The number one suggestion from successful businesses, is to invest in your company’s talent. The hiring process has certainly changed over the last decade, as well as how employees are treated once they are hired. Corporate culture on hiring has gone from filling a need to strategic hiring. These strategic hiring practices focus on talent management.
You might be asking, what is the importance of building talent within my company? While there are many reasons, it has been shown that talent management is the key component to successful business. Not only do you get to retain top talent, but your productivity will increase, which can increase your profit.
- Grooming – no we are not referring to the personal hygiene habits of your hire. When you strategically hire for your company, you can look for the exact candidate you want. This allows you to groom this employee to move up within your company. For example, perhaps you know you will need to hire a CFO within the next ten years, due to retirement. You know exactly what type of employee you will need to hire. When hiring the perfect person now, they can work through the ranks and learn the ins and outs of the company. They can learn from the current CFO and when it is time to take over, they will be as passionate and well-equipped to handle the position.
- Diversity and Leadership – many successful companies have learned that diversity is what has made their leadership team succeed. While not every hire you make will become a leader within your company, it is beneficial to promote a diverse group from within. Would you rather have a leadership team that has worked in various areas of your company and bring a wide range of talent and ideas, or a team which are all similar in their thinking? Of course you want diversity – that is what drives thinking outside the box, challenging each other, and promotes success.
- Satisfaction and Productivity – you will find that when you develop talent from within your existing employees, you will have greater employee satisfaction. The benefits of a satisfied and happy employee are no secret – productivity.
Investing in your employees is a must for any business that wants to be successful today. The cost of employee turnover can cripple a business, and when you add on the costs involved with the hiring process, you are throwing your profits right out the door.
Consider building your talent from within your company, and watch employee satisfaction grow, productivity grow, profits grow, and more importantly, watch how your hiring process will shift from filling a position to strategic hiring practices.
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