High turnover is expensive – the time and money invested in staff who have left will need to be invested again for the training of new staff, and there is the additional cost of time and money spent on recruitment and hiring. Additionally, organizational culture and productivity can suffer if staff turnover is frequent. From a capital perspective (both financial and human), it is important for organizations to focus on employee retention as a part of their business strategy.
Every business will see benefits from regular strategic plan development. However, organizations that operate within fast-paced industries, such as the technology sector, will see additional benefits from shorter intervals between planning sessions.
If you’re a non-profit or growing organization with a board, you’ve likely got a big group of stakeholders to communicate with. You need to make sure the board leaders, directors, management, and employees are all aligned on the direction of the organization, while keeping volunteers and external stakeholders and shareholders in the loop.
Over the past five years, we have put together a number of resources to help leaders and teams understand the strategic planning process and to develop and implement successful strategies. We'd like to share what our community of viewers, listeners and readers have decided are our top resources across our media platforms.
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To effectively implement a strategic plan or carry out a complex project, accountability needs to be developed throughout the organization. To achieve success, everyone needs to understand the organization's strategy, their individual roles within the company, and the specific tasks or projects that they are responsible for. Accountability is not limited to staff - Managers and leaders must also follow through on their promises and remain committed to their performance and organizational goals.
If you’ve made it to this article, you already understand that strategic planning is an important part of running a successful organization. Whether you are new to leading strategy, or have led and implemented a strategic plan, strategy reviews can be daunting. Our process of Aligned Strategy Development was created to serve as a framework for any organization updating or creating their strategic plan.