of high-quality, American-made tools for professional use, was recently recognized as a 2020 Great Game of Business All-Star Team at the 28th Annual “Gathering of Games” conference hosted by the Great Game of Business® (GGOB).
GGOB promotes an open-book management approach to running a business and encourages companies to set goals and participate in “mini-games” with associates aimed at reaching metrics. Tapping into the universal human need to win, GGOB educates employees in the rules of business, rallies them around a common goal, empowers them to see and improve the score and engages them with the opportunity to win or lose as a team.
At the Gathering of Games conference, the open-book management community honors and celebrates the remarkable achievements of companies from around the globe that have fully embraced the principles of open-book management and GGOB and have demonstrated outstanding results.
Malco Tools implemented GGOB by utilizing financial projections, weekly management and company huddles, scoreboards and financial literacy training for all associates. Malco also set goals around associate engagement with its new facility in DeWitt, Neb., challenging Minnesota-based associates to spend time working at the DeWitt plant to encourage participation.
“Our business expansion in Nebraska is the largest Malco has undertaken,” explained Mardon Quandt, Malco COO and president. “Malco’s utilization of GGOB open-book management philosophies has ensured that we have had the resources needed, communication, and continuous improvement to make our expansion successful, and we’re proud to say that 90 percent of our Minnesota-based employees have participated in our challenge to spend time working at the DeWitt plant.”
Through greater financial literacy and accountabilities at all levels, efficiencies and lead times have improved at Malco. Sales and net operating profits have increased to record levels, and since Malco first implemented GGOB, associates have collectively received over $1.7 million in company incentive bonus payments—which has helped engage associates while giving them a greater stake in the performance of the company.
“GGOB has a positive effect on us, and it is a great fit for our organization, as we are 100 percent employee-owned,” said Marvin Kampa, Malco accounting manager. “Engagement has increased, which leads to more transparent information and communication. It has also taught me to be more transparent personally, communicate better, and to set personal goals and strive to achieve them.”