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As co-founder and former CEO of Yum! Brands, one of the world’s largest restaurant companies with a portfolio that includes franchises such as KFC and Pizza Hut, David Novak has achieved tangible results.
During his 17 years as CEO, From 1999 to 2016Novak helped grow the company from a $4 billion to $32 billion market cap, eight times larger than its original size, but Novak attributes that to qualitative rather than quantitative leadership: creating the right workplace culture.
in A conversation with a scale expert Speaking with Geoff Berman earlier this month, Novak discussed how he’s guided Yum Brands since its inception.
“I made it a priority to really create a strong culture where everyone felt valued,” Novak said. “That became my No. 1 job as CEO, because if you can create the right work environment, people are going to innovate and go further.”
Novak explained that in his early days, he tried to learn from successful companies and those that were consistently doing well, visiting companies like Walmart, Home Depot and General Electric.
“We met with them,” Novak says, “and then we came back and codified what really drives success for these companies so they can deliver great results year after year.”
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Novak said: 1.5 million employees worldwidehas started to value recognition and incorporate it into the culture of Yum! InterviewHe talked about how to use the recognition system to motivate employees. 1 ResultAt KFC, Novak handed out rubber chickens and $100 as rewards for work done well.
Today, Yum!’s culture remains one of recognition and collaboration, in line with its principles. For public viewing Culture page.
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