Many fairly successful companies – most notably the ones in the tech industry – know that many of their triumphs can be attributed to the dedication and talent of the people who are working for them. But somehow, they still end up losing some of their best employees to either direct competitors or other businesses in the industry. As the situation progresses, it’s becoming increasingly clear that the culture of corporate poaching is not just indication of the aggressively competitive nature of business.
It’s a sign that enterprises as a whole don’t know what the heck they’re doing when it comes to getting the best people, and getting the best people to stay. Instead, they rely on a near-incestuous strategy of pilfering the competition’s star employees without giving serious thought to preventing the competition from stealing theirs. It’s a vicious cycle that shows how inept we are with employees.
If you find yourself constantly being left behind by excellent workers, you may be making these mistakes in talent handling:
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Ridiculous notions of compensation
Some people are okay with having low salaries with modest benefits at first, especially when they’re fresh graduates or when the company offering them a job is a start-up. But if they’ve been working for you for a considerable amount of time or if you’re a big organization that’s finding success, you can’t shortchange them in this manner.
And this doesn’t have to be limited to salaries and benefits – if you don’t offer them great opportunities in the form of (appropriate) training and promotion, then you can’t expect them to stay even if you pay them well. You need to promise and deliver a great future with your company. No amount of perks like unlimited coffee, free gadgets, and flexible work schedules through a virtual office arrangement can make up for a dead-end job.
Letting performance consideration fall by the wayside
Love it or hate it, you need to let employee performance become an important part of your business. Opening up conversations regarding the quality of somebody’s work based on regularly-reviewed and established goals may seem tedious, but it’s necessary. It’s not only that this sort of practice lets them know how much you value their contribution to the organization on a professional capacity; it also gives you a better grasp of who provides more significant for your business.
Knowing who is most valuable to your company in terms of performance should give you a better picture of who should get a promotion or, at the very least, better compensation. Not making employee performance (in favor of potential) a consideration when opening up opportunities to workers is always a bad idea.
Not investing in Human Resources
If you expect your Human Resources department to ensure that you get the best fresh talent on top of providing the necessary training and employee engagement programs, then you can’t just build the department and leave it alone. You and your management team have to take special interest in the recruitment, cultivation, and commitment of talent.
At the same time, you need to make sure that your Human Resources people has everything it needs to function effectively – which usually means that you have ensure that they, too, have adequate staff for all their responsibilities. Once you have that, your best employees are cared for properly.