If you think that these tough economic times will keep your top talent engaged and employed, think again. Now is the time that you're "A" managers are worth their weight in gold. They know it. Your competition knows it. Are you doing anything to keep the good ones aboard?
In this turbulent economy, you need your managers to be able to do "more with less." To meet this challenge, managers must have the proper management skills, practices, systems, and structures to help them (and you) succeed. Done right, management development should tangibly reduce employee relations issues, drive productivity and engagement, increase revenue, enhance product quality, and improve retention.
Research shows that organizations that make training available in tough economic times fare better and realize higher profits than do organizations that offer little or no training. According to a study commissioned by the ASTD, organizations that invest in training realize 218% higher gross income per employee. Moreover, companies that make training a priority are estimated to grow at a rate three times faster than those without training.
Smart companies view a downturn in the economy as the perfect time to invest and build their management bench-strength. By 2010, we anticipate a mass exodus of baby boomers reaching retirement age and exiting the workforce-leaving companies with a key talent shortage. That's why proactive organizations continue to spend on developing their new supervisors.
To reap the benefits however, management development must be done right. We define "right" as following a proven 6-step process to ensure that you create tangible business results for you, your managers, and your organization.
- Identifying the desired results using a strategic link analysis, success metrics, and a business case blueprint
- Assessing the current situation by aligning leadership and employees, obtaining buy-in, pinpointing skill gaps, and setting baseline
- Designing the exact solution utilizing interviews, pilot workshops, customized case studies, predisposition letters, feedback systems, and individual development profiles
- Delivering targeted action learning and performance coaching modules supported by a simple Learning Management and Implementation System to handle internal marketing, registration, reporting, and follow-through
- Implementing coaching and following through with targeted job aids, customized mastery sessions, implementation focus groups, and individual skill implementation plans
- Measuring impact and results of skill adoption on key business metrics including revenue, margin, productivity, engagement, and retention.
