"From all business, my favorite case on incentives is Federal Express. The heart and soul of their system — which creates the integrity of the product — is having all their airplanes come to one place in the middle of the night and shift all the packages from plane to plane. If there are delays, the whole operation can't deliver a product full of integrity to Federal Express customers. And it was always screwed up. They could never get it done on time. They tried everything — moral suasion, threats, you name it. And nothing worked. Finally, somebody got the idea to pay all these people not so much an hour, but so much a shift — and when it's all done, they can all go home. Well, their problems cleared up overnight."
Quote Details
Added by wikiquote-import-bot
Unverified quote
0 likes
Original Language: English
Available Languages (1)
Sources
Charlie Munger, (p. 17 of 24)
https://en.wikiquote.org/wiki/Business
Revision History
No revisions have been submitted for this quote.
Categories
Business
145 quotes on TrueQuotesView all quotes by Business →
Related Quotes
"Cahden Cauppa; Colmannen ei mitän. (WST)"
"When a business is bought, it is bought for its potential—for its future, not its past."
"In civil business: what first? boldness; what second and third? boldness. And yet boldness is a child of ignorance an…"
"The people who believe most that our greatness and welfare are proved by our being very rich, and who most give their…"
"We were sinning by writing or reading or studying less than our assigned lessons. For I did not, O Lord, lack memory …"
"Business, you know, may bring money, but friendship hardly ever does."
"Business tomorrow."
"Come home to men's business and bosoms."
"Consequently, American businesses must meet the challenge of poorly- educated people in today's workforce by strength…"
"A mission statement should define the business that the organization wants to be in, not necessarily what it is in."