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The Millennials — better known as Generation Y, the children of the Baby Boomers born between 1980-1999, are beginning to flood the global job markets … at least to the extent that they can find work in this recession. And like each generation before, they’ll need to be integrated and trained because, if you don’t, the resultant turn over (which will cost you between 50% and 150% of their salary) will be huge … and the cost on global supply chains will run into the Billions.
The Millennials bring with them a unique perspective and work ethic that stymies older works and frequently leads to intergenerational conflict. They need to be challenged, given regular feedback, cross-trained, and shown a career path. They have high expectations for success, and they are looking for an organization that can help them achieve it. They are the most technologically savvy multi-tasking generation to-date, and they work best when collaborating. They’re a work-hard and play-hard generation looking for “cool” employers and organizations that provide them with:
- career laddering,
- mentoring, and
- positive reinforcement.
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With the recent introduction of the new Massachusetts Data Privacy Law, known to lawyers as 201 CMR 17.00, which is the most far-reaching state-mandated privacy law to be enacted to date, you can expect a slew of states to follow suit. That means that, shortly after Jan 1, 2010 when the Massachusetts law comes into effect, you can expect that no matter where you operate in the US, you can expect to be subject to strict information security and privacy laws as you transfer data back and forth across your supply chain channels. But are you ready?
According to RSA, the Security Provision of EMC, you need to:
- understand what data is sensitive,
- know where the data resides,
- understand your risk,
- select the appropriate controls,
- manage security centrally, and
- audit security to constantly improve.
But will this be enough? According to the Aberdeen Group, who recently released a white paper on 6 Best Practices to Prevent Enterprise Data Loss, more than 262 million records have been breached since January 2005. Considering that an average data loss will cost an average company $6.6 Million per breach, this, combined with upcoming laws that will let lawyers go to town, makes this a Billion dollar problem in your supply chain.
So next time you upgrade your supply chain technology, you might want to spend extra time examining the software security controls, whether or not it can implement your policies, and whether or not it has an API that will allow you to integrate security and policy management into your data loss prevention (DLP) software platform. Just like LDAP and single-sign on was important at the beginning of this decade, DLP is going to be key as we enter the next one.