MAYFIELD HEIGHTS, Ohio—Tom Williams, Parker Hannifin Corp. chairman and CEO, wants to build on the 100-year-old company’s culture to create a sense of ownership among employees, as well as grow profits. The different goals are encompassed in the company’s Win Strategy, a wide-ranging strategy designed to drive Parker into the future. Mayfield Heights-based Parker Hannifin is a motion and control technologies company that serves a variety of industries, from aerospace to flow and process control. The Win Strategy, which first started in 2001, was designed to help this large, decentralized company bring its best practices together. But when Williams became the company’s CEO in early 2015, he knew it was time for an update. The first goal of the new Win Strategy, which was rolled out September 2015, focuses on engaging employees and focuses on safety, entrepreneurial spirit and high-performance teams and leaders. Williams said it’s about “creating owners” at the company. “Owners think differently than employees,” Williams said. “And so what we’re trying to do is create an ownership culture where people think and act like a...