Hey Boss, Half of Your Workers are Looking for a New Job
We’re at “full employment” in the U.S. job market — a good time to be an employee. What’s that mean for you? It means your employees are relaxing a little, looking around. A recent study shows that 63% of workers are open to being approached about making a change — even if it doesn’t come with a higher salary. Employee turnover has increased from 23% to 27% in just two years. So it may be time for you to take a look at the benefits you offer — those that focus on engagement and training are key to talent retention.
by Jan Siegmund and Steve Liesman on CNBC Live TV
Why a “Dual” Transformation Model Is Needed for Future Growth
Sure, it’s all fun and games if you’re the disruptor, but what if you’re the disruptee? Companies like Aetna and Hilti Group have successfully pivoted their business models to stop the threat. How did they do that? By creating a second strategy that could complement, adapt, and thrive in parallel to the original core model. Instead of going on in the same way but “faster, better, cheaper,” these companies stepped outside their comfort zone and reimagined the next phase of their business while their core model was still healthy.
by J.P. Donlon on Chief Executive
What to Do When You or Your Business Is Being Defamed on a Review Site
Nothing can ruin a company’s reputation faster than a bad review. Knowing how to respond to poor reviews, especially those based on falsities, can mean the difference between success and failure. If a customer had a bad experience, remedy it with a heartfelt online apology and an offer of a refund or credit. More harmful, extreme-case reviews — those that are defamatory or seem part of a calculated effort to discredit you or your business — may require a more formal response (such as a cease and desist letter or a court order or judgment).
by Mark J. Rosenberg on Forbes
What Small Business Owners Need to Know about Embezzlement
Quick — can you spot the most likely embezzler in your company? That would be a 49-year-old female whom everyone greatly trusts, who’s walking away with an average of $800,000 over a period of years. To protect your company from theft, be aware of dramatic shifts in people’s behavior and any major stressors in the lives of your most trusted employees. Go a step further by conducting background checks on employees and vendors, regularly reviewing payroll records, and having bank statements and credit card bills mailed to your home address.
by Bob Shoyhet on Business 2 Community
The Universal Phenomenon of Men Interrupting Women
What does it take for women to be able to speak fully in male-dominated environments? That question hung in the air this week after two public incidents of Senator Kamala Harris being interrupted by Senate colleagues during hearings and the resignation of Uber board member David Bonderman after he made a wisecrack about women talking too much. Years of work to diversify the board, senior positions, and the firm itself was the answer for CH2M Hill Companies.
by Susan Chira on the New York Times
Winning with Digital Confidence
Companies that embrace constant innovation and flat decision making, and integrate technology into all areas of their business, are riding the digital wave. But transforming a business into the digital ideal — with a tech-fluent workforce, a collaborative culture that supports new digital initiatives, and leaders who can discern where to invest in new technologies — is tough for most companies. To close the gap between the digital dream and reality, focus on finding the right mix of talent, innovation, and experience.
by Chris Curran and Tom Puthiyamadam on Strategy+Business
Does Your Company Know What to Do With All Its Data?
There are dozens of ways to put data to work, but finding the right data — information that creates both value and profits for your business — can be tricky. A willingness to try different methods, and reject those that fall short, can uncover the unique formula for success for your company. Before developing a long-term strategy, give these seven methods a whirl, then determine the combination that’s right for you.
by Thomas C. Redman on Harvard Business Review
Metric of the Month: Cost to Run the Finance Function
To keep pace in today’s complex, data-driven business environments, CFOs need to maximize their team’s talent, especially their high-potential employees. Yet too many organizations are letting their finance teams fall short by failing to invest in adequate training in both hard and soft skills. By installing effective development practices, CFOs can help top talent evolve into more strategic roles, increasing their chances of earning a seat at the decision-making table.
by Mary Driscoll on CFO
How to Get Your Employees to Think Like Owners
As a business owner, you’re focused on the big picture, aiming for long-term growth, a thriving culture, and engaged and productive employees. Though your employees might want to help achieve those “big picture” goals, they can’t — they’re too busy with the day-to-day details. But what if they could take ownership of these bigger challenges? You can make that happen by cultivating a transparent culture, empowering employees to step forward and solve problems, and giving everyone a chance to make — and then execute — decisions.
by Productive Teams Blog on Teamwork
The Six Types of Successful Acquisitions
Expansion through acquisition is a tried-and-true business tactic. But it can be hard to know whether a specific acquisition will succeed. By studying the acquisition patterns of dozens of companies, McKinsey & Company have identified six strategies, such as “consolidate to remove excess capacity from industry,” “exploit a business’s industry-specific scalability,” and “accelerate market access for the target’s (or buyer’s) products,” that often work. Got your eye on another company? How does your reasoning stack up against this list?
by Marc Goedhart, Tim Koller, and David Wessels on McKinsey & Company
Five Ways That Companies With Small Budgets Can Test Out New Ideas Before Bringing Them to Market
Any business playing for longevity must include innovation in its long-term game plan. Landing on that next great idea isn’t easy, but having a few key techniques up your sleeve that can help your company prove out new concepts, ratify market needs, and jump-start innovation — all while keeping your budget in mind — can’t hurt. Here’s how tactics like counting clicks, creating a one-page business plan, and learning from risks taken by your competitors can convert to real wins for your business.
by Soren Kaplan on Inc.
Precise Earnings Forecasts May Be Smokescreens
Companies that have been through a recent performance setback are likely to rebound by presenting a rosier and more precise earnings forecast. While this might seem like a move toward transparency, it’s often an attempt to manage perception. In 2008, to reassure investors and demonstrate solvency, bank lenders made increasingly precise representations of their capital reserves. Believe it or not, this “mystique of precision” tactic often works, yielding successful market results and leaving a lasting impression on consumers.
by David McCann on CFO
Is Time Still the Best Measure of Work in the Knowledge Economy?
At least since the 1888 advent of the time clock, time spent on the job has been the standard measure of employee productivity. But now that many employees are working around the clock, thanks to technology and virtual workspaces, shifting to a system that measures employees’ performance against goals accomplished might make more sense. That’s because research shows that tasking employees with a common goal — and holding them accountable for the results — increases loyalty and motivation to perform.
by Lauren Dixon on Talent Economy
Strategy in the Age of Superabundant Capital
For 50 years, business leaders considered financial capital to be their company’s most precious resource. That’s because, way back when, investment money was expensive and difficult to secure. But that was yesterday. Now that businesses are easily borrowing funds at next-to-nothing rates — a trend that’s expected to continue for at least two more decades — companies are exploring new ways to sustain their competitive advantage. Topping the priority list? Investing in the other resource no business can function without: human capital.
by Michael Mankins, Karen Harris, and David Harding on Harvard Business Review
Facebook Claims It Has a Better Way to Prove Ads Work on Facebook
After admitting last September that the metrics around its video-ad views were inflated, Facebook is trying hard to make amends. How? By convincing advertisers that scientific trials are what matters, not metrics. Key to their argument is conversion lift measurement, “a more scientific way to gauge ad effectiveness,” which marketers can get by using a tool created by … Facebook. While marketing experts agree these types of trials are great for measuring ad effectiveness, having Facebook check its own homework is leaving some advertisers leery.
by Davey Alba on Wired
How Transparent Accounting Leads to Smarter Decisions
What’s so great about transparent accounting? Ask a few companies — and governments — that learned the answer the hard way. After the 1929 stock market crash, the US put financial disclosure regulations in place to protect investors and, over time, added new rules to enhance transparency. It’s been good for the stock market and for businesses and governments, too. In fact, following the rules can make your investors more loyal, boost community and taxpayer confidence, and give rise to wiser decisions about spending and resource allocation.
based on insights from James Naughton on Kellogg Insights