Semco, A company of self-managing teams

"Ricardo Semler’s employees set their hours, determine their salaries and choose their bosses. Meet the Brazilian businessman who does everything differently..."
http://www.odemagazine.com/article.php?aID=4390

He came into his daddy's company "demanded that Semco steer away from its activities as a shipbuilding supplier and abandon autocratic management in favour of decentralization... On his first day as director, Ricardo Semler fired 60 percent of senior management and began laying the foundation for a democratic organization."

"Semco now has 3,000 staffers (with very little turnover) and is growing 20 to 30 percent a year, with annual sales of $212 million U.S. [190 million euros] in 2003.
Semco’s radical policies do have a downside. Demand from outsiders wanting to visit its offices is so heavy that employees have complained of feeling like exotic attractions at a zoo. But that seems a small price to pay for such runaway success."

"Why are so few companies in the world run like Semco?
Ricardo Semler: “Because managers are afraid to lose power and control.”

"Ricardo Semler’s tips for democratic management
• Do away with bureaucracy, which creates a sense of false security.
• Let employees determine everything themselves: their salaries, their working hours, their managers.
• Let go of control to stimulate creativity.
• Strip away special treatment for managers—no parking space or secretary, not even their own desk.
• Continually question whether what appears to be self-evident is actually good for the company.
• Regularly take a break from work when you are unreachable for a period of time.
• Read classic literature instead of management books.
• Remember that leadership has nothing to do with hierarchy, because everyone can develop leadership skills."

Richardo has published a couple of best selling books. Beware when you go to the following site, as the page loads it plays loud repetitive music you may wish to turn off your speakers:

http://semco.locaweb.com.br/

Check out the Semco Management Model section of this Flash site (2007).