Business plans | The Business Transformation Coach

A Winning Strategy for Developing Internal Talent

by Dr. JL Knight | Nov 17, 2019 | Business plans, Productivity, Success, Take Action, Talent, Talent Management

By Jacqueline Knight

Years ago, a successful career usually meant achieving upward mobility. Ambitious employees climbed the corporate ladder to reach management positions. Today, fulfilling career paths run in many different directions, and fewer employees spend their entire careers at one company.

However, some things stay the same. Most workers still value career growth even more than salary and benefits. At the same time, employers depend on a staff that feels engaged in their work and uses learning and development opportunities to enhance their performance.

How can your business cultivate internal talent so that employees contribute maximum value in their individual roles?

Consider these ideas for talent attraction and retention strategies designed for today’s workforce.

Benefits of Developing Internal Talent:

Save money. Filling positions with internal candidates usually costs less than external hiring. You cut down on expenses like advertising, screening, and training. Plus, new staff members might expect a higher salary than someone who is already on your payroll.
Reduce turnover. High turnover can damage morale and disrupt productivity. It’s expensive too. Finding and training a replacement typically costs twice the departing employee’s salary, according to The Wall Street Journal. Retain employees longer by showing them they have a future at your company.
Keep top talent. Retention is even more important when you’re talking about your high performers. Even if they’re not actively searching, they may be getting calls from recruiters, so it’s important to stay competitive.
Reduce risk. What happens when a new recruit seems unable to deliver what they promised at their initial interview? You’re less likely to make an unfortunate decision when you’re dealing with staff members you know well.
Achieve your goals. Most importantly, talent development enables you to build the team you need for current and future business priorities. Engaged and empowered employees are essential for success.

Implementing a Talent Development Program:

Align and communicate. Ensure employees understand your business strategy. Then, you can align individual goals with your corporate priorities, so they know where to focus their efforts.
Offer e-learning. Provide opportunities to acquire new skills and knowledge. Technology makes education and training more affordable and accessible. Many experts recommend a blended approach of classroom lessons and workplace experiences.
Coach and mentor. Create a formal mentorship program and reward employees who provide guidance and support to others. Set clear objectives and measure results.
Embrace diversity. An inclusive workplace can make your business more competitive and innovative. Learn more about your employees’ backgrounds and encourage relationships based on appreciation and respect.
Recognize potential. In addition to high-performers who regularly exceed expectations, identify those employees who may have the ability to shine, especially if they move into a different role that leverages their strengths. Remember that performance and potential often overlap.
Encourage collaboration. Major accomplishments in most workplaces are the result of group efforts, so it makes sense to reward teams as well as individuals. Set team goals, use online collaboration tools, and build a sense of shared purpose.
Pay for performance. At the same time, basing compensation on merit motivates employees to enhance their performance and helps to create a transparent and fair pay structure. Experiment with annual bonuses and other forms of incentive pay.
Broaden your perspective. Overall, identifying and nurturing internal talent requires expanding your vision. Evaluate employees based on how they can serve your company in the future, as well as how well they’re performing in their current positions. Focus on organization-wide goals.

Give your employees opportunities to develop their skills and progress in their careers. An effective talent development program helps both your staff and your company to meet their goals.

You Can Do It!

The 7 Rules Of Growth For Small Businesses

by Dr. JL Knight | Feb 18, 2017 | Business plans

For years, I have tried to answer this one question: What do small businesses that achieve sustained growth do differently from those that do not grow?

As a business coach, I speak to many business owners each year. I’ve learned that there are no silver bullets or 17-point checklists that will lead to guaranteed growth. There are, however, seven specific areas in which growth companies concentrate their efforts.

1. Strong sense of purpose. Most leaders of companies that have achieved growth discover that it takes more than the promise of increasing financial reward to fuel their aspirations and ambitions. They find a higher calling than simply the pursuit of “more money.”

2. Outstanding market intelligence. This is an organization’s ability to first recognize, then adapt, to fundamental changes in the marketplace. Many times, small-business owners become too myopic, seeing only a limited view of the markets in which they compete. Growth leaders see the bigger picture.

3. Effective growth planning. This is the best predictor of whether or not a business will grow. To be effective, a plan for growth does not need to be overly formal or complicated. However, it does need to be written, well-communicated and regularly updated.

4. Customer-driven processes. These days, every company I talk to believes it is customer-driven, when actually very few really are. Take a look at all of the business processes from a customer’s perspective. Are they in place to make it easier for the company, or to help deliver on the promise of faster, cheaper and better for the customer?

5. The power of technology. Successful leaders don’t let the boom and bust of technology cycles give them the excuse to ignore that we live in an information age. If a company is in business, it is in the technology business.

6. The best and brightest people. Growth leaders recognize that they are only as good as the people with whom they work. The ability to hire, train and retain the best and the brightest people is often the difference between success and failure.

7. Seeing the future. Few organizations take the time to regularly consider the future. Growth leaders learn how to diligently monitor and interpret the macro forces of change affecting the world in which they live.

The Business Transformation Coach, LLC.