Managers need to realize that human capital is the major component of achieving a successful and profitable outcome. Employees should be considered the highest asset within the organization because they are ultimately responsible for the majority of daily operations. Team members who feel valued will continue to work together in a highly productive manner to achieve an optimal outcome and help your company grow.
Talent mismanagement can create numerous negative outcomes. Without focusing on the company’s vision and the ability to relay goals to everyone involved, managers will risk losing highly talented employees to the competition. Executives who fail to motivate people to their highest potential through recognition and strategic development miss valuable opportunities to grow talent.
Without proper management, the results can lead to high employee turnover and low morale. In either situation, productivity can decline and negatively affect company’s margins. In order to avoid talent mismanagement, developing a strategy that will enhance individual skills is essential to building a strong and knowledgeable organization.
Translating Company Goals
As managers place employees into open positions, a strategic game plan should be a part of the process. By focusing on the company’s vision and long-term goals, a manager can start to groom employees and move them into higher ranking positions.
- Where do you see the company in a year? Five years? Ten years?
- How will the workforce change as the company moves forward?
- How many employees will reach retirement age prior to meeting the company’s next goal?
- Which employees will show the greatest signs of leadership?
Each question relating to your company growth will help identify how to better position your employees. If your current staff are not knowledgeable in any of the growth areas, consider investing in recruiting and training, as well as adopting software that uses predictive algorithms to identify best candidates outside of your organization.
Building Motivational Strategy
The best way to get employees motivated is communicating their direct roles in the context of the company future. Managers who value their employees’ input and hard work will create highly productive and collaborative work environment. A cost-effective approach to management lies in developing existing skills, so your employees become more responsible and take on more initiative in developing their leadership qualities. As a manager, by presenting a strategic program to measure talent growth, you can increase staff retention rates and contribute to an effective team building.
- Set milestones for each employee
- Increase responsibility by asking them to train in different roles within the organization
- Invite them to participate in team projects and develop leadership skills
- Develop a recognition program with specific benchmarks
- Give feedback in a positive and constructive manner
Failure to Promote
Failure to implement promotions can break even the most sophisticated development program. Employees want to know that their dedication and hard work are going to be recognized. Even if the executive roles are not available, the smallest advancement can keep an employee focused on the goals. Failure to promote can cause negative consequences including high turnover rate and increased recruiting costs. Keeping current employees focused on both short and long term goals will help you develop a strong and highly functional workforce.
If you would like to learn more about different ways to keep track of your recruiting efforts, download our ebook, The Ultimate Guide to Recruiting Analytics.