You Can’t Have Impact Without Talented Employees
One of the biggest challenges of any company, particularly new enterprises and small businesses, is finding and retaining talented employees. After all, the employees are the keys to your company’s success so it’s critical to overcome this challenge. Your products and services cannot make an impact in the market (or make money!) without talented employees to help execute on behalf of your company.
In the fast-moving entrepreneurial environment we’re in now, companies are all competing for the best people. Quite honestly, the best people have options…many options. While some go into business for themselves, others prefer to join established companies and provide value through their participation. These types of employees are distinguishable and should be quickly engaged, but many companies lose out. Why? Well, because some companies are slow to act in presenting offers and lose their interest quite quickly because in the meantime another company has gained their attention, shown how they will nurture their growth, and also presented a sizeable compensation package.
More now than ever, people want to work for companies that are decisive, exhibit genuine care and concern for their employees and for the world around them. The first indication of alignment to this principle gains visibility during the recruitment and interview process. Talented professionals pay particular attention to how companies treat them during the process and companies must realize that they are being interviewed just as much as the person(s) they are pursuing.
Attract Then Retain
If your company is fortunate enough to attract talented people, the next step involves retaining them. This is a challenge for a large number of small businesses because many feel that they are unable to compete by offering more financial compensation to retain good employees. However, there is more to keeping loyal, faithful employees than compensation. In fact, reliance on financial rewards alone is insufficient for a sustainable, long-term commitment.
Here are 4 principles for retaining loyal, talented employees:
- Maintain regular, authentic communication. This creates trust and connection which leads to a sense of mutual responsibility to the partnership.
- Empower decision-making within small teams. Give talented employees your trust to act in the best interest of the company. This validates your belief in their capabilities and enables them to demonstrate their critical-thinking and decision-making skills.
- Compensate correctly. Everyone isn’t motivated by money, however, financial rewards must be competitive with the market rates. Consider flexible arrangements that permit more work-life balance. After all, due to technology, most employees are connected to work almost 24/7 and talented employees never shy away from responsibility so give them freedom and flexibility in their work arrangements.
- Provide “stretch” opportunities. Give them assignments that stretch their capabilities into new territory where they’ll be challenged and learn new skills. This is a win-win because it will prepare talented employees for future promotion as they build upon their already proven competencies.
While this is not an all-inclusive list of attracting and retaining talented employees, it’s a starting point that will help many small businesses reconsider their approach so that they can be competitive in the current environment. Again, products and services are not enough to create a solid, profitable, sustainable business. Consistent, talented employees stabilize organizations and enable resiliency and competitiveness in your industry.
If your business is growing and in need of assistance, contact us below. We’ll help align your strategy with your goals. We are different than other consultancies because we take a holistic approach to creating a business strategy. Successful strategies consider technology, marketing, sales, and finances and synchronize them with the strategy.