In this five-part series, we delve into the major challenges facing SMEs across
New Zealand. Today, we'll be discussing the crucial aspects of talent management: finding, hiring, retaining, and growing the best staff. It follows from our recent research, which highlighted five crucial factors that keep business owners up at night.
The war for talent is an ongoing struggle that has intensified over the past couple of years due to factors like government restrictions on immigration, COVID-19 and exceptionally high overall employment rates. Businesses face significant staff shortages, making it crucial to prioritize the people you work with. After all, your employees are the backbone of your organization. Unfortunately, this war for talent shows no signs of abating anytime soon.
The Consequences of Neglecting Talent Management
Not investing in finding, hiring, retaining, and growing exceptional staff can have detrimental effects on your business. Firstly, it places an immense burden on business owners who end up shouldering the majority of the workload. This, in turn, puts excessive pressure on the few employees you do have, leading to burnout and high turnover rates.
High turnover rates not only disrupt the smooth functioning of your business but also result in poor customer service. Continuously training new employees becomes a drain on resources, resulting in inefficient customer interactions. Moreover, a lack of quality staff can lead to a toxic work culture, characterized by backstabbing and internal strife—a recipe for disaster.
The Benefits of Investing in Exceptional Staff
On the flip side, investing in finding exceptional staff can transform your business. Employees who excel bring energy, innovation, and fresh ideas to the table. They become the face of your brand, delivering exceptional customer service that leaves a lasting impression on your clientele.
When you prioritize your employees' growth and development, you create a positive internal culture that radiates externally. By tailoring development plans to individual employees' needs and aspirations, you foster a sense of belonging and loyalty within your organization. Offering 'freedom within a framework' and celebrating wins further enhances employee engagement and motivation.
Moreover, when your organization's values align with those of your employees, you can
encourage risk-taking and participation. By praising and recognizing employees' achievements, you create a supportive environment that fosters continuous improvement
and growth.
The Ripple Effect of Exceptional Staff on Your Business
Investing in exceptional staff has a ripple effect on your business. Word spreads that your
company is a great place to work, attracting top talent. This, in turn, brings in fresh ideas,
energy, and enthusiasm, elevating your internal culture. As a result, your external brand also shines, leading to improved customer service and a positive reputation in the market. The virtuous circle in action...
If you're interested in learning more about attracting and retaining outstanding employees, don't hesitate to reach out. We're here to help you build a brilliant team that will drive your business towards success. Give us a call, DM us, or visit our website to explore how we can assist you in finding, hiring, and retaining great staff. All the best on your journey to building a thriving business!
And remember only action changes outcomes.