Attracting and retaining quality staff is getting increasingly difficult. It is one of the most significant challenges facing business owners today. It not only costs time and money, but is a critical issue when planning for succession.
Attracting and retaining quality staff is getting increasingly difficult. It is one of the most significant challenges facing business owners today. It not only costs time and money, but is a critical issue when planning for succession. Young people entering the workforce have different ideals to generations past. We have all heard about Generation Y's high expectations, needs and wants, and this by no means excludes their professional development. These values, combined with the shortage of high calibre staff, and resulting competition by organisations to recruit them, is creating headaches for recruiters across many industries.
It is important for employers to develop a recruitment or succession plan that both addresses these generation-specific ideals, and captures the attention of Generation Yers entering the industry. This will go a long way towards ensuring that they are not lured to other businesses.
You cannot grow your business without good staff. If you don't have good staff your business will remain owner reliant. Furthermore, if your business is owner reliant it may restrict your succession options, and impact on your workload and lifestyle. This is what makes Effective Succession Planning so important. It's about taking a proactive approach to the above issues by providing strategies to overcome them. One succession planning strategy for attracting and retaining key staff is becoming an Employer of Choice.
We have all heard the term, and there is no single list of criteria – by its own definition it is subjective. The first step in becoming an Employer of Choice however, is simply to differentiate your approach to human resource management, thereby setting yourself apart from your competition. This applies to all stages of employment – recruitment, management and future ownership.
There are tools that can be used to ensure you recruit the right person for the long term, such as personality testing. It can attempt to predict behaviour and match skill sets with job requirements. Perhaps, not surprisingly, one of the key points of differentiation that Generation Yers are looking for is remuneration based on performance. They are a generation of consumers wanting an instant lifestyle. This is why performance based rewards are important.
Retaining staff is in many ways, more difficult than attracting them. Once staff are on board, it is important to create an exciting place to work, and a team culture that encourages strong communication through regular meetings and social events. This will empower your staff, and make them feel more valued and part of the team. Involving key staff in discussions concerning the business direction will provide you with more opportunities to prepare them for future ownership, thereby giving you peace of mind. It is not just about the succession stage however. New staff should also be made a part of your business from day one. Stay in touch with their needs and listen to what they have to say. You might be surprised by what you hear.
|WHK is passionate about working with SME business owners to help them reach their potential from Effective Succession Planning. Contact Alan Godbee on 07 5597 0655 to order your copy of the ‘Guide to Effective Succession Planning'.|