Thousands of Baby Boomers are on the verge of retirement. When they do decide to walk away, they’ll take decades of organizational knowledge with them. That includes a deep understanding of older systems, technologies and business processes. Succession planning can prepare you for a wave of retiring Baby Boomers, helping you minimize disruption to business operations and maintain strong customers relationships.
The 80/20 rule applies to the correlation between organizational output and the talent within that organization. In other words, the top 20 percent of talent accounts for 80 percent of output. Ideally, organizations would be able to invest in the growth and development of all employees. The fact is, few organizations have those kinds of resources. The key is to selectively focus resources on those employees with the greatest potential.
To illustrate the importance of an effective onboarding process for new employees, consider the Securities and Exchange Commission’s investigation of Bernie Madoff’s Ponzi scheme. By the time Madoff confessed in 2009, he had bilked 4,800 clients out of almost $65 billion. After the fact, an internal SEC report revealed that the agency could have uncovered the scam much earlier but botched multiple inquiries over a 17-year period.
Organizations create competitive advantages by coming up with innovative solutions, products or models that address strategic business problems. For example, Amazon started off as an online bookstore almost 25 years ago before offering virtually every product imaginable, introducing the Prime subscription model, and becoming one of the world’s largest retailers.
People are your organization’s greatest asset — provided they have all the tools, resources and support they need to be engaged and effective. The right technology can help your employees reach their full potential by streamlining processes and enhancing decision-making.
According to our recent HR Employee Communication Survey, 23 percent of respondents say they use paper-based processes to communicate with employees, making it the most popular method. That means more HR departments are using paper than email (19 percent) or an intranet (18 percent). This is a potential ticking time bomb. Given the volume of HR documents and the complexity of data retention requirements, paper-based systems can quickly become unmanageable.
Given record low unemployment numbers, the best candidates for open positions at your company are already working somewhere else. That means candidates are no longer auditioning for jobs. The current job market is very much candidate-driven. Employers are doing the auditioning, while the candidates should be viewed as customers looking for solutions.
Should you mix business with pleasure? Conventional wisdom says no, but there is mounting evidence that coworker friendships are critical to the modern work experience.
A few years ago, astronaut Buzz Aldrin shared a surprising anecdote about the 1969 moon landing mission — he was required to file a travel expense report with NASA! His reported expenses for the eight-day, 480,000-mile trip totaled $33.31 for the use of government vehicles, including cars, planes and spacecraft.
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