Making Better Decisions |
Issue #1043 July 2010
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Welcome Friend,
How to hold onto your best Talent
Small and medium enterprises (SMEs) and large companies all over the globe should have a major preoccupation: how to hold onto their best talent. Annual company reports shout out that "employees are our most powerful assets". But most businesses will also say that they lose good people that they would sorely like to retain. Holding onto great people is key to generating sustainable growth and to changing the face and pace of your company.
For some business owners this is a difficult nettle to grasp: some tend to think of themselves as the leaders and dictate how the business is run and in so doing stifle input from others. In other cases the owners are very aware of their heavy reliance on a few key people to help them; they become concerned that changing the status quo could upset the "balance" of the business and risk long term profitability. In both cases the SME feels hemmed in and over reliant either on themselves or on a few favoured lieutenants to come up with all the answers.
This month's short series of articles takes another look at how SMEs can hold onto their best talent and use them as key drivers of success for the business. The articles look at the opportunity from four perspectives:
- who are the Talented?
- how does the company help the Talented?
- how to manage the personal career and company career?
- how can you hold onto great Talent?
Please feel free to comment by contacting me: andrewlester@carr-michael.com
Andrew Lester | Managing Partner, Carr-Michael Consulting
Specialist in growth management and business performance improvement |
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Who Are "The Talented"?
23/07/2010
By Andrew Lester, Managing Partner of Carr-Michael Consulting
Talented people are everywhere. The trouble is they may be talented in ways that help or hinder the business. Many business owners and managers regularly see employees who spend more time and expend more intellectual energy working on how to avoid doing something rather than just getting on and doing it. The issue in most cases is not that the employees are not talented, it is that their talents are not appropriately tuned to what the business is trying to achieve. In some companies this leads to "politics": opposing views of what should be being worked on. But this is also true for small...
read full article > |
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Growing a business and then selling it for a lot of money is what many entrepreneurs dream about.
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How Does The Company Help The Talented?
23/07/2010
By Andrew Lester, Managing Partner of Carr-Michael Consulting
The standard response for most companies in looking after their Talented people is to fete them with praise and recompense. However we all know that this is not effective: if it were we would not see the Talented move on to pastures new, and we would not be worrying about how to keep our best people.
The truth is that most talented people are often only able to show off their talents because of the companies in which they work. Putting it simply: talent is a relative measure. It is relative to the company in which someone works, or more accurately it is relative to...
read full article > |
How To Handle The Personal Career And The Company Career?
23/07/2010
By Andrew Lester, Managing Partner of Carr-Michael Consulting
There has been a clear sea change in most people's working lives. No longer do company careers exist in the way they did even ten years ago. Employees are much more likely to work on projects than have careers in the old sense of the term. As such employees and business owners need to work together to help manage the different expectations each has of the other in working through from one side a "personal career" and from the other side a "company career".
This may sound like it is two sides of the same coin. But it is not for a number of...
read full article > |
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How Can You Hold Onto Great Talent?
23/07/2010
By Andrew Lester, Managing Partner of Carr-Michael Consulting
If you ask a loyal customer who regularly buys a particular brand what makes them carry on buying the same thing when new competitors and propositions are bombarding them all the time, you tend to get the same answer: "because its great value, never lets me down and makes me feel good".
Buried in the responses of brand loyal customers are the responses of company loyal employees. Why have you carried on working for the same company? "Because they treat me well, I like the people, I know the sector and I enjoy it."
Given this obvious link between how customers respond...
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