Recent TRG blog posts

Dominic Barton, global managing partner emeritus of McKinsey once commented on the importance of having a well laid out succession planning in an interview with Forbes: “There’s never been a more important time for leadership because of the volatility in the world today.” Yet, many businesses continue to ignore its importance and choose to march on without any formal succession plan in place.   

Great leaders are the backbone of any organisation; but at some point these key incumbents will depart and leave behind vacant critical-mission positions that need to be filled. That is why succession planning is of utmost importance. By honing your talent to their full potential beforehand, you build a leadership bench strength that is ready for coping with any challenge and responsibility. 

In a previous article, we discussed the urgent need for a leadership development program in a Marketing Agency context. In the article, we mentioned that nearly 70% of agencies struggle to fill their vacant positions. However, instead of promoting internally, these agencies seek to hire people from the outside.

The term T&E stands for travel and entertainment - any expenses incurred by travelling for business purposes or entertaining a business client. Examples of travelling expenses include money spent on accommodation, transportation, and meals. T&E expense management is important because your company's T&E budget is one of the critical places where you could look to reduce costs. Unfortunately, expense management and reimbursements for travelling employees are among the most time-consuming and repetitive manual business processes that companies face.

Nonprofit organisations operate in a vastly different way from for-profit companies. They do not put any product or service on sales but instead accept contributions in various forms (grants, donations, gifts, etc.) to fund their activities. As a result, having an accounting system in place that allows the organisation and their contributors to obtain complete visibility of the entire organisation performance is utmost important. 

About 85% of organisation will have a significant leadership shortfall within five years. Remember, the ultimate goal of succession planning is to not prepare one person with the purpose of filling a specific goal. The goal of succession planning is to nurture a pool of talented individuals and prepare them for future critical positions.

We have provided a clear guideline on how to sketch your own leader persona in the previous blog post. You already had a map, now there needs to be a compass.

According to Hospitality Technology’s “2016 Lodging Technology Study,” 62% of surveyed hoteliers use business intelligence (BI) tools and another 16% will add them within 18 months. Armed with the right information, today’s decision-makers can better understand risk, performance, and the impact of decisions at property, region and group levels. But how exactly can hotels achieve competitive advantages with business intelligence?

Though consumer talk of the impending Internet of Things revolution is still primarily on the buzz, a handful of progressive retailers are converting talk into action and laying the groundwork for connectivity in their operations and products. One such pioneers is the luxury luggage manufacturer and retailer, Rimowa.

It is safe to say most businesses would resort to cost cutting initiatives in a time of tight margins and high risks. However, a research by McKinsey shows that only 26% of those cost-reduction programs, still yield effective results after four years. CFOs, therefore, are increasingly turning to zero-based budgeting, ZBB, as a more sustainable approach to cost reduction.