New Manchester United co-owner Sir Jim Ratcliffe is using an innovative word compass to inspire best practice at his company INEOS.
The INEOS Compass was created by Chairman Ratcliffe as “a fun way to try to understand how the business works”.
It contains more than 100 phrases, words and terms that are strongly encouraged or discouraged within the company, in order to promote the best possible practices.
British sailing and Olympic legend Ben Ainslie actually has a framed copy of the wheel in his office.
Here is their guide to some of the “compass” terms…
Sir Jim Ratcliffe and his team designed the compass to help promote best practice at INEOS
Ineos’ list of words they like and dislike takes pride of place in Ben Ainslie’s office
Ineos’ “words we love” include “sport”, “safety”, “humility” and, “ironic”, “northern people”.
“Reasonable risk”, “lead by example” and “the customer is king” are expressions promoted by Ineos
WORDS WE LOVE…
Northerners:
It’s partly ironic, but the owners of INEOS are all from the North: Manchester (Jim Ratcliffe), Sunderland (John Reece) and Doncaster (Andy Currie).
Owner behavior:
Spend your money like it’s your own and don’t waste time on politics.
A beer:
A number of INEOS ideas were born over a beer.
Federal:
The INEOS structure. It is unusual to have such a small center, with autonomy for all operational units. Requires cooperation and sharing between companies.
EBITDA €10M+:
(Earnings before interest, taxes, depreciation, amortization) At the scale of INEOS, it is difficult to spend time and advise the businesses below.
Madonna’s Pass:
Jim’s favorite French peak for cycling training.
Slim HQ:
Managers have clear responsibilities, direct reporting lines and limited interference from headquarters.
Battle against RAM:
The fight against antimicrobial resistance will be the focus of our continued charitable giving. It is generally accepted that our known antibiotics will cease to be effective by 2050, with consequences that make Covid-19 look like a tea party.
All INEOS owners are from the north, with Ratcliffe from Manchester, John Reece from Sunderland and Andy Currie from Doncaster.
Ratcliffe purchased a 27.7% stake in Man United earlier in the 2023-24 campaign. Pictured: United boss Erik ten Hag
WORDS WE DON’T LIKE…
“Can’t”:
It’s too easy to say.
Policy:
Destroy efficiency, relationships and speed of action.
Types of parapets:
Don’t be afraid to stick your neck out.
While waiting for bad news:
Don’t do it. Never.
Ineos’ “words we don’t like” are “quits”, “right” and “watchmakers”
The words “great”, “impossible” and “political” are also frowned upon by Ratcliffe and Co.
Don’t do stupid shit:
Jim discovered this on a notice board in the North Australian Outback, at a remote helicopter refueling station manned by just one person. The consequences in the Outback are serious. As is the case in chemical factories.
Pretty good:
This is usually not enough.
Turf wars:
We are all colleagues on the same team.
Warm cappuccino:
Jim can’t stand them!
Matrix structures:
One of INEOS’s main strengths is direct accountability. Matrix structures are by definition amorphous, confusing, and create places for people to hide.
British sailing legend Ben Ainslie (left) has a framed copy of Ratcliffe’s INEOS Word Compass in his office
The Wheel also revealed that new United co-owner Ratcliffe can’t stand ‘lukewarm cuppuccinos’.
People who ride on the bus:
Invented as part of our Namibian Graduate Endurance Challenge (where our 4th year graduates practice running, cycling and walking for a week through the desert). We have a bus that follows us for security reasons, but the idea was never to board.
Ten-year plans and five-day conferences:
To paraphrase Sir Steve Redgrave, if INEOS ever had one, someone at the top would have to be taken down.