Give employees a career instead of a job
“That’s just not fair!”
Whether it is true or not, this is not something you want employees to say. Often is beyond a company’s power to control how employees feel. However, company’s can avoid creating situations that might cause an employee to think or say this. Companies DO have a great deal of control in which they hire and promote.
In my executive search business we often hear from executives who feel this way. Either they have been passed over for a promotion or they have seen others passed over multiple times. Sometimes their company never considered an insider for an open position. Whatever the reason, these people feel like a commodity instead of a valued contributor. If this kind of perception starts to permeate the workforce the company is doomed – especially now that top talent is harder to find.
There are many reasons why a company would go outside to hire top talent; they don’t have a qualified person internally, they want fresh perspectives, they want competitor intelligence, etc… Hiring outside is expensive, time intensive, and dangerous (see steps 1 & 2)! Often it can be avoided if companies have a career development culture instead of an open seat culture.
Hiring from your current employees only works if you diligently practice Step 3. It also means a huge ROI on your labor expense. When employees believe they have the opportunity to grow and advance they don’t spend time looking elsewhere. When they enjoy a company development program they have greater confidence to take on more responsibility. Employees will take their performance more seriously and pursue self-development agendas. Giving an employee a career is a long-term investment strategy, one that every company must follow.
This is the final installment of the four steps to building a high performance team. Putting these steps into practice will have tremendous impact on company profitability and competitive edge. Don’t wait until your competition has all the top talent, beat them to the best people now!