There are many industries where times are very tough right now. Core markets have slowed down and
demand has been cut by up to 20% year over year in too many industries that drive the global economy. Some places like central Europe and Eastern Europe have been hit even harder because of the ongoing Russian war and the impact it is having on energy prices and other goods. Even industries like high tech which have been fairly recession proof are also feeling the effect as consumer confidence and demand continue to erode. The impact of these tough times transcends the organization and has an impact on every employee.
As part of a major global business acumen skill development project for an industrial chemicals company, I had the chance to interview 8 members of the Executive Leadership team to gain their input into the design, content, and key challenges of the business they would like to address by enhancing their business acumen.
Within the first few minutes of each interview, I was very surprised by the open minding thinking about the need for Business Acumen across the organization. Based on the interviews, we created a design that will provide unique Business Acumen skills to almost every level and function of the organization.
Business Acumen to these executives meant the ability for the entire organization to understand strategic thinking, strategic planning, financial management, financial reports, metrics of business success, competitive analysis, marketing, operations, and how to create shareholder value.
I am pleased to share in this blog some of the findings of the interviews and the learning objectives for the functions of the global engagement.
Who Needs Business Acumen Skills and Why?
|
Level / Function |
Why it’s Important |
|
R&D |
Need to understand:
|
|
Sales |
Need to understand:
|
|
Manufacturing |
Need to understand:
|
|
Human Resources |
Need to understand:
|
|
IT |
Need to understand:
|
|
Supply Chain |
Need to understand:
|
|
New Hires |
Need to understand:
|
|
High Potential Leaders |
Need to understand:
|
In order to satisfy the needs of these audiences this company is engaging in a 12-month skills transformation to touch more than 20,000 employees with the Business Acumen skills needed to make the best business decisions that will lead to long-term success even in a tough economy.
