Biggest Issues Facing Managers

Alando Ford MGT521/Management Jim Holst October 25, 2009 Retention one and only(a) of the most pressing ch entirelyenges facing todays managers is keeping their high hat people. In todays economy companies sepa evaluate themselves by the dexterous people they recruit. Some ways companies can improve their retention rate argon obvious. One way companies can cut turnover is by qualifying the personnel they are hiring and carefully analyzing what the different roles in their nerve 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 on-going training feel that their employer is interested in them doing a wide job, and the employer cares large about them to make an investment in their development. Training can overly be the means for affirmatory change in any system of rules however, training is not en ough to create lasting change without a merry link that will help employees transfer what they learned into real-life application. That vital link is a strong coaching program.Coaching comprise the pursuance 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 occupancy today, pg. 1 para. 3). Strategy and cost effective commercial enterprise models Personally I believe that the most difficult task is finding a positive cash flow business model. It isnt that difficult to source good products, and customers will appear if sufficient money is spent on advertisement 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 serve. (Mark McIlroy-Director, Blue Sky Technology) With the economy in a crisis and unemployment at reel rates, businesses of all types are feel ing the crunch. Companies must continue to focus on customer service. This practice will help retain their existing customer base, while allowing them to make a positive impression on unsanded customers. In the flow of business, people are the most important component no matter the product or service. Creating partnerships reduce costs and subjoin referral rates when companies align themselves.Even the most pessimistic of economists today are saying that the actual numbers in the current recessions are a reduction in gross domestic product (GDP) by cardinal percent annually and just through 2009, and yet most businesses blab out and act if business is off thirty percent. (Johnese, 2009, Todays job 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 rib sits around or slows down waiting for things to improve. (Stephen Kann- CEO at indemnity Settlement Associates, Inc. Conclusion By understanding the factors that drive business in todays economy companies will be better fain 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 belligerent when it comes to recruiting and retaining good employees. Companies need to continue to revamp older processes that no overnight 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 necessary 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 keen patronage Challenges. Retrieved from http//www. babeofbusiness. com Johnese, Daniel (2007). Todays Business Professional. Retrieved from http//www. jobbankusa. com Mishra, Sonika(2008,October 13). E mployee Retention- Remedies for the Biggest Challenge in Business Today. Retrieved from http//www. articlesbase. com