Diminishing Returns – The Business Intelligence Podcast [BIP]

(File size: 19 Mbs, Show Length: 20 minutes)

Awesome theme show music by: Matt West – “Let’s Move”

Show Notes:
I had a rare opportunity to speak with and get an e-mail from my Internet Business guru.

Law of Diminishing Return

  • You get less results with each additional effort
  • The additional production starts to progressively decrease as the additional production is increased
  • We will get less and less extra output when we add additional doses of an input while holding other inputs fixed.

McKinsey article
“Companies around the world spend up to $100 billion a year to train employees in the skills they need to improve corporate performance…  But training typically doesn’t have much impact.”  Why does this happen?
1. “they must…  recognize that their own performance is weak in that area, and then actually choose to learn”
2. “Even when employees do learn what they’re taught, they very often don’t apply it.”
3. “many training programs stall when leaders agree with program goals in principle yet fail to reflect them in their own behavior, thereby signaling to employees that change isn’t necessary.”
4. Reinforce the new skills in the workplace
5. Research finds that only 50 percent of organizations even bother to keep track of participants’ feedback about training programs. Worse, only 30 percent use any other kind of metric.

Full article can be found here

Questions or comments for this, or the next show?

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