Nancy Alrichs Raichart, founder of EOC Strategies, Presents Smith Lecture in Business
November 2, 2004
As Generation Y enters the workforce, innovations in managerial practices are a must, according to Nancy Alrichs Raichart, founder and president of EOC Strategies, who presented the Smith Lecture in Business at Mount Union College on October 29.
The workforce is changing. Generation Y is the most diverse group of people to enter the workforce. Generation X does not typically stay in one job for long ' they are constantly looking for opportunities to learn more and stay engaged in their work. Sixty percent of Baby Boomers are eligible for early retirement by 2006, and many of them will be looking for different work arrangements as they juggle caring for elderly parents, their job responsibilities and possibly helping to care for grandchildren.
'These factors mean that innovations in how we manage people, not just products, will be crucial', said Raichart. 'This decade is going to be all about people management.'
Raichart, a national speaker, author and columnist with 25 years experience in human resources, marketing and management, said that although she was once told 'you can't make money managing people,' she has seen firsthand that poor management can cost a company a lot in terms of productivity.
'If you have a 'manager of choice,' as I like to call them, you have someone that everyone wants to work for,' said Raichart. 'This person will have engaged employees who go the extra mile and low turnover and that makes it easier to meet growth goals.'
Raichart said that many companies do not have a true estimate of how much it costs to replace an employee, not do they realize that employees will not provide good customer service if they don't receive the same from their employer. She thinks of managers as 'gatekeepers.' They decide who is hired in the first place and then keep those valued employees engaged so that they stay.
'People managing skills are usually not listed in a job description, and we tend to think of that as a bonus,' said Raichart. 'We need to raise the bar on our managers. Good people managers will create more productive departments and impact the company as a whole from a financial standpoint.'
The Smith Lectureship in Business was established in 2001 by C. Richard Smith, a 1953 graduate of Mount Union College. The purpose of this Lectureship is to bring business professionals to the Mount Union College campus to share their knowledge and experience with business students, faculty and others from the campus and local community.