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New Manchester United part-owner Sir Jim Ratcliffe uses an innovative word compass to help inspire best practices at his INEOS company.
The INEOS Compass was created by chairman Ratcliffe as ‘a fun way of attempting to capture how the company works’.
It contains more than 100 phrases, words and terms that are either heavily encouraged or discouraged inside the company, in order to promote the best possible practices.
British sailing and Olympics legend Ben Ainslie in fact has a framed copy of the wheel inside his office.
Here is their guide to some of the terms on the 'compass'...
Sir Jim Ratcliffe and his staff devised the compass of terms to help promote best practices
Northerners:
This is partially tongue in cheek — but INEOS’ owners all hail from the North: Manchester (Jim Ratcliffe), Sunderland (John Reece), and Doncaster (Andy Currie).
Owner-like behaviour:
Spend money like it’s your own, and don’t waste time on politics.
A beer:
A number of INEOS’ ideas have arisen over a beer.
Federal:
The INEOS structure. It’s unusual to have such a small centre, with autonomy for all operating units. Demands co-operation and sharing between businesses.
EBITDA €10m+:
[Earnings before interest, taxes, depreciation, amortization] At INEOS’ scale, it’s difficult to devote time and offer advice to businesses below this.
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