Hire and promote first on the basis of integrity; second, motivation; third, capacity; fourth, understanding; fifth, knowledge; and last and least, experience. Without integrity, motivation is dangerous; without motivation, capacity is impotent; without capacity, understanding is limited; without understanding, knowledge is meaningless; without knowledge, experience is blind. Experience is easy to provide and quickly put to good use by people with all the other qualities.
Source: Dee Hock on Management
Fidelity Investments has issued new savings guidelines suggesting that workers save at least eight times their final salary in order to meet basic income needs in retirement. In the set of age-based targets released Wednesday, Fidelity says employees should have the equivalent of their annual salary in savings by age 35 in order to reach the first benchmark en route to that goal.
|Save the Equivalent Of||By Age|
|1x your annual salary||35|
|2x your annual salary||40|
|4x your annual salary||50|
|5x your annual salary||55|
|8x your annual salary||67|
Source: Fidelity issues new retirement savings guidelines and How much do you need to retire.
In 2010, Dave Brailsford faced a tough job.Â No British cyclist had ever won the Tour de France, but as the new General Manager and Performance Director for Team Sky (Great Britainâ€™s professional cycling team), thatâ€™s what Brailsford was asked to do.Â His approach was simple.Â Brailsford believed in a concept that he referred to as the â€œaggregation of marginal gains.â€ He explained it as the â€œ1 percent margin for improvement in everything you do.â€ His belief was that if you improved every area related to cycling by just 1 percent, then those small gains would add up to remarkable improvement.
Good read on What Would Happen If You improved Everything by 1%: The Science of Marginal Gains.
Great read on GE’s manufacturing returning to the USÂ andÂ GE’s CEO,Â Jeff Immelt, recent change in mind on manufacturing in the US.
Immelt made a startling assertion. Writing in Harvard Business Review in March, he declared that outsourcing is â€œquickly becoming mostly outdated as a business model for GE Appliances.â€ Just four years after he tried to sell Appliance Park, believing it to be a relic of an era GE had transcended, heâ€™s spending some $800 million to bring the place back to life. â€œI donâ€™t do that because I run a charity,â€ he said at a public event in September. â€œI do that because I think we can do it here and make more money.â€
At Hunch, we don’t have meetings unless absolutely necessary. When I used to have meetings, though, this is how I would do it: There would be an agenda distributed before the meeting. Everybody would stand. At the beginning of the meeting, everyone would drink 16 ounces of water. We would discuss everything on the agenda, make all the decisions that needed to be made, and the meeting would be over when the first person had to go to the bathroom.
via The Free Thinker: Caterina Fake of Hunch.