Biggest Issues Facing Managers

Alando Ford MGT521/Management Jim Holst October 25, 2009 Retention One of the most(prenominal) pressing ch whollyenges facing like a shots managers is keeping their best raft. In todays economy companies separate themselves by the talented people they recruit. Some ways companies can improve their retention rate be obvious. One way companies can cut turnover is by expiration the personnel they are hiring and carefully analyzing what the different roles in their organization are. undermentioned they must make a realistic decision regarding what skills and abilities are take to fill this role.Recent research has proven that there is a transport concern between develop and employee retention. Employees involved in ongoing cookery feel that their employer is interested in them doing a nigh job, and the employer cares enough just about them to make an investment in their development. Training can also be the means for positive change in any organization however, training is n ot enough to create lasting change without a lively link that willing help employees transfer what they learned into real-life application. That vital link is a strong coaching program.Coaching comprise the following features which of necessity to be articulated in the best manner in order of magnitude to get one hundred percentage from the employees. (Mirsha, Remedies for the biggest challenges in course today, pg. 1 para. 3). Strategy and cost effective business models Personally I bank that the most difficult task is finding a positive bullion flow business model. It isnt that difficult to source good products, and clients 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. he net assets of a business fall to zero, and the business ceases to operate. (Mark McIlroy-Director, inexor fitting Sky Technology) With the economy in a crisis and unemployment at staggering range, businesses of all types are feeling the crunch. Companies must continue to focus on customer portion. This pr work outice will help retain their existing client base, speckle allowing them to make a positive impression on new customers. In the flow of business, people are the most important element no matter the product or service. Creating partnerships reduce costs and increase referral rates when companies align themselves.Even the most pessimistic of economists today are facial expression that the actual outcomes in the current recessions are a reducing in gross domestic product (GDP) by two percent annually and just through 2009, and yet most businesses talk and act if business is off thirty percent. (Johnese, 2009, Todays personal line of credit Professional) So, the number one challenge is to realize that it might be harder to do business right now, but theres more business to be done, market share to be gained, while the other guy sits near or slows down waiting for thi ngs to improve. (Stephen Kann- CEO at Policy resolving power Associates, Inc. Conclusion By understanding the factors that drive business in todays economy companies will be better prepared to be successful in this market. They will have to rely more on the skills and tools they have available. They will have to become more aggressive when it comes to recruiting and retaining good employees. Companies need to continue to revamp older processes that no longer work, by adding newer more innovative systems. Companies should understand that the challenge that lies ahead is transitioning from a service provider to a business manager.This transition will be indispensable if the primary goal of the business is to make money. Companies will be able to increase their profits while minimizing their losses. Admin (2009, February 16). Todays Small Business Challenges. Retrieved from http//www. babeofbusiness. com Johnese, Daniel (2007). Todays Business Professional. Retrieved from http//www. jobbankusa. com Mishra, Sonika(2008,October 13). Employee Retention- Remedies for the Biggest Challenge in Business Today. Retrieved from http//www. articlesbase. com