If you’ve looked at your stock portfolio or retirement plan statement lately, you’re aware that the economy is on the rebound. Despite that, you’re probably among the majority of business leaders who are not adding jobs, raising salaries or reinstituting “on hold” bonuses for senior staff.
Instead, you may be letting sales and profits grow before committing to new hard costs.
That may seem prudent, especially considering historical economic rebound cycles that occur during times of war. But if you’re not careful, you could be setting up your company for an employee exodus when you and your competitors start adding new positions in earnest.
So what can you do to position your company to grow and compete in the future by holding onto your most valuable asset — talented staff members?
Hire smarter
When you do add jobs or fill vacant positions, hire people who fit well into your existing corporate culture and demonstrate the capability and desire to grow with your business. Eschew candidates who can only fill one job. It will handcuff your ability to juggle positions later.
Communicate better
Honesty has never been more valued in the corporate world than it is today. Share details about your company’s situation, and solicit and utilize employee feedback as part of your long-range organizational plans. If you view this group of employees as crucial to your company’s future, get them involved now.
Create growth opportunities
There are few worse things you can give a motivated staff member than a dead-end job or tasks they can accomplish with their eyes closed. If you don’t invest in your employees’ growth, your competitor probably will. That’s a tempting value proposition capable of luring your best talent away.
Align career development with business development
If you’re running lean, you’ve most likely asked employees to do more than the job they were hired to perform. Keep training your staff to tackle tasks in different areas of your operations. It can only help spur growth, and will show employees you care about their professional development.
Lead well
Poor leadership can kill your business. Employees are savvier these days — they don’t want to work for someone whom they believe they can do a better job of running the company than. If you demonstrate strong, committed leadership with a focus on a definite business goal, your employees will not only buy into your vision but also follow you with respect.
