Management Theory From the Wall Term Paper

Employees of today know that they must be constantly sharpening their skills.

Keeping people "excited" and "nimble" through continued training ensures that companies will have an extensive stock of in-house talent to promote during crunch times, and that employees will put in the extra hour at the office to show they are working hard (Hymowitz 2008). Some companies have attempted to foster worker loyalty with flexible scheduling, retirement planning and other financial services, better benefit packages, employee gyms equipped with personal trainers and extensive subsidized cafeterias (Lanzoni 2001:1). However, employees that are truly the managers of tomorrow will not simply want a more ambient workplace, or even more extensive benefits packages -- they want to know that the company regards their input as an asset, and they are being groomed for new positions that will open up in the future.

Management Application

Promoting mainly from without is not simply time consuming in terms of training new employees and fostering loyalty in new managers. It also creates a dispirited atmosphere in at the company, as current employees feel they are not being groomed to advance. Also, it does not promote diversity of skills within the workforce. Lateral exposure is one vital aspect of training, in other words, exposing current employees to the skills and work environment of a number of different departments.The article cites one company, which, "until four years ago" was a "holding company with disparate units and little departments and locations," until finally it recognized, "if we go elsewhere to find talent whenever openings occur, we're telling our people to be free agents, too, when we need their loyalty" (Hymowitz 2008).

During economic slowdowns, companies need loyal employees more than ever. The article implies that companies must be mini-business schools of training, and develop more effective mentoring systems. Also, maximizing strategy in succession planning is just as critical as strategizing about launching a new product. No company would skimp on strategic planning in today's competitive economic climate -- so why skimp on the training of the individuals who will fill the key management positions designing the strategic plans of the company's future?

Works Cited

Hymowitz, Carol. (2008, January 28). "They Ponder Layoffs, but Executives Still Face

Gaps in Talent." Wall Street Journal (Eastern Edition), B.1. Retrieved February 1, 2008, from ABI/INFORM Global database. (Document ID: 1419438441).

Lanzoni, Gene. (2001, November 14). "Despite Soft Economy, MetLife Study Shows that Employee Retention Tops List of Employers' Benefits Concerns. www.allbusiness.comBusiness Wire. Retrieved….....