Struggling to Retain Top Talent? Be an Active Participant in Your Own Rescue!
The 10-Step Guide to Setting Up a Knowledge Management Program
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When it comes to succession planning, thoughtful consideration is imperative in helping businesses remain viable. Review these common mistakes and the suggested success strategies to save yourself and your company from lost profits and leadership woes, and watch the video included!
Did you know 60% of 2nd generation family business owners fail? For 3rd generation owners, it goes up to an astonishing 90%! It goes without saying that deciding whether or not to pass the baton to the next generation requires thoughtful consideration. If you’re wondering how to determine if a family member is the right person for the role you need them to take over, read these success strategies for more insight, and watch the attached video!
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The best thing you can do to keep your top talent happy is to engage in a bit of reverse psychology. The topic of talent retention is mired in language about having, keeping, holding, and preserving. To retain something means to hold onto it. But after you’ve “captured” a person, so to speak, the goal is to set people free to do what they do best and watch your business thrive.
Did you know that WIOA requires states and Local Workforce Development Boards (LWDB) to develop and deliver Career Services through the American Job Centers? Basic Career Services must be made available to all customers interested in seeking assistance from American Job Centers.
Many business owners dream that their sons or daughters will take over the family business, but struggle with feeling confident it’s what’s best for the company. In a report from the Family Business Institute, 88% of family business owners said they believed their family would control their business in five years. Yet, according to the report, only about 30% of family-owned businesses survive into the second generation.
Do you continue to struggle to find or retain workers? Are you having to deal with rising labor costs simply to hire staff? Is a lack of people power restricting you from taking on new business? Stop the vicious cycle and lean things out.
Would you choose to take steps to strengthen your business and enhance its reputation if it meant improving your organization’s ultimate performance? The goal (no pun intended!) of this blog is to lay out the process you’ll need to do just that. Goal setting is important because it helps outline the specific path that an organization must take to achieve desirable outcomes. It helps provide direction and assess organizational progress.
As a small business owner, you’re crazy busy with everyday tasks that support running a successful company … yet planning for the future is essential to ensure financial stability and growth. This is where Succession Planning comes into the picture.