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
WORDS WE LIKE…
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.
Col de la Madone:
Jim’s favoured French peak for cycle training.
Slim HQ:
Managers have clear responsibilities, direct lines of report, and limited interference from HQ.
AMR battle:
Tackling Antimicrobial Resistance will be the focus of our ongoing charitable giving. It’s generally held that our known antibiotics will cease to be effective by 2050, with consequences that make Covid-19 seem like a tea party.
All of INEOS’ owners hail from the north with Ratcliffe himself coming from Manchester
Ratcliffe purchased a 27.7 per cent stake in Manchester United earlier in the 2023-24 campaign
WORDS WE DON’T LIKE…
“Can’t”:
It’s too easy to say.
Politics:
Erode efficiency, relationships and speed of action.
Parapet types:
Don’t be afraid to stick your neck out.
Waiting for bad News:
Don’t. Ever.
British sailing legend Ben Ainslie (left) has a framed copy of the compass of words in his office
Don’t do dumb s***:
Jim came across this on a noticeboard in the North Australian Outback, at a remote helicopter refueling station manned by one person. Consequences in the Outback are serious. As they are in chemical plants.
Good enough:
Is usually not enough.
Turf wars:
We are all colleagues on the same team.
Lukewarm Cappuccino:
Jim can’t stand them!
Matrix structures:
A core strength of INEOS is direct accountability. Matrix structures are by definition amorphous, confusing, and create places for people to hide.
The wheel has also revealed that new United part-owner Ratcliffe can’t stand ‘lukewarm cuppuccinos’
People who get on the bus:
Coined on our Graduate Namibian endurance challenge (where our 4th year graduates train to run, cycle and hike for a week through the desert). We have a bus following for safety reasons, but the idea has never been to get on it.
10-year plans and five-day conferences:
Paraphrasing Sir Steve Redgrave, if INEOS ever have one, someone at the top should be shot.
