Many world class organizations have one hypercritical issue that keeps haunting and denting their organizational growth. This problem if not strategically dealt with makes them exposed to face huge losses, hostile takeovers and virtually incompetent to exist in their domain. The issue is none other than finding and retaining the top performing ‘Talent’.
What goes wrong in doing so?
Attracting and retaining top talent has a strategic notion which many SME business owners fail to understand and implement. There needs to be system in place to monitor, analyze and review on periodic basis to attract and retain top talent. Many SME’s only focus on positioning their business to their clients and business partners as an establishment dealing and delivering with certain services/products. What they fail is the lack of positioning strategy to attract the right, apt talent to come and join their workforce. This is a severe blow to their chances for long term survival. They are unaware of the fact that to grow their organization to newer levels they need to hire and retain top talent, as many SME business owners find themselves intertwined between their reality and perception notion in dealing with talent management.
How can PEAK help your organization in attracting and retaining Top talent?
Many more SME owners think that just salary plays a key role in attracting and retaining of talent. This sheer ignorance costs them dearly in costs, resources and subsequently their very existence. We at PEAK will facilitate a process (with action plans) wherein both the employer and employees have the opportunity in setting the right expectations, attaining job clarities, creating a learning environment, providing growth opportunities, setting up a culture in measuring performance, conducting periodic reviews and providing timely feedbacks by incorporating our methodology.
PEAK Methodology:
Action 1: Setting Clear Expectations
Define Roles and Responsibilities: Collaborate with your team to clearly define roles, primary responsibilities, and core accountabilities for new hires.
Create Transparent Job Descriptions: Ensure job postings are clear and reflect the true nature of the job and the expectations.
Action 2: Performance Auditing and Leadership Development
Conduct Regular Team Audits: Implement a system for regular performance audits to assess the effectiveness of team dynamics and leadership impact.
Leadership Coaching Sessions: Provide leadership development coaching to enhance the skills of your team leaders, focusing on areas such as motivation, communication, and strategic planning.
Action 3: Implementing a Performance Management System
Develop Performance Metrics: Define key performance indicators (KPIs) and key result areas (KRAs) that align with organizational goals.
System Installation: Install a comprehensive performance management system that allows for regular review and feedback based on these metrics.
Action 4: Enhancing Compensation Packages
Competitive Analysis: Conduct market research to ensure compensation packages are competitive and attractive to top talent.
Flexible Benefits: Develop a range of benefits that cater to diverse employee needs, such as remote working options, health benefits, and flexible working hours.
System Installation: Install a comprehensive performance management system that allows for regular review and feedback based on these metrics.
Action 5: Cultivating an Inviting Work Environment
Workplace Culture Assessment: Regularly assess and adapt the workplace culture to ensure it supports and enhances employee satisfaction and productivity.
Employee Engagement Programs: Create programs that promote work- life balance and job satisfaction to foster a positive work environment.
Action 6: Ongoing Talent Development
Action 6: Ongoing Talent Development
Continuous Learning and Development: Offer continuous learning opportunities, including training, workshops, and seminars, to help employees grow their skills and advance in their careers.
Career Pathing: Assist employees in creating clear career paths within the organization to improve retention and reduce turnover.