Essay about Bloomberg

Words: 2326
Pages: 10

Webster University

Michael A. Kirby

MNGT 5000 OB S1 2014 Management

Spring I Term Paper


February 27, 2014

Bloomberg L.P. is a privately-held financial software, media, and data company. Bloomberg L.P. comprises approximately one third of the $16 billion global financial data market with estimated revenues of $6.9 billion (Shetty, n.p.). Bloomberg L.P. was founded by Michael Bloomberg with the assistance of Thomas Secunda, Duncan MacMillan, and Charles Zegar--with a 30% ownership stake put off by Merrill Lynch--in 1981 (Shetty,n.p.). The company provides financial software tools, such as analytics and an equity trading
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To create loyalty and to incent hard-work, Hartnett’s managers must purchase a 25% equity stake in the restaurants they run. In exchange, they receive 25% of the monthly net profits, a $1,200 monthly salary, and full health benefits for themselves and their dependents. As well, managers that have been with D.L. Rogers for more than 18 months qualify for a bonus of up to 15% of net profits if they meet certain food, labor, and paper cost quotas (Ballon, 4). Lastly, three-year veterans can buy a 1% stake in a new Sonic outlet for about $1,750, as long as they meet certain goals, such as posting an annual net profit of 20% (Ballon, 4). Supervisors can receive up to 13% of the net profits from the stores they run (Ballon, 4). Hartnett also holds meetings with his managers at undisclosed locations to discuss budgets, growth at individual stores and organization-wide (Ballon, 7). Hartnett wants employee input resulting in the loyalty of all of the people he hires to run his business. In this way, he builds a type of consensus that comes alongside loyalty.
Hartnett has various management principles, he calls the eight commandments that he goes by when managing his employees.
He believes that if someone wants to motivate their employees, then money is paramount (Ballon, 9). He also believes