We know that a company is only as good as the people working for it. After all, the most exceptional enterprises build an environment that is conducive to attracting and retaining the right people to help grow their businesses talent that shares the company’s vision and fits its culture.
What you may not know is that it’s important to have a separate hiring and retention strategy for every stage of development.
From emerging to leading
Exceptional companies invest in their employees, nurturing their talent and helping them develop skills to match the demands of the business during each different growth phase.
To ensure their survival, emerging enterprises will build strong leadership teams capable of laying the foundations of corporate culture and driving the business forward. From the very start, the company should establish competitive benefit plans and incentives tied to key performance benchmarks, and set up a basic HR function to support the business needs.
Once a business is experiencing rapid growth, managing the turnover of people and preparing for future expansion both rank high on the agenda. Management should identify the next generation of leaders from among the existing workforce, implementing structured development programs to enhance their skills and encourage retention. Remuneration packages offering share options and performance bonuses will help attract exceptional new people, including professional managers, who share the belief in the future success of the business.
Next-generation market leaders face the significant challenge of retaining an entrepreneurial spirit in a regulated, more corporate environment. The best companies do not lose sight of the values and culture that have served them well. They invest in internal communications to keep the values alive, and seek new hires who demonstrate these values during the recruitment process. Exceptional enterprises link their people strategies to clear business objectives and fill any leadership gaps with experienced, global management to take the business to the next level.
To make sure you remain competitive in the war for talent, ask yourself:
Why do our best people choose to stay with us in such a competitive marketplace?
How can we attract people from market-leading businesses?
What values underpin our culture, and how do our employees embrace them?
In today’s battles for top talent, it’s important to continue to ask these questions as your company grows.