Growing a Business

Valuable Tips on How to Hire and Retain Outstanding People

You may have a great product or a service or new business idea, you may be able to raise the money to build the infrastructure, but none of this is of any use unless there is an effort on the part of your enterprise’s talent management activities to attract and retain talented professionals and good employees. In today’s hyper competitive world, the war for employing talented employees precedes the war for market share. Here are some tried and tested tips to hire and retain the right people.

Have a written Job description

Filling up key positions with the right kind of people requires one basic principle. You must have a written job description for each role and clearly state what kind of competency is needed to fulfill that role. It helps you to to be objective when making the choice and also gives the candidate a sense of your professionalism.

Pay the Salary They Deserve

In most businesses, one thing that creates particular heartburn is salary or compensation. Right from the beginning, the salary should decided as per the competence and the wage administration should be done by a professional. This is part of good talent management activities. Once employees know that the company does not play favorites, many wage related problems are prevented from happening.

Nurture Outstanding Performers

Competent people often join a start up because it is the next best thing to starting their own business. There are also some outstanding people who for some reason do not feel confident to do their own thing and need an emotional safety net. As part of talent management activities, such people need to be understood, nurtured and valued. Without them there is no way to build a great organization. To do this you need to stretch goals, give freedom, constantly communicate with them give them encouragement.

Give them an Idea of the big picture

People who can make it big in a start up are those who can see the big picture and at the same time sharply focus on the small – the one on which today depends critically. The big picture is important because that is where the company is going eventually. It may take a few years , but that is what binds everyone together. The ability to focus on today while working towards tomorrow is a prerequisite for being happy working in a start up.

Encourage Teamwork

A growing company requires a tremendous amount of teamwork. In the beginning there will be fewer hands and more things to be done. To develop a team spirit, everyone has to be encouraged to share the load of a lot of undefined work that cannot wait. As a result of these talent management activities, employees develop a willingness to take the organization forward together. Those who do not appreciate the importance of team work, or do not enjoy it will find it hard to adjust and need to be carefully trained to change their mindset.

Entrepreneurial Learning

Hiring highly talented and outstanding people and maintaining good talent management activities, may be beneficial for your organization, but such employees need to be carefully nurtured to meet your organizational needs, work along with your team and take your business to next level. This requires, strategy, tact and patience, but you will be rewarded with excellent results.

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