Latest Posts in Talent
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.
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.
If you’re interested in learning more about knowledge management, or if you need more insight on why it’s important to your company, you’ve come to the right place. In this brief article, you will learn the basic definition of knowledge management, the two main types of knowledge and how your company stands to benefit from a knowledge management plan.
Many of us have one of those “buy 10, get 1 free” cards stuffed somewhere in our wallet or purse. It seems every company is concerned about customer retention, but how many companies are concerned about employee retention?
When it comes to running a successful company, there’s no question that profit and growth are only sustainable if a clear succession plan is in place. What good is your business if all the institutional knowledge needed to handle the in’s and out’s of the company is tucked away in your CEO’s head?
Is your workforce getting older? If you are like most manufacturers, your workforce is aging. In many situations, you may have critical positions and skill sets at risk of competitive poaching, retirement, illness or worse. The problem is common, yet most companies are not dealing with the issue proactively. Instead, they wait until a key employee’s departure is inevitable or has already occurred.
In its most basic form, a career path is a plan for an employee to move through various positions to obtain an ideal career. The plan could move them vertically into a senior position, or horizontally into a different type of job role. Most successful companies develop career paths for their employees in order to provide a realistic picture of their position in the coming years.
In our last post, we recounted a discussion with Educational Data Systems, Inc., and their observations of a company they were providing consulting services too. We received great feedback from the story, so we decided to expand on the issues of attracting and retaining talent. EDSI has refined the key issues every employer must address to move the needle in the areas of talent attraction, development and retention.
Career sculpting, also referred to as job sculpting, is an excellent way to engage your employees and retain your top talent. It is built on the simple premise that people excel at what they’re most interested in. Are your employees encouraged to spend time working on things they’re interested in?