If you can answer yes to this question, enhancing your Project Management will be much easier. Having Core Values defined ensures that everyone on the team is working from the same perspective. Often times organizations struggle and assume it is poor project management. While project management is extremely important, being successful at it, is much easier when Core Values are defined first.
Zappos is the poster child for focusing on Core Values and creating massive success by doing so. Zappos has a had more than 85 percent retention rate over the past four years.
CareerBuilder helps employees get hired. In 2012 CareerBuilder created a poll to find out how much a bad hire affected an organization’s bottom line. 41% of respondents said a bad hire cost the company at least $25,000, even more staggering 24% said a single bad hire cost their organization at least $50,000. These costs included lost productivity as well as the time and cost to recruit, hire and train their replacement. A decline in employee morale was also considered part of these costs.
Respondents said that 60% of the time, the reason the new hire did not work out was due to how the new employee fit with other employees. AKA the new hires did not connect with the core values of the existing team.
A recent study by the University of Oxford studying large scale IT Projects reported the dangers of ineffective project management:
A survey by Economist Intelligence Unit, shows that 90% of global senior executives and project management experts say good project management is key to delivering successful results and gaining a competitive edge.