When it comes to employees, grooming a promising employee for an important role will be less expensive in the long run than paying top dollar to try or find the ideal candidate. And a new hire isn’t guaranteed to fit with your company’s culture, processes, and may lead to turnover.
A great example of this is found time and again in sports, that most easily applied of business metaphors. Yes, you can build a winning team by throwing huge amounts of money at superstars, but it’s not a guarantee of success. A much better strategy is to steadily build your team from the ground up over time, adding more expensive outside talent only when necessary.
Here are some ideas that will help you cultivate and retain that all-star talent:
Any coach will tell you that a team needs leaders. Company veterans, who have been around the block, know what it takes to succeed and know what lapses cause failure. Temper the enthusiasm of your burgeoning talents with some wiser heads by having up-and-comers work closely with established employees in your business. Working with someone successful will give them a target, challenging them to match or succeed that success.
People who feel valued in a job are more motivated. Let your employees know that you listen to their concerns and suggestions, and work with them to implement their ideas to improve your company. This gives multiple advantages: it makes employees feel like they’re important, it gives them a taste of the company’s decision-making process, and improves the operations of your business.
Regular performance reviews will open up dialogues between management and employees. Involving mentors can give the process a sense of collaboration that aims to help guide improvement.
Potential is only possibility, and even the most promising employees can tune out and become unproductive if handled incorrectly. Put employees in environments where their capabilities will be tested and where they will have the opportunity to thrive. Interesting projects will keep them motivated; entrusting them with vital, highly visible tasks, while risky, shows faith in their abilities to deliver. A sense of trust and accomplishment can be a bigger motivator than a raise and creates a bond of loyalty.
Cultivating and retaining top talent is essential in any business. Contact us today for help developing and holding onto your best and brightest!