Page 207 - (DK) The Business Book

working with a vision 205

See also: The value of teams 70–71 ■ Creativity and invention 72–73 ■ Effective leadership 78–79 ■ Organizing teams and
talent 80–85 ■ Make the most of your talent 86–87 ■ Organizational culture 104–09 ■ Develop emotional intelligence 110–11

The five disciplines individuals to move in search of
defined by Peter Senge a better environment with more
enable organizations to opportunity for advancement. It is
change and develop estimated that the cost of replacing
through both individual an employee is between 10 percent
and collective learning. and 175 percent of the departing
Team employee’s salary, depending on
learning
the field of skill. Data from the
OECD (Organization for Economic
Cooperation and Development)
showed an increase in skilled labor
Systems migration around the world starting
thinking Building in the early 1990s. Much of this
shared drain was from developing
vision countries, and became gain for
The learning host countries in North America,
organization
Australasia, and Europe. But even
in advanced economies, brain drain
was a feature of corporate life.
During the 1990s, the highest
voluntary staff turnover rates in
Asia were in Singapore. The
Personal Mental Singapore hotel industry, for
mastery models example, had an average annual
turnover rate of 57.6 percent in
1997, while average annual turnover
rates in the retail industry ranged
from 74.4 percent to 80.4 percent
between 1995 and 1997. One
study by Singapore’s Nanyang
to help them get there. In this way, Employee turnover Business School in conjunction
employees will work toward a goal It is pertinent that Senge’s proposal with the UK’s Cardiff Business ❯❯
because they want to, not because appeared against a backdrop of
they are told to. Team learning is corporate brain drain. According to
the process of employees learning a 2004 paper by Arie C. Glebbeek
together through discussion and and Erik H. Bax from Groningen
dialogue so that they become more University, the Netherlands,
effective as a team than they would published in the Academy of Productivity … comes from
be individually. Management Journal, when the challenged, empowered,
The fifth discipline is the ability labor market tightened and labor rewarded teams of people.
to see the organization as a whole, scarcity grew during the 1990s, Jack Welch
with its own behavior patterns. businesses became concerned with US former CEO, General Electric
This capability is crucial in order the detrimental effects of turnover. (1935–)
for people to recognize potentially Turnover of personnel is one
counterproductive behaviors that of the great blights of modern
have come about simply through corporations and nations alike.
repetition and have remained A desire for further learning and
unchallenged over the years. development motivates talented