The Secret Weapon ¬— Using Your Employees’ Talent to Drive Your Corporate Growth
Businesses are struggling to fill key roles within their company. They are attempting to drive corporate growth through sales tactics, strategic partnerships, and other means, but are missing the powerful tool they already have.
Many companies fail to utilize the greatest asset they possess. Want to maximize your corporate growth potential? Learn to harness the power of your secret weapon: your employees’ talents.
Why cultivate your existing talent pool? Losing key employees can have a detrimental effect on a company. It has financial implications for corporations.
It can cost the company anywhere from 6 - 24 months’ salary of the employee who left. Building an internal talent pool can save the company the expense and time it would take to hire and train an outsider.
Studies have demonstrated that fast-growing companies enable and empower their employees more effectively than slow growers.
How can you maximize your secret weapon?
Become a people company. While 55% of senior-level management feel their company put people first, only 29% of their employees agree. If you wish to become a people first company, you’ll need to eliminate the disconnect between leadership and the rest of the company.
Promote from within. Many companies post available positions and allow their staff to apply, but plan on hiring from outside the organization. Employees may apply, but no one is ever promoted. Over time, this will demolish corporate morale. In addition, the new employees face a resentful staff and negative feelings will fester.
Cultivate corporate culture. What is the culture of your organization? Do you have a growth mindset? Do your employees promote teamwork and innovation? Cultivate an atmosphere where leadership can be developed at every level of your organization.
Delegate. As companies grow, it becomes impossible for leadership to handle everything. The result is a micromanager who undermines their staff and refuses to allow anyone else to do their job. As difficult as it may be, allow employees to take on new tasks. Give them room to fail and help them grow. The investment of time and effort will pay off as you discover the hidden talents your employees may possess.
Work for their happiness. Happier employees are more devoted to their jobs. They are more engaged and more productive. Show trust in their abilities and give them respect by allowing them to do their job.
Invest in your employees. Provide development opportunities for your employees. Offer training classes, resources, and support that not only help them do their job but help them become better individuals. Ensure that your compensation package is competitive. Offer incentives and bonuses for those who are excelling.
When you use your employees as your secret weapon, your company is destined for success. Richard Branson once remarked, “Train people well enough they can leave, treat them well enough so they don’t want to.” How can you harness your secret weapon today?