In November 2011, the “Personnel Today” published an article
under the heading “Bad Management costs business billions” in which it quoted a survey by the Chartered Management Institute (CMI) which concluded that bad management could be costing UK businesses more than £19 billion every year.
According to the report, the worst management practices (which incidentally are to do with developing people) include:
- Unclear communication,
- Lack of support,
- Micro management and
- Lack of direction of their staff.
The result of the survey doesn’t come as a surprise.
In defence of Managers everywhere though, we do not believe
that they are deliberately choosing not to develop their people. It is
just that this is not always high on the immediate priority list especially when there isn’t a direct correlation between developing people and bottom line profitability….until now.
So, using the CMI survey results as your yardstick, the questions
- How much of the £19 billion loss can be assigned
to your Business/ Organisation/ Function?
- Where does developing people feature in your
Great people in business are developed by Managers and
Leaders. Ultimately therefore, the most important task that a Manager or Leader
has is to develop his people to drive the bottom line profitability. This is a
bit like the children’s story of the Farmer, the Goose and the Golden Egg. Whereas the golden eggs laid by the goose are extremely profitable to the farmer and are indeed the products which have the potential to make him wealthy, failure of the farmer to look after the well-being of the goose ultimately proves to be disastrous as it dries up the source of the farmer’s wealth.
Looking after the well being of the golden goose is akin to developing people with the Manager / Leader as the Farmer. Rather than take the
Farmer’s short term route to wealth, you can chose a better path to long term wealth and profitability.
Contact us for a creative thought on how we can assist you to develop and motivate your people and yourself to meet your challenges
Developing People: Top 10 tips for New and Middle Managers.