Are you a middle manager looking to influence and accelerate performance impact in your organization. Or a senior executive wanting to drive vision forward into new markets? There are good reasons look for internal solutions and better ways to do this.
Many value gains for businesses and organizations are buried inside the way you organize and do business already. Uncovering these and knowing how to position your performance processes so they deliver increased value will drive major gains.
Here are 3 ways to uncover value in your enterprise and organization.
1.) One of the overlooked areas is the way your organization drives and delivers performance. Are you getting people up to speed in the shortest possible time? If not, you are building in costs and missing out in profits and related gains.
Our experience shows that most companies have an opportunity to accelerate performance by 30-50% for key job functions and critical roles.
Though profitability gains will vary from organization to organization, the numbers are quite high, from thousands to millions, depending on how many days and how many staff are affected.
This hidden area is one of the best ways to tap additional profitability from accelerating performance and capability.
2.) Do you have action-based processes in place to drive and accelerate performance? If not, you’re probably paying too much to train people and getting too little KPI value in return.
Keeping people in the classroom while they are learning is a trade off between maintaining some productivity and zero results. The more actionable your performance process is, the more easily you will be able to translate learning into measurable KPI’s.
Training costs of classroom based and e-learning approaches can cost 20-100 times more for less productivity. This is a good reason for any organization to evaluate it’s training approaches and implement action-based strategies.
3.) Do you have internal career Success Paths in place to encourage both lateral and horizontal mobility? If not, you are probably seeing a decline in your retention rate, and missing opportunities to develop your talent base in a way that encourages their investment in your organization.
Retention rate is the highest hidden talent costs in your organization. The cost of retraining one of your key talents is generally 1.5 times their annual salary. Add to this the time and cost to source someone new, acclimatize them to your culture and perform well in their function and the productivity loss from the day they leave until they achieve full productivity, and costs go up from there.
Compared to having great internal development and mobility strategies that retain them, losing great talent is extremely costly and affects your corporate performance and results.
Taking action on any one of these 3 areas is a winning strategy that will help you deliver better performance and results.