As a strategic business leader, you recognize that your team – your human capital – is your most important asset. You invest in them in a variety of ways and, in turn, they fuel the continued growth of your enterprise. That’s why one of the most important elements to the longevity and continued success of your business is your ability to attract and retain talent – getting the right people in the right seats at the right time, and not losing them to the competition.
Yet many firm principals tend to view their human capital solely in terms of being a cost (albeit a necessary one) of doing business. It’s a mindset that leads to reactionary rather than proactive behaviors. Instead of hiring to drive growth, these organizations usually hire in response to growth. They frequently push the limits of capacity – reluctant to bring on new team members until it’s deemed absolutely essential as indicated by a drop-off in service quality. And they reward exceptional performance haphazardly – driven more by the fear of losing a key player rather than an effort to cultivate loyalty and stronger bonds.
Recruiting and retaining top talent
One of the key elements of this challenge is the creation of clear and measurable growth and development plans that provide clarity around not only what is expected of each team member, but precisely what they need to achieve in order to take the next step in the firm. Research shows that individual team members who participate in written performanceRead More