Seven Tips to Out-Talent Your Competition

Entrepreneur Contributors may not agree with the opinions expressed.

To build long-term organization success, you need to address two closely linked issues: increasing talent density and quality of deliverables.

These are not issues that you can solve by hiring only, particularly if your competition isn’t in a better position to hire top talent.

You can increase your company’s productivity by implementing practices that help your employees find more purpose in their work. A study by Gallup found that engaged employees are 17 percent more productive than those who are less happy. Additionally, companies that have engaged workers are 21% more profitable than their peers.

As you would expect, building an engaged workforce does not mean offering dry cleaning on the premises or a lunch buffet. In the wake of the pandemic, hybrid and remote work options have exploded and co-working has been embraced by many. This is in stark contrast to the traditional campus-based culture that was so prevalent throughout the 1990s.

Zoomers and millennials expect environments that celebrate, coach, give ownership and empower them to make a difference. Gallup has found that meeting these expectations leads to better business results for employers.

Related to Happiness and Self-Actualization: Maslow’s Mistake

It can be daunting to get started, but it doesn’t have to. These are seven tips to empower your employees and help them reach their full potential.

1. 1. Treat diversity and inclusion with the highest priority

The backbone of the national workforce is being reshaped by millennials, zoomers and other young workers. A comprehensive survey by PWC found that these priorities are based on purpose, work-life balance, and peer support. Working is more than just where you punch the clock. It’s also where you make friends.

Most people prefer to work in environments that encourage social interaction and self-expression. This means that we want our jobs to be safe and inclusive places for this expression.

It may seem like it is already difficult to find qualified applicants, much less people with diverse backgrounds and experience. If you do not prioritize diversity and inclusion you will see a smaller candidate pool and lower market share over the long-term. These aren’t just talking points. They’re results from the most recent comprehensive study of Oracle.

Remote-work has become a popular way to hire in new areas. You can expose your next candidate search for talent to regional and even national talent pools to meet skilled professionals from different backgrounds, which will dramatically increase your chances of finding the perfect prospect.

2. 2.Discover ways for your team to help others.

You are the largest stakeholder group, and your employees, as you can see from Setting The Table, Danny Meyer (uber-restaurateur), is your most valuable. Meyer points out that your business is the employees. If you want to maximize your company’s potential for growth, it is important to first find ways to empower your employees through their work.

This means fair pay, mentorship and skill-building. It also involves ensuring that your colleagues’ actions are in line with their values. Deloitte discovered that over 70% of millennials want their employers to address social or mission-driven issues.

One great way to create more alignment between your day-to-day and your employees’ values is to invite your colleagues to help shape your corporate social-responsibility program. Employees are a direct link between your company and the community. They work for you but live there. This often gives them valuable insight into how you can better serve your core community, town or city.

This knowledge can be used to bring out the most important issues in your team and help them work together. Your teammates were hired to enhance your company’s capabilities and to help you achieve your goals. Use that collaboration.

3. You can empower your employees by taking away traditional workplace controls

Zoomers and millennials are obsessed with finding the best work-life balance. 83% cite it as their top priority. When evaluating job prospects, they look at the following factors: Over 70% of millennials have considered quitting a job with too little flexibility.

Translated: Treating employees as if they have a pass to run or go to the doctor will not make them happier and more productive. You can help your employees take control of their own time by changing expectations about deliverables, milestones, and work hours.

Related to What Employees Really Want from a Job That Costs Nothing

4. 4.

Mistakes are part of running a business. If you create a culture in your workplace that makes mistakes unacceptable, it will discourage colleagues from making them.

If your team is not empowered to learn from its errors, it will continue making them. This can compound any problems that might be existing in your process. Your culture will evolve over time to shield those most likely to deflect blame and diminish the positive habits of people who come into your company with a growth mindset.

This problem can be solved by creating avenues for honest, continuous feedback. Research shows that increasing the frequency of performance evaluations from once a year to twice yearly is an effective solution.

Deloitte implemented this practice in 2020, after discovering that companies that review their goals every quarter have three times the performance improvement and retention rate than those who revisit them annually.

5. Incorporate professional learning into performance review

We have already discussed that frequent performance reviews are vital to your company’s health. They provide an opportunity for your team members to recognize their strengths and address areas where they can improve.

These are also great times to encourage greater job satisfaction. Help your colleagues map out their career goals, and plan for the future.

SuccessFactors data shows that most millennials prefer working in places where they get feedback and opportunities to grow.

And that’s why many companies are moving on from traditional performance reviews that focus on past outcomes and embracing professional-development touch bases meant to facilitate continued growth.

Building professional-development planning into your review process will help you lower attrition and increase job satisfaction. Your organization will benefit from providing employees formal paths to growth.

6. To create game-changing innovations, foster intrapreneurship

Are you looking for the next great idea to make your business millionaire? It’s possible that someone you interact with everyday might have an idea. That’s the principle behind Toyota’s vaunted Kaizen (continuous-improvement process) model, which solicits constant employee feedback at all levels of the company and turns the very best ideas into business-building practices.

Toyota developed its manufacturing-line methods using the Kaizen model in the 1980s. succeeded to such an incredible degree, that GM built a factory cooperative with Toyota in California to share its secrets.

Both hard and soft methods can be used to promote intrapreneurship. You can promote intrapreneurship by using soft methods like creating affinity groups, hosting lunch-and-learn events or keeping a Slack channel for anyone to submit great ideas.

Some of the more difficult methods are offering bounties to all employees for solving particular problems or organizing interdepartmental brainstorming sessions. You can even create a simple and effective suggestion box.

Related to How To Live a Longer, Happier, and Productive Life

7. Learn how to build winning cultures and scale your business from the top: How successful leaders create great businesses

It is difficult to keep up with the current workplace culture and incentivizes. This can make it hard to build a company. It is important to set clear, logical and flexible principles for your employees that can scale with your business.

Although there are many great resources available on intentional HR, my favorite resource allows me to draw upon the experience of entrepreneurs who have been there. They tend to have practical, reproducible and pertinent knowledge. Two of my favorite sources are Setting The Table by Danny Meyer, a celebrity chef and No Rules Rulesby Reed Hastings & Erin Meyer.

Setting The Table is full of wonderful insights about how to view your team humanly and how you can help them grow. It also reveals how Netflix became a worldwide juggernaut based on a culture that values honest feedback and constant self-improvement. These books are both great guides on building organizations that surpass the competition. Their complementary viewpoints show there are multiple routes to reaching the summit.

Publited Fri, 17 September 2021 at 14:42.05 +0000

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