If the talent development is working correctly, there should be many candidates gaining more skills and experience. Having multiple people prepared to move up provides you with a better pool of candidates to choose from to fill the position. It is always better to have a surplus of options, than to be left with none.
Be sure to balance the competition well because if too many candidates have to compete against each other for the same position, the employees may feel frustrated and leave if they do not get the position. To avoid this you may want to train them for other divisions and provide with them choices as well.
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Attended a great networking meeting with Women from NEW- Network of Entrepreneurial Women. The topic was “If I had only known these Lessons”. Mindy Munson, President of Munson Business Interiors – an office design firm for mid to large size companies that provides office furniture and solutions. Mindy has over 30 years of experience with this business that she started which now as grown to 24 employees and annual revenues of over $10 million. She is currently training her daughter in all aspects of the business as her succession plan for her eventual retirement. These were some of the things she said she wished she had none when she started in business:
If you have experienced sexual harassment in your workplace that are similar to the examples in the news then you need to report it.
Yes, we have heard about the cases in Hollywood, Military, Tech World, and Political Offices but it is also happening in regular business offices. According to the National Association of Women Business Owners (NAWBO), “Sexual harassment is common in the startup community.” A NAWBO survey found that 78% of women founders surveyed said they had been or knew someone who had been harassed.
LIBA – Louisville Independent Business Association is for small and medium companies that are not part of a national company. For example, local banks can join but the national banks are not members.