Every great leap begins with an idea. Indeed, brainstorming sessions, after-hours conversations, and spirited debates are highly valuable to any enterprise. These discussions help shape and clarify a company’s vision as leaders seek opportunities for improvement and growth. However, there comes a point when words must translate into actions. Too much talk can actually get in the way of proper execution. Real progress can only be made by testing out your various ideas and going over what’s working and what’s not.
How to Humbly Display Your Progress
Set Smaller Goals
While it’s important to always keep an eye on the bigger picture, the only way to get there is through incremental steps. Setting smaller goals is one of the key features of any effective performance management system. Unlike long-term, sweeping goals, smaller goals are easier to set (or reset), accomplish, and track along the way. For instance, you might have the larger goal of increasing your annual profits this year. In order to achieve this goal, however, it’s important to zoom in on actionable goals that your team can tackle each day, week, month, and so on. One of these short-term goals might be challenging your sales team to increase their client base by a specific number between now and the end of the quarter. While it might not be easy to accomplish this goal, setting a clear benchmark like this makes it easy to track your business’ progress with hard numbers.
Build More Buy-In
No matter the size of your business, progress is only possible if your people are working toward the same goals. In order to keep everyone on the same page and perpetuate a high-performance culture, you must do your best to create buy-in. Maintaining broad buy-in requires constant communication and calibration — there may be times when an individual (or more) strongly opposes the direction you or your leadership team wishes to go. When this occurs, you must determine whether an executive (“command”) decision must be made, whether additional input is needed (“consult”), or if consensus is imperative for progress (“consensus”).
Accentuate Accountability
Accountability is paramount for proper performance management — without it, you’ll struggle to identify the trail of mistakes and miscommunication that led to a serious problem or roadblock. Moreover, prioritizing accountability in all leaders, managers, and employees will help keep everyone working towards their specialized and collective goals. For instance, leaders should regularly check in with their team(s) for concrete updates on their progress. If little to no progress is being made, the reasons for this lack of progress must be brought to light so necessary adjustments can be made, whether this means altering goals, shifting roles, or letting go of someone. A high-accountability culture can be difficult to establish and maintain, but doing so will allow you to make real progress beyond mere words.
Invest in Business Coaching
Speaking of accountability, there is perhaps no better way to keep leaders and teams accountable than by hiring a coach to provide you with an experienced, objective point of view. The best coaches can easily identify potential areas of growth for leaders, set and track new goals, keep everyone focused on unified, and point out hurdles that are preventing you from progressing. At Leadership Resources, our purpose is to make the impossible possible through people. We aim to do so by helping individuals develop patterns of success that will decrease stress levels and maximize productivity. Contact us here to learn more about what we do and how it can help your business succeed and grow at times like these when you need it most.
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Strong leadership and strong communication are inextricably linked — you simply cannot have one without the other. The best leaders maintain a clear line of communication with their peers, partners, employees, and customers. In doing so, these leaders develop a deeper understanding of relevant situations, issues, shortcomings, and opportunities while delivering clear feedback and instruction that steers the ship in a purposeful direction. Let’s dive deeper into why communication is so crucial in leadership.
What Are the Benefits of Good Communication?
Communication Keeps People on the Same Page
Team management is a challenge for businesses of all sizes. Whether a team consists of a few people or dozens of individuals, leaders with strong communication skills are the glue that holds said team together through thick and thin. It’s worth noting that proper communication isn’t a one-way street, either. Leaders must be equally adept at delivering instructions and receiving feedback from team members in order to manage their team optimally. This reciprocity allows leaders to earn the respect and engagement of their employees and make informed decisions that garner maximum buy-in.
Communication Is Key to Understanding Problems
The ability to listen is one of the most important qualities of a good leader, and, as previously mentioned, half of the communication equation. If you fail to hear or comprehend the concerns of those within your organization, the smallest issues can grow into a rot that’s more and more difficult to expel over time. The best leaders actively check in with their people to uncover any nascent problems so they can resolve them as quickly and effectively as possible. New issues are still bound to arise — the key is getting ahead of them with masterful communication rather than ignoring them or missing them entirely.
Communication Drives Positive Change
The whole point of understanding problems in your organization is to discover weak points that you can fix and then make various adjustments that push your company in a better direction. In this way, then, strong leadership communication skills are the driving force behind constructive change. Your organization will struggle to grow or improve if its leaders don’t properly respond to problems and opportunities when they arise.
Communication Helps Retain Top Talent
In recent posts, we’ve discussed the importance of employee retention, especially when it comes to keeping top talent in your organization. While these retention efforts are multi-faceted, leadership communication remains at the heart of them. Those with the most potential in your company may seek other opportunities if they don’t feel like their ideas are being heard and/or if they don’t feel properly compensated for their contributions. In order to keep these valuable people around, leaders must help them grow with the organization — this might mean promoting them into new positions, guiding their own leadership development, giving them appropriate raises, and so on. Whatever the case, these decisions must be based on the mutual needs of these individuals and your company, which can only be uncovered through powerful communication.
Leaders who display strong communication keep their people on the same page, understand and resolve issues before they fester, improve their operations and culture, and retain the very best people to keep this cycle going. At Leadership Resources, our purpose is making the impossible possible through people. We aim to do so by helping individuals develop patterns of success that will decrease stress levels and maximize productivity. Contact us here to learn more about what we do and how it can help your business succeed and grow at times like these when you need it most.
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Your leadership team is largely responsible for allowing your business to continually meet quotas, increase profits, and grow sustainably. As such, motivating your leaders to do their best work and maintain that momentum must be one of your top priorities. Of course, all leaders are human beings, and human beings have their limitations. Pushing your people too hard can create massive leadership stress and get in the way of progress. Conversely, loosening your grip too much can result in chaos and stifle productivity. In order to ensure ongoing success, then, you must strike a balance between putting on the pressure when the time is right and letting go when things get too tense.
How to Get the Most Out of the Leaders in Your Office
Support Their Personal and Professional Goals
Even if your leaders inherently love what they do, their job is ultimately just a portion of their lives. Most people are more motivated by the notion of building a better life for themselves and their families than growing the company for which they work. Fortunately, these goals go hand in hand. As your business flourishes, so do the personal lives of your leaders, as long as you maintain an awareness of what your people want out of life and their careers. If you want to get the most out of your leaders, then, take the time to understand what gets them out of bed in the morning and connect those aspirations to the business’ growth. You can further support your leaders by offering ongoing leadership training, providing career resources, and more.
Prioritize Performance Management
No matter how self-aware someone is, no one recognizes all of their shortcomings without some external input. Your leaders won’t be able to progress as quickly or efficiently if they’re not receiving honest feedback on a regular basis. Make it a priority to track your leaders’ performance and go over their strengths and weaknesses at key intervals or on an as-needed basis. Your constructive criticism should also include recognition of all of a leader’s accomplishments — this way, your leaders can continue doing what they do best and work on what they might have missed for the betterment of themselves and your business as a whole.
Make sure you allow time for your leaders to ask questions and deliver their own feedback as well. Sending out employee surveys is another powerful way to see how your people feel about the workplace and culture.
Leave Room for New Opportunities
One of the primary reasons people part with a company is because they feel stuck, as if they’ve reached a peak and there’s nowhere to go from there. In order to draw out the very best from your leaders (and keep them around), you have to offer ongoing opportunities for growth. You might develop a transparent system for lateral movement, promotions, and raises for leaders to work towards, and/or create new roles for managers with specific leadership skills. It’s important to maintain strong communication with your leaders to see how happy or unhappy they are in their current position so you can come up with ways to best utilize their unique talents, skills, and experiences.
Provide Practical Paid Time Off (PTO)
Everyone needs a break, especially your hardest-working talent. Working around the clock for months on end will inevitably lead to burnout, which can take weeks to recover from and do plenty of damage in the meantime. While paid vacations and extended break periods might seem like a major liability, they’re necessary investments for managing leadership stress and getting the most out of your leaders in the long run. For a deep dive into this subject, read our article, “How Much Paid Time Off (PTO) is Good for Productivity?” At Leadership Resources, our purpose is making the impossible possible through people. We aim to do so by helping individuals develop patterns of success that will decrease stress levels and maximize productivity. Contact us here to learn more about what we do and how it can help your business succeed and grow at times like these when you need it most.
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Organizations are made up of individuals with unique perspectives, ideas, and life goals. But while each person inside a company sees things their own way, it’s important for an organization to establish a coherent vision that all leaders and team members can get behind and work toward. Achieving and maintaining this unity requires proper planning, ongoing execution, and flexibility. Here’s how to create an action plan to ensure all leaders share the same company vision.
How to Enstill Company Vision
Spell Out the Business’ Broader Mission
A company’s mission statement defines its overall purpose. In this way, a mission can be thought of as the foundation and motivation for your business efforts moving forward. The first step to ensuring that your leadership team unites around a collective vision is by creating and disseminating a clear and concise mission statement. Failing to do so is like trying to build a home on top of empty space — there’s nowhere to stand and everything falls apart.
Prioritize Short- and Long-Term Goals
Once your mission is firmly in place and well understood by all leaders in your company, the next step is to collectively come up with short-term and long-term goals. Some of these goals might be highly specific, such as meeting certain quotas by next quarter, and others might be more nebulous and far away, like “becoming the nation’s leader in a given industry.” One example of a great long-term goal is to implement consistent training with the help of a qualified EOS® Implementer. It’s important to categorize and prioritize these various goals so leaders and team members have a concrete sense of what to do in the coming days, weeks, months, etc., and why.
Delineate Different Types of Decisions
Uniting around a vision doesn’t happen overnight. Anyone who knows how to manage a team can attest that few decisions are immediately agreed upon by all parties. In a perfect world, all decisions would be unanimous, but in reality, attempting to find consensus for every choice can result in deadlock, frustration, and confusion. This is why it’s important for leaders to understand the differences between three main types of decisions: command, consult, and consensus.
Command decisions are executive orders that do not require team input. Consult decisions, while also adjudicated by the leader, do take team input into consideration. And consensus decisions are made collectively, sometimes with various compromises or concessions. There is a time and place for decisions of each nature. While command and consult decisions might not please everyone within your organization, they should still derive from and work toward the collective vision on which all leaders have agreed. A well-trained leader can determine when to implement which type of decision and why, as well as offer guidance to those who are struggling to figure out where each person’s role may take the company and decision-making process.
Keep Tabs on Individual and Team Performance
In order to ensure that your leaders are actively working towards a unified vision, you must take regular account of their performance as individuals and as a team. Traction®, one of the Six Key Components™ of the EOS Model™, is all about accountability and execution, turning the company vision into something tangible. If goals or expectations aren’t being met, there may be a disconnect that requires amending. Perhaps some leaders aren’t completely clear about what they should be doing or why. It’s difficult to achieve goals if said goals are not entirely understood, after all. This is why EOS® Visions are always measurable, written-down, and disseminated to all employees. By keeping tabs on leadership performance, you can stay alert to instances of miscommunication and realign focus.
Leave Enough Space to Adapt and Evolve
While a company vision should be clear as day, it shouldn’t be set in stone. Sometimes, priorities and goals shift due to internal and external circumstances. If and when there is a change in your organization’s outlook, leaders must jointly reconfigure their mindset and methods toward these new aims. These adjustments can vary in size and scope, but they’re important to make if your business is to continue thriving in an ever-changing environment. If leaders cannot shift focus as a unit, it will become difficult to move forward at all, which is why building a strong team culture is crucial for the outset — this requires going over Issues (another Key Component in EOS) on a regular basis in order to solve organizational problems to make room from change and growth.
Seeing Things Clearly and in Concert
Without free-thinking, diverse individuals, a business would lack dynamism and quickly run out of steam. Conversely, organizations that cannot come together around a shared vision tend to rip themselves apart. The key to ongoing success, then, is taking advantage of every leader’s unique qualities in order to come up with and execute upon a vision that serves the enterprise as a whole — this doesn’t mean everyone has to agree on everything all the time, but rather that everyone has a clear, connected sense of (and stake in) where the company is headed, and why. Adhering to the Entrepreneurial Operating System (EOS)® helps every type of business achieve these results. At Leadership Resources, our purpose is making the impossible possible through people. We aim to do so by helping individuals develop patterns of success that will decrease stress levels and maximize productivity. Contact us here to learn more about what we do and how it can help your business succeed and grow at times like these when you need it most.
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Sourcing the best candidates for your business is challenging enough — keeping them around for the long haul can be even more difficult. In such a competitive global economy, employees that exhibit strong leadership skills are in high demand. As your people continue to develop, then, they may come closer to abandoning ship to explore other opportunities. While you can’t force anyone to stay, retaining your top talent is integral to the growth and legacy of your enterprise. So, how can you retain your employees as they grow professionally? Here are some thoughts.
How to Grow and Still Retain Employees
Continue Focusing on Leadership Development
If you adopt a cynical mindset, you might think that developing leadership talent will only serve to pry your best employees away from your business — after all, the more skills they develop, the more leverage they have in the workplace. As it turns out, though, focusing on leadership development is actually one of the best ways to keep your employees around. By offering ongoing, rigorous training and education, your company provides value to your employees, which they will reciprocate in direct and indirect ways. For instance, the more adept your people become, the more productive and creative they will be — these outcomes benefit your bottom line and broaden your business’ prospects. In other words, investing in your employees will encourage them to invest back into the company, ideally for the long-run.
Open New Doors For Top Talent
As your people grow professionally, you want to make sure they don’t outgrow the scope of your business — otherwise, they’ll likely move on. No one likes feeling stuck where they are or overqualified for their position, after all. If you want them to stick with you, then, you’ll need to expand the number of opportunities you offer your employees. This might mean creating brand new roles to better suit a specific employee’s skill set, shifting around teams, tasking top talent with fresh challenges and responsibilities to keep them sharp and engaged, and so on. These efforts tie directly into your long term succession planning as well — by challenging your people and letting them explore new positions, you can better gauge who is fit to take over key roles within the company.
Commit to Strengthening Your Company Culture
Never underestimate the importance of your organization’s culture when it comes to retaining your employees. Simply put, most people would rather stay with a company that respects them, recognizes their achievements and efforts, provides ample growth opportunities, and promotes a healthy work-life balance as opposed to the alternative (even if said alternative offers a slightly higher salary). This isn’t to say, however, that merely putting on a happy face and patting your people on the back is enough to keep them around. The key to cultivating a company culture that encourages people to stay is maintaining transparency, being flexible, and compensating employees for the value they bring to the company.
Growing With Your People
Employee retention and succession planning go hand in hand. While it’s true that helping your employees grow into capable leaders runs the risk of losing them to other opportunities, you won’t be able to secure the legacy of your company if you can’t foster the growth of your people and incentivize them to stay. By focusing on continual leadership development, granting your people with new opportunities, and cultivating a strong company culture, your business will grow right alongside your top talent, and vice versa. At Leadership Resources, our purpose is making the impossible possible through people. We aim to do so by helping individuals develop patterns of success that will decrease stress levels and maximize productivity. Contact us here to learn more about what we do and how it can help your business succeed and grow at times like these when you need it most.
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Delivering criticism to a team can be a significant cause of leadership stress for many leaders. It’s not always easy to find the proper balance between sugar-coated comment and pointless put-down. But when someone makes a mistake, requires correction, or falls short of their duties, ignoring or obfuscating the issue is more harmful to your workplace culture than addressing it head-on.
So, how can you deal criticism in a way that lets your team member know where they went wrong, and, just as importantly, how they can improve? Let’s examine 5 phrases that can serve as templates or starting points for more effective workplace criticism.
How to Properly Criticize a Workplace
1. “I like where this is headed. Let’s see what we can improve…”
This is a powerful phrase to employ when your team or team member suggests an idea that has merit but plenty of flaws. Rather than starting with the problems, begin with a sincere recognition of the idea’s potential. This will energize the team while also focusing everyone’s efforts on trimming the fat and making necessary changes.
2. “The team could really benefit from more of your input.”
If you’re a team manager, you may experience an occasional imbalance in effort and input from your employees. Sometimes a minority of the team makes most of the calls. Or, perhaps a single team member rarely, or never, contributes to the creative process. When this happens, don’t just tell them to talk more during meetings. Instead, let them know that the team is lacking an important piece of the puzzle. This often motivates a less assertive team member to make their opinion known.
3. “This area seems to be a challenge for you.”
We all have our weaknesses. The key is identifying them so we know which areas we must work to improve. But it’s not always easy to make out our own faults. One of the most important leadership traits is being able to not only identify these problem areas in your team members, but also point them out without hesitation or ambiguity. Using the above phrase provides a solid entry point into this conversation, as it doesn’t personally attack the individual in question but still addresses the concern.
4. “You haven’t been meeting your performance goals/expectations.”
By letting a staff member know in simple terms that they haven’t been meeting their expectations, you accomplish a few important things. First, you reiterate what’s objectively expected of them, as laid out in previous conversations. Second, you open the door for a conversation on why these goals aren’t being met. And third, you can begin crafting a tangible performance management strategy for getting back on track. This is more effective than telling them they’re not doing a good job, or demanding results without a reminder of the company’s expectations.
5. “What do you think could have happened differently?”
Finally, effective leadership depends on reciprocity and communication. If you’re going to lead well, the conversation must go both ways. So, when someone messes up, make sure you ask what they thought of the situation, and how they might have handled it differently. To avoid coming off as patronizing, sincerely listen to what they have to say and give your thoughts as well.
No matter the circumstance, coming up with constructive criticism is a challenge for all leaders, but vital to maintaining an open and productive workplace. The above phrases are just a handful of examples that can help you address important issues without making it personal or sowing seeds of resentment.
At Leadership Resources, our purpose is making the impossible possible through people. We aim to do so by helping individuals develop patterns of success that will decrease stress levels and maximize productivity. Contact us here to learn more about what we do and how it can help your business succeed and grow.
Your top talent is highly valuable, and therefore also in high demand by other organizations. In this competitive global economy, landing quality people can be challenging in and of itself — keeping them around can be even more difficult. And considering that your company’s potential is directly tied to the potential and performance of its people, you cannot afford to let your top talent slip away.
In our previous post, “How to Keep Top Talent from Leaving Your Company,” we discussed how recruitment, company culture, regular feedback, competitive benefits, and leadership development all contribute to employee retention. Here we’ll further explore how long-term leadership development in particular can help you keep your best talent.
How Leadership Development Keeps Your Best Employees
The Power of Recognition
Effective employee management and leadership development requires plenty of feedback, which should include a healthy mixture of positive recognition and constructive criticism. And while every member of your organization should receive this regular feedback, it is especially important to maintain consistent communication with your best talent. Recognizing your top talent for their input and achievements and pointing out areas of improvement will simultaneously help them further develop their leadership skills while conveying their value to the company. When your people feel valued, they are more likely to stick around.
New Opportunities Energize Employees
There are many ways to develop the leadership potential of your top talent. In-person and online seminars, group training activities, and one-on-one meetings are all part of this equation, but real-world experience is often the most potent form of leadership development. By empowering your top talent to take on new roles and responsibilities, you help them gain crucial insights that are applicable to your organization and at large. This experiential leadership development opens doors for your best talent and lets them know that even more opportunities await if they continue to grow with the company.
Finding the Right Fit for One’s Skills
Long term succession planning is a major focus of all forward-thinking businesses. And a solid plan for the future depends on the advancement of top talent within your organization. Put another way, you need capable leaders at the ready to fill new roles and to take over existing ones when the time is right. Implementing effective leadership development programs not only prepares your top talent for these new positions — it also helps your company find the right positions for the right people. Indeed, employees are more likely to stay with an organization if they feel properly suited for their role and valued for their unique abilities. In other words, as you develop your top talent into strong leaders, they become more integral to the company as a whole and shape its direction moving forward.
The Leadership Domino Effect
The best leadership training programs have a positive, exponential impact on your top talent and all of your employees. As your people grow, they tend to pass on their new skills and knowledge both actively and passively, which encourages others to develop, too. This domino effect strengthens teams and an organization’s culture overall, improving the performance of your current top talent and producing new potential leaders in the process. As a result, you won’t just keep your best talent around — you’ll have even more of it.
Long-Term Success Depends on Long-Term Leadership Development
If you want to retain your best people, you need to recognize their contributions, give them new opportunities, and find the right roles for their talents. Focusing on leadership development helps achieve all of these things and sets your business up for continual success. In this way, effective leadership development, talent management and succession planning are all inextricably linked.
At Leadership Resources, our purpose is making the impossible possible through people. We aim to do so by helping individuals develop patterns of success that will decrease stress levels and maximize productivity. Contact us here to learn more about what we do and how it can help your business succeed and grow at times like these when you need it most.
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Emotional intelligence just became the world’s #1 leadership skill.
As stated in this INC.com article, “Emotional intelligence is the ability to identify, understand, and manage emotions–both in yourself and in others. This ability is important to develop in everyday life, but it can be lifesaving in the face of a panic-inducing situation like the coronavirus, because it allows you to keep emotions under control so you can make balanced, reasonable decisions.”
Benefits of Emotionally Intelligent Leaders
How Emotionally-Intelligent Leaders Act
If you’re like most companies, you’ve had to reconfigure your operations in 72 hours or less and help your team continue working productively while also working remotely. Suddenly you’re a virtual team, whether you like it or not.
As your operations shift, remember to act as an emotionally-intelligent leader. Here are some key points to remember:
- Acknowledge what your employees are feeling
- Reassure your teams that you’ll get through this together
- Communicate often – in the absence of information, people will make things up
- Be transparent about the circumstances
Transparency is enormously important right now, even for companies that usually prefer not to “overshare” with employees. A global health scare leaves people feeling vulnerable. If you’re transparent about how things are unfolding, you’ll gain respect and trust by showing authenticity.
Use Plans & Encouragement
Having a routine will help your employees cope with the newfound uncertainty in the world. Help your team members plan their day in advance so they can maximize their work productivity around home-schooling and other personal demands.
When in doubt, be proactive. Take the initiative to help your employees plan their time and stay organized during this difficult time.
Proactive planning might include:
- Helping them select their top three highest priorities for the day before the day begins
- Rescheduling meetings to work within a realistic schedule
- Selecting their highest-payoff activities outside of their three priorities, which may have changed drastically since they began working remotely
Remember Empathy & Ask Questions
We can’t emphasize this enough: Your employees need some empathy right now. Think about how much they’re dealing with: new technology, working with kids at home, co-working with spouses and roommates, demands on their internet bandwidth, not to mention constant fear over a virus that could harm them or their loved ones.
If it feels a bit strange to suddenly be showering your employees with empathy, here’s a natural way to handle it: Just ask simple, kind questions.
- How are you?
- What is your biggest challenge right now?
- What can we do to make this easier for you?
- Is there anything you’re working on that you’re particularly worried about? (Meeting a deadline? Letting a client down? Not getting something to a team member on time?)
For more tips about showing empathy and emotional intelligence in your leadership, take a look at the latest whitepaper from Leadership Resources. It’s all about brushing up on your emotional intelligence and keeping your business running smoothly during challenging times.
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Among all the challenges you face as a business owner, few things are more difficult to approach than employee compensation. Between establishing base wages and salaries, distributing bonuses, and giving out raises, you’re bound to get a headache or two managing it all. That said, these issues cannot be ignored. Your people might like working for you and your business, but they won’t stick around if they don’t feel fairly compensated, especially if they can find a better paying job elsewhere.
Employees expect their pay to be fair from the beginning and increase over time (beyond just keeping up with inflation). Indeed, without delivering this expectation to new hires, businesses would have a hard time getting anyone on board, and developing leadership talent would be impossible. The hard part for you is figuring out how to broach this subject, how to decide who gets a raise (and when and why), and how to keep your people from turning on each other in favor of the almighty dollar.
So, if you’re hiring in Omaha, Nebraska, here are five important decisions to make before giving raises.
What to Do Before Giving a Raise
1. Create a Compensation Structure
As your business grows and you hire more people, you need to establish a system of compensation that works best for you. Some companies keep things simple with a one-size-fits-all solution that delivers the same percentage pay increase to every employee on a regular basis (usually annually). While this approach is equitable and easy to manage, it can negatively impact productivity and employee morale, as there is no clear correlation between performance and pay.
Other businesses might decide that performance and compensation management go hand in hand. These companies conduct regular performance reviews for each employee and give out raises based on how well they’ve done. All employees might receive raises, but the best performers will get a higher pay bump. This method can help motivate individuals to work harder and remain engaged, but it can also create tension between employees, splintering unity.
Both approaches have their merits, and you may decide to create a system that falls somewhere in between. Just make sure that your compensation structure benefits your employees and business as a whole.
2. Match the Market
No business exists in a vacuum. You must pay attention to what your competitors are doing if you plan on thriving in your industry and retaining your top talent. Companies that offer the best compensation packages tend to have a competitive edge. You may need to work with a business coach to give you a broad perspective of your industry’s outlook on compensation so you can match or exceed those expectations. This will allow you to attract and retain the best people.
3. It’s All About Value
When budgets are tight, giving out raises might seem like a burden. Indeed, doing so might result in short-term losses. However, you have to think long term and focus on building your business’ value over time. Your people bring value to your company, after all, and without them, you wouldn’t be able to grow or thrive. By reciprocating and delivering value to your employees, you’re creating a feedback loop that will propel your enterprise forward. In this way, compensating your people accordingly is a major component in talent management and succession planning. If you want your organization to be its very best and last for years to come, you need to invest in your people.
4. Exercise Care With Pay Compression
As you calculate wages for new hires and percentages for raises, be mindful of pay compression. This phenomenon occurs when newcomers make the same amount as those who have been with the company for a long time. Not only might this offend long-standing employees, it may actually devalue their position, as the newcomer’s wage accounts for inflation while theirs does not. In other words, a dollar is worth less today than it was a year ago, and even less so than 10 years ago, and so on.
Pay compression can toxify your workplace culture in more ways than one. Therefore, it’s important to adjust all salaries for inflation and always factor in longevity so senior employees are rewarded for their commitment and experience.
5. Be Upfront About Pay When Hiring
When seeking employment, people appreciate transparency. Companies that clearly outline their compensation packages and potential for growth often entice the best people. So, if you’re looking for top talent, don’t shy away from discussions around pay. This includes mentioning how, why, and when raises are dished out. The more open you are about these matters, the better, as it establishes expectations and minimizes confusion.
There’s nothing easy about raises. But if you take your time and think in the long term, you can develop a compensation system that attracts top talent, keeps your best people from leaving, improves your culture, and ultimately adds value to your business.
At Leadership Resources, our purpose is making the impossible possible through people. We aim to do so by helping individuals develop patterns of success that will decrease stress levels and maximize productivity. Contact us here to learn more about what we do and how it can help your business succeed and grow.
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You work hard to find the best people for your business. All the time and resources spent screening, interviewing, following up, and making the final decision are worth it in the end when you finally land top talent.
However, hiring a well-suited individual is a double-edged sword. On the one hand, you’ve added value to your company. On the other hand, there’s no guarantee that this person will stick with you for the long haul. In other words, hiring top talent is only half the battle. Retaining this talent is perhaps even more important, and, in many ways, more challenging.
Opportunities are abundant in Lincoln, Nebraska and other major cities around the country (and the world). In this increasingly global and mobile economy, holding on to your best employees is more important than ever. Here’s how you can keep top talent from leaving your company in Lincoln, NE.
How to Retain Great Talent
It Starts With Recruitment
Companies that boast the highest retention rates attribute much of their success to their hiring process. Indeed, keeping employee retention in mind during recruitment efforts will help you narrow your search by honing in on aspects of your business that matter most. For instance, you should seek candidates that are well-suited not only for the position at hand, but also your workplace culture. You might pose certain questions to potential hires that will give you a sense of their values, loyalty, commitment, etc. Additionally, look for people who have histories of longevity with their past jobs.
Fortify Your Company Culture
Maintaining a well-defined company culture will help you choose candidates that will stay with you. That said, this culture must also be flexible and inclusive enough to continuously engage your people and give them a stake in your business. Simply put, if you want to keep your top talent around, let them at least in part shape the culture in meaningful, constructive ways. You must also keep up with the latest technologies and industry developments. If your business can’t evolve with your best people, they will grow beyond it.
Focus on Leadership Development
On that note of personal growth, one of the best ways to keep top talent from leaving your company is by investing in their continual development. Developing leadership talent within your organization doesn’t just convey your commitment to your people, but also adds tangible value to your business. As your employees expand their skill sets, they become integral parts of decision-making processes that improve your organization. In this way, fostering leadership development increases loyalty and buy-in. Additionally, developing your top talent is a key element in succession planning. The future and legacy of your business depend on retaining strong leaders.
Allow for Some Beneficial Breathing Room
You seek top talent for your business because you want to increase productivity and innovation. Keep in mind, though, that your best people are still susceptible to burnout. Pushing your people too hard is a losing strategy for keeping them around.
If you want your employees to continue adding value to your company, you need to offer them some value as well. You can consider things like offering more flexible hours and remote work privileges. Also, reconfigure your benefits packages to remain competitive and entice top talent for your company. And don’t skimp on your paid time off allowances. Getting away from work is paramount in managing leadership stress and maximizing productivity and retention in the long haul.
Offer Regular Feedback
Communication is crucial to keeping your top talent. Employees deserve praise when performing well, and they need to know when they’re falling behind. Without regular performance management feedback and constructive criticism, your people will remain clueless regarding their performance, potential, and value. This can lead to feelings of frustration and underappreciation, which can result in abandonment.
To avoid these outcomes, remain open and honest with your team members. Conduct frequent one-on-one meetings and don’t rush quarterly or annual reviews. And be open to feedback as well. Your top talent can clue you in to your own shortcomings to help you improve, too.
Onboarding the very best people is challenging enough. Don’t let them slip away. Your employees are your most valuable assets, and you must invest in them accordingly if you wish to continue reaping the benefits.
At Leadership Resources, our purpose is making the impossible possible through people. We aim to do so by helping individuals develop patterns of success that will decrease stress levels and maximize productivity. Contact us here to learn more about what we do and how it can help your business succeed and grow.
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