Great teams are no accident. They start with great people, and growing companies often need to hire in the new talent they need. Nonetheless, there are steps you can take as an employer to build upon internal greatness to create an elite, effective workforce that will be the envy of your competitors.
Developing vs. Hiring
It’s like the difference between building and buying. Developing a workforce both defines and augments your team culture. It fosters and strengthens loyalty. When employees know they are working on the company, not just for it, they feel a real sense of ownership. That alleviates the “free-agent” mindset that drives some employees to always be looking for their next job.
Changing jobs is a pain, but people will leave if that seems like a better choice than staying. The main reasons good people leave are:
- Poor cultural fit
- Lack of compensation
- Toxic situations with a boss or other key player
Professional Growth Appeals to Current and Prospective Employees
Given the speed at which companies run these days, there are many priorities to focus on other than recruiting and hiring. Still, you can’t get away from the need for training and development. Nor should you.
Top talent works for two main reasons: income and professional development. Formal onsite training opportunities, offsite workshops, courses, and conferences – all of these demonstrate your willingness to invest in people.
Offerings such as four community service days, a river cruise, or an onsite bistro coffee bar are meant to bolster retention. They can also support team-building by helping employees get to know one another as people, not just co-workers. Just don’t forget professional development in your quest to build a great culture.
Lay Out a Transparent Path to the Next Level
A business development rep probably has an eye on a position such as an account manager. A developer may want to become a project lead or an architect. When you promote from within, that’s a major, meaningful perk and retention tool. Future opportunity:
- Attracts achievers
- Keeps talent on your team
- Fosters creativity and innovation because people know their ideas matter
You will always have breakage in a department when someone leaves. If you have to conduct an external search to replace that employee, the longer it takes, the longer your company will do without. That increases the risk of losing momentum and morale. Plus, even the most outstanding new hire will require some ramp-up time to learn your team and protocols.
With in-house talent ready to fill gaps – temporarily or permanently – you can minimize breakage and stay on course.
Compensate Them Well
Competitive compensation is something we always emphasize when talking about recruiting top talent. But compensation is just as important for existing employees, to keep them happy and protect your firm against poaching.
The market sets the rate, so make sure you have done your due diligence to understand what that is. There is always a range, for any position or skill set. The best strategy for retention is to compensate teams doing your work within the top half of that compensation range for your industry.
Hybrid Work Options Are Essential Now
Upscale compensation tells great employees you value them. But, if you’re not offering a flexible, hybrid working environment, you’re not even in the game to hire (or retain) top talent. Flexibility that enables people to choose their schedule levels the playing field, making it easier for employees to say yes to your company and yes to their personal needs as well.
Emphasize the Collaborative Aspects of Development
One innovative way to build great teams is to bring in new hires who “need” development and proactively help them thrive. Giving someone a chance to grow and stretch builds loyalty as well as an increasingly productive workforce.
Create an atmosphere of collaboration and “helping hands,” in which current employees focus on bringing the new hire along, rather than complaining about them. Mentors, for example, can show new people how to thrive and grow in your company. They can share their own “I’ve been there” experiences to underscore that there is a path to promotions.
We Can’t End Without Talking About Communication
It’s never too often to reiterate the critical importance of employee communication. Not only when hiring and onboarding, but even more so to build and support your existing team. Keep all of your employees up-to-date on plans and progress. The marketplace is a turbulent place these days, and when employees don’t know the facts they make assumptions. Negative assumptions, rumors, and other worries are defeating.
With a solid plan that focuses on building internal strengths and sourcing new hires as needed, your organization will have the human resources to grow and thrive no matter where the future takes you.