Research shows that companies investing in their workers create greater annual revenue. Learn how to expand your own talent pipeline and grow your bottom line with these five steps.
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Plan
Align your senior management with your business needs and company values. Decide on your company’s expansion goals, the required size of your key talent pool, and geographic dispersion of your operations. Determine your potential obstacles to developing talent, average and desired employee tenure, and the strength of your corporate brand. Analyze your organization’s future needs to ensure your talent pipeline matches your demand. Design your plans and develop your talent for today’s reality and tomorrow’s possibilities.
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Attract
Focus on creating your company brand so candidates target you as their employer. Your brand describes the type of employment experience you offer: innovative, entrepreneurial, family-oriented, competitive, and the like. As with your internal values, your brand is not for everyone. It inherently attracts those who relate to it and encourages others to look elsewhere.
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Assess
Simple, customizable assessment instruments can help management with quantitative data regarding a leader’s performance and values. For example, management can determine what company knowledge and amount of experience are needed before a candidate assumes a leadership position. Also, figure out what could make leaders fail even if they meet your predetermined criteria.
Once leaders assume their roles within your organization, conduct periodic reviews to ensure they’re on task with achieving your company’s goals. Continue developing and rewarding your talent accordingly. Use the review process to help design individual development plans for your workers with the greatest potential.
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Develop
Design your development plans to target specific levels and competencies. Focus on internal training, executive coaching, cross-functional experiences, and global/regional assignments. The content of your development experiences should include profit/loss responsibility, worker management, building and using structure and control systems, framing and solving problems, and other topics.
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Reward
Ensure significant compensation differences between top performers and their colleagues. Thank your top talent for their contributions, introduce them to management, and ensure they remain challenged and engaged in their work. You’ll gain company loyalty and improve your bottom line.
Take steps cultivating your talent pool today. For further assistance with your company’s other needs, get in touch with the experts at Innovative Employee Solutions today!
