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Something for the Special Librarian

Here’s an interesting study that you can get for free here.
Bersin & Associates Research Survey Shows Costs of Time Searching for Information Can Exceed $50,000 Annually for Each Executive
NORWOOD, Mass., Dec. 20 /PRNewswire-FirstCall/ — Books24x7(R), a subsidiary of SkillSoft PLC (Nasdaq: SKIL) and the developer of online Referenceware(R) for IT, business, engineering, financial and government professionals, today announced the availability of a new research report, “How Executives Stay Informed: A Study of Resources Used and Time Spent Locating Critical Business Information.” The study, written by Bersin & Associates, finds that most senior-level executives spend hours each week searching the Internet in frustration for business-related information that will help them stay informed and current. The largest group of respondents, 37%, reported spending four or more hours each week searching for information; 36% spent twoto four hours each week on information searches.
“The most surprising finding in this survey is the large amount of time executives spend searching for information,” said Josh Bersin, president and founder of Bersin & Associates. “At today’s executive salary levels, four hours of search time can cost companies $1,000 or more per week — not including the cost of lost opportunities, delayed decisions, or other work not completed. If you apply this estimated figure to Fortune 500 companies, the money spent adds up to $60M each year.”
Other study findings include:
* 91% of executives routinely use the Internet when searching for business-related information. Respondents relied on the Internet more than any other source, including trade journals, books, newspapers, and webinars.
* 47% indicate that unproductive searches and the need to sift through “too much information” are primary challenges associated with using the Internet.
* A majority of executives spend four or more hours reading each week to stay informed and current. More time is spent reading at home or while traveling than in the office.
* 67.5% of respondents said they don’t read books or articles in entirety but read summaries, skim, or read specific sections.
* 14.4% read seven to ten business books a year, 21.4% read four to six books, and 45.8% read one to three books. 74.9% of respondents said they’d like to read more, but are limited because of time.
“This research supports our belief that executives are information seekers who place highest value on information that is current, easy to find, to-the-point, and written by reliable sources,” said John Ambrose, general manager of Books24x7. “While executives regularly use the Internet to help locate information because of its speed and ease, they also indicated that they are repeatedly frustrated by too many irrelevant web results. The best resources for this audience combine powerful search technologies with highly relevant and credible information.”
“The highest, most mature level of corporate learning is learning on demand,” said Bersin. “While executives would never use this phrase, “learning on demand,” that’s exactly the way they learn. They want the ability to obtain highly specific, relevant information whenever and wherever it’s needed. Companies should factor this need into the learning resources made available to their senior executives.”
Of the study’s 202 respondents, 43% were over age 50 and 40% were between 36 and 50 in age. The vast majority, 84%, were male. 49% of respondents had C-level or vice president titles; 51% had director-level titles.
A copy of the full report can be downloaded at here.
This definitely looks like a Christmas gift for special librarians (and others who have executive type behaviours in the trustees and decision makers).

Posted on: December 20, 2005, 9:56 am Category: Uncategorized

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