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Think tanks with deliverables: How communities of practice helped LPL financial manage rapid growth and organizational complexity
Author(s) -
Regan Jack,
Gold Jodi
Publication year - 2010
Publication title -
global business and organizational excellence
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.227
H-Index - 16
eISSN - 1932-2062
pISSN - 1932-2054
DOI - 10.1002/joe.20315
Subject(s) - deliverable , best practice , business , process (computing) , key (lock) , process management , marketing , knowledge management , finance , management , computer science , economics , computer security , operating system
In the wake of acquisitions, new hiring, and a shift from a functional to a customer channel structure, the company pulled its best and brightest talent into practice centers (PCs) to share knowledge, transfer best practices, standardize policies and practices across the channels, drive key initiatives, and cement collaborative relationships. The authors present the business case for communities of practice; describe LPL's vision and process for implementing its PCs, including strategies for enhancing success and avoiding potential pitfalls; and highlight the PCs' accomplishments. They also share how the PCs facilitated the company's response to the 2008–2009 financial crisis. © 2010 Wiley Periodicals, Inc.