A significant question for all managers and leaders is how to hire, motivate and retain the right talent. The emphasis is on right here. We can all go for top talent and try to get Bill Gates for our company but if we are a midsize regional company the question is if Bill’s epic global strategic and technical insights are the right talent for us. Oh and there is also probably a compensation difficulty.
We need to ensure we have the right talent and before we know what that is we need to ask ourselves who we are and what our ambitions are. It makes a huge difference if we are in a stable environment and need to replenish talent that has retired, or if we are in a growth mode with a start-up company.
A complicated problem occurs when you are in a growth phase. The question is how you will deal with the talent you “acquihire” through the acquisitions of other companies. If you have enough talent on board to handle a larger company then you are a lucky individual but when the talent bench has been good enough for the size of company you are at this time, the question is how they will be able to lead the now larger enterprise.
Will you be able to develop your team into the leaders your company needs tomorrow? Is there a limit to the pace of development of people? Is there a limit to what people can accomplish at a certain level?
Readers from this blog will know that I am a firm believer in encouraging people to reach their full potential, but the question is always what exactly that full potential is and if it will be enough to suit the company in the longer run.
Having a growth strategy implies that you have a plan to develop talent to run the grown business. This plan could include your current staff or it could include a reorganization to replace some of your current staff with team members of the acquired company.
It is said that the best hiring is to retain the employees you have and ensure they get enough development to be able to meet the challenges of your business in the future.
So Hiring the Right talent includes many different topics:
- Employee demographics
- Workforce analysis
- Company growth strategy
- Retention strategy
- Employee development
Note that we have not talked anywhere yet about recruitment strategy, advertising, interviewing techniques, assessment centers, testing, candidate profiles, job descriptions, compensation policy, company culture etc. First things first. Without paying attention at the above topics, you will not be successful in your talent search. Getting The Right Talent requires some serious pre-work, too many companies move too fast to the details of the recruitment process.