Developing business acumen is
fundamental to business alignment. Consider Southwest Airlines, which was
founded in 1971. With 33 straight years of profitability, the airline has
become widely recognized for the motivational culture it creates for
employees and its extraordinary dedication to customer
service.
Much of the industry has suffered during the
years of Southwest's growth, including many airlines that have merged or
declared bankruptcy. Southwest buys the same planes and the same jet fuel as
other airlines, and pays its employees competitive wages and benefits. What's
the difference?
Unlike some of its competitors, Southwest's
management team involves employees in the company's financial results,
explaining what the numbers mean and, more important, helping to link
everyone's decisions and actions to the bottom line. The airline has an open
culture, one of inclusion at all levels, and employees understand their roles
in providing great service and keeping costs in line.
Certainly there are other factors that
contribute to the success at Southwest, but it's difficult to ignore the
positive impact of an approach that develops the business acumen of all
employees and managers so that they can contribute to the airline's success.
An Educational Challenge
Unlike those at Southwest, individual
contributors and managers in many organizations today have not been educated
about the big picture of their businesses. They have a narrow focus on their
own departments and job functions and aren't able to make the link between
their actions and the company's success. Multiplied by hundreds or even
thousands of employees, this lack of understanding - the lack of true business
acumen - means that too many decisions are being made and too many actions are
being taken that don't align with business objectives.
How can training help bridge this knowledge
gap? For many companies like Southwest, implementing learning programs designed
to develop a strong foundation of financial literacy and business acumen has
made the communication of financial results to employees easier and more
effective.
Business Acumen: A Definition
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