Biggest Issues Facing Managers

Alando Ford MGT521/Management Jim Holst October 25, 2009 Retention One of the most pressing challenges facing today’s managers is keeping their best people. In today’s economy companies separate themselves by the talented people they recruit. Some ways companies can improve their retention rate are obvious. One way companies can cut turnover is by qualifying the personnel they are hiring and carefully analyzing what the different roles in their organization are. Next they must make a realistic decision regarding what skills and abilities are required to fill this role. Recent research has proven that there is a direct link between training and employee retention. Employees involved in ongoing training feel that their employer is interested in them doing a good job, and the employer cares enough about them to make an investment in their development. “Training can also be the means for positive change in any organization; however, training is not enough to create lasting change without a vital link that will help employees transfer what they learned into real-life application. That vital link is a strong coaching program. Coaching comprise the following features which needs to be articulated in the best manner in order to get one hundred percent from the employees”. (Mirsha, Remedies for the biggest challenges in business today, pg. 1 para. 3). Strategy and cost effective business models “Personally I believe that the most difficult task is finding a positive cash flow business model. It isn’t that difficult to source good products, and customers will appear if sufficient money is spent on advertising or other promotion. This is all pointless if the cost exceeds the revenue from all of this, i.e. the net assets of a business fall to zero, and the business ceases to operate”. (Mark McIlroy-Director, Blue Sky Technology) With the economy in a crisis and unemployment at staggering rates, businesses of all types are feeling the crunch.