Which performance metric would probably not motivate employees to improve free cash flow according to Penelope Snow?

The correct choice highlights a performance metric that is disconnected from the immediate factors influencing free cash flow. Measuring employee participation in retirement plans does not directly impact financial performance metrics such as cash flows, inventory turnover, or profit margins, which are essential in assessing and motivating improvements in free cash flow.

Free cash flow is primarily influenced by operational efficiencies, profitability of products, and effective inventory management. By contrast, employee participation in retirement plans pertains more to employee benefits and satisfaction rather than the operational or financial performance of the company. Hence, this metric would likely have little to no motivational impact on employees aiming to enhance free cash flow.

In contrast, metrics like cash flows from operations, inventory turnover ratios, and profit margins are directly related to cash management and operational efficiency. These metrics provide clear targets for employees and directly illustrate how their actions can lead to improved financial outcomes. Understanding the relationship between operational performance and cash generation is crucial for motivating employees to focus on enhancing free cash flow, making the other options more aligned with that goal.