The Socio-Economic Approach to Management : World Scientific Publishing : 9789813232983 : 9813232986 : 19 Apr 2018 : Many organizational leaders may not even realize that most of their strategic decisions are made without accurate or full information. And yet more than 40 years of socio-economic research indicate that around 40% of what happens economically in organizations is not taken into consideration by traditional accounting. This lack of information affects an organization's effectiveness by turning organizational functions into dys-functions which leads to hidden costs. Socio-economic research shows that average hidden costs are more than $20,000 per employee per year.Socio-Economic Approach to Management (SEAM) is a different way to lead and manage organizations ? or to put simply steer them. What differentiates SEAM from traditional management? First, SEAM focuses on both the people and economic sides of the workplace. Second, SEAM identifies and reduces hidden costs through