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Extra info for Business Traveller - February 2011

Sample text

You’ve made a giant step forward. Managing Company-wide Knowledge, Education, and Growth: Learning Leg Managing your knowledge, education and growth is a vital, yet often ignored, aspect of any business. We’ve all hear the stories of organizations that were severely hurt by the retirement or attrition of a key individual that had tons of knowledge about the business and – oops - that knowledge went out the door with them. It has become such a critical issue that whole new systems designed solely for the purpose of knowledge management have been created.

To measure the knowledge, education, and growth aspect of your Balanced Scorecard, you need to follow these steps: 1. Evaluate the core competencies your organization relies on to provide your products and services. 2. Examine your workforce to see what you have currently with respect to these core competencies. What are your strengths, and where do you need to increase competency and capability? 3. Determine where you have gaps between Steps 1 and 2. When you understand what you need, you can compare the needs to your employees’ current job skills and knowledge — skills and knowledge that you need not only to get work done, but also for your company’s future capabilities.

It comes down to walking the walk and not delegating the strategic deployment and balanced-scorecard approach to other staff members. If your executive team sends the message that Balanced Scorecards and strategies are important but they’re too busy to get involved, your company will hear the real message loud and clear. And if it isn’t important to the executives, it won’t be important to them. Every person has the same 24 hours in a day, and we all seem to make time for the things we consider to be priorities.

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