Replacing the Irreplaceable, or how to increase the ”Bus factor”
One major factor that could have a negative influence on the successful outcome of a project is employee turnover, which represents the risk of key personnel leaving the project.
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One major factor that could have a negative influence on the successful outcome of a project is employee turnover, which represents the risk of key personnel leaving the project.
Employees can easily become stuck in a rut when they complete the same routine tasks daily. Typically, they don’t feel challenged, so their creative juices dry up somewhat.
Every year, on the night of Christmas Eve, Santa Claus visits every well-behaved child to bring gifts. Generally, everyone awaits the holiday season with excitement and in good spirits.
There is no doubt that money can be a motivator for many employees. A large-scale review of 600 studies showed that incentivizing staff resulted in a 22% gain in performance and, when compared to non-monetary tangible incentives (like travel or gifts), money was more impactful.
In 2019, the Performance Magazine editorial team interviewed Dr. Mark Powell, business writer, consultant & entrepreneur, and Jonathan Gifford, business author & speaker, on the topic of business innovation, specifically on how businesses could greatly improve by replicating the daring, yet highly successful model of performance arts.