Hi everyone, getting real excited about our upcoming business simulation on Talent. Yes, you know I’m a huge fan of business simulations since they are so effective in teaching major principles of business to your managers and staff.
In this video below, I’m going to explain the major learning points and why you and your team should look into this amazing workshop. I realize I’m biased about this, yet, I’m seen first hand the opportunity to self-discover why things work well and why they fail – without costing me any extra money! Yes, I’ve seen the good, the bad and the ugly things happen on the board – yet, once people learn the right way to do things in business, the only thing you will get is the “good” decisions for your organization.
Talent Reality is all about the Financial Impact of Talent issues upon a business. Participants learn how to effectively communicate with team members; make decisions regarding talent; make decisions regarding the production efficiency of the business; and learn the importance of optimization of people and processes for your organization.
Take a couple of minutes to watch this introduction and take action to join into this highly interactive business simulation takes you on a course of running a business for three years during the one day workshop. Check it out here…
Beyond salary and sales, there are many important aspects of talent management that are often not tied to the bottom line. Yet, “dollarizing” the value of talent management initiatives is vital to bottom-line analysis. Whether you are placing a value or cost on your current status, or calculating the ROI of your next talent management strategy, metrics that assess the monetary value will help you see the true effect on the bottom-line.
Bottom Line Statistics
Knowing the bottom line results of talent challenges will help you implement strategies with a proven ROI that you can see on your balance sheet. Find out how much you already know by asking yourself questions like:
• What is disengagement costing the bottom line?
• What was the ROI on your last training? What can be expected of future training?
• How are your team-building initiatives impacting your bottom line?
• What was the cost of your last bad hire?
• What is your overall turnover percentage? How is it related to tenure?
In a study on over three million employees, Gallup found that over 70% of Americans who go to work are not engaged. This means businesses may be operating at significantly less than full capacity, a loss that could cost millions a year.
• What is employee disengagement costing your company? Several thousands, millions, more?
• How can you calculate this cost?
• How does it compare to the investment of a proactive approach to increasing engagement?
With tightening budgets and a focus on cost-saving strategies, businesses worldwide are making drastic labor cuts. But is that always the right move? A recent study analyzed the savings resulting from changes in general and administrative functions and found that 75% of the savings came from strategies focused on restructuring and redesigning, while only 25% was from reducing.
• Would you, too, save three times as much on your bottom line by investing in your people and processes?
• Is the slash and burn approach actually costing you more?
• What would the ROI be if you restructured and redesigned your workforce?
As business associates who want to make a difference in the bottom line, we might find advice in Aristotle’s quote by remembering to assess, in money, the value of talent management initiatives so we know its true worth. How else can we place fair value on the investment in people? After all, they are a company’s biggest asset.