Tips to Attract and Retain High-Potential Employees

One of the most difficult yet often overlooked aspects of running a business is managing employees. Businesses are ready to jump on new software platforms, capabilities, and ideas. But when it comes to recruitment and talent retention, they're left to the HR. More often than not, the people are relegated to the background while technology and the bottom line are at the forefront.

Here are tips on how businesses can attract and retain high-potential employees.

Hire for the future.

Choose candidates who have the agility to adapt in a changing environment. Don't just concentrate on their past professional experience. New talent is supposed to help move your business forward, not just fill a knowledge gap.

Send realistic yet strong brand messages.

In today's economy, cost reduction and decreasing profit margins are a reality, especially for small businesses. Management should update their employees about the status and direction of the company, but focus on the company values and mission. This way, the employees have a balanced view of their work, and empower them to do more.

Measure results.

The major problem with offshore staff is that their work is measured by output, instead of results. This places focus on quantity, which drives employees to put in the hours needed, instead of doing that extra effort to deliver value added outcomes. This is also applicable to internal staff.

Leave talent management to HR.

In a typical HR process, the recruitment process stops when the employee starts on the job. Fast forward to a couple of months later and the employee is starting to lose interest in the job, and concentrate on the payback. Small businesses should encourage team leads to help in talent retention.

Promote real teamwork.

Teamwork is not just about telling people that they should work together. It's about looking into the dynamics of the group, and see how they can work better together. Leadership is akin to rowing - there's one person who doesn't row, but can read other rowers very well and coordinate them.

Promote wisely.

Expose employees to different parts of the business through lateral moves. This can help gain a broader set of skills rather than a narrow career path.

Mix it up.

Hire a dynamic creative rookie, instead of just the typical old-fashioned autocratic executive. Mix skill sets (that can complement each other despite of the difference) to encourage new ideas.

Invest in training, not just activities.

Instead of just the staple employee activities – Halloween costume contest, employee clubs, Christmas party – invest in skills training. Enable employees to find and suggest skill-specific training, and not just provide generic modules like a refresher course in using Microsoft Excel.

Don't enforce conformity.

This can be as simple as forcing everyone to wear a costume for a novelty theme that you thought off this morning, or policing their time by implementing stringent break schedules. You have to trust your people to use their time wisely and come up with their own ideas. Be open to feedback and open decision-making skills to mid-level employees.