Attraction and retention of key middle management has become more and more important in recent times. With the economy near full employment it is key for companies to retain the current talent pool whilst attracting new talent to deliver further business growth. Key middle management should be seen as drivers of the business. With their focus and ambition, the overall business will achieve its growth objectives. Companies should now focus their attention on retention of key employees and the process of attracting the top talent.
What is key for companies looking to attract that talent?
It is important to note that whilst monetary benefits can be an important factor in talent acquisition, this is not necessarily the primary driver for all candidates. Many seek a sense of belonging to the business and a sense of playing a role in the success of the company. We have all seen many of the multinational companies offering subsidised food, table tennis and break out rooms. Not all companies are afforded that opportunity for various reasons and therefore have to offer alternative rewards that will differentiate themselves from the competition and bring fresh talent to the organisation. Some of those rewards might include:
|Health benefits||Work life balance|
|Share options||Sense of belonging|
|Bonus incentives||Meaning to what they do|
|Opportunity for progression|
A sensible mixture of both monetary and non-monetary benefits will attract the right talent and motivate the current talent pool to achieve the best results.
How can companies build a successful talent pool?
How senior management tackle the challenges and differentiate themselves from the competition is important:
1. Attraction – all companies must engage in a process of attracting the top talent in their field. Weaknesses in that process will lead to a weaker talent pool and ultimately hamper growth.
2. Retention – the number one priority for companies is retention of their current talent pool. Those that are familiar with the processes and intricacies of the business are just as critical as the fresh ideas that will come with new talent.
3. Career progression – this has become a key part of every employee’s psyche. Progression up the ranks and a position at the decision-making table has become a key goal for the majority of employees in the current market. Not all will reach that level but it is important to motivate those that don’t and retain their sense of belonging in the business.
4. Motivation – all senior management should see themselves as leaders and a person that motivates others to achieve their ambitions. High motivation levels feed ideas and ideas deliver business growth.
5. Cultural fit – building a culture and environment that reduces stress levels and makes the working day that little more relaxed will lead to focused minds, work efficiencies and better outcomes and results.
6. Flexibility – there is more and more pressure on companies to be flexible with working hours and flexi-time is seen a great solution to this. It will not suit all industries but where possible it should be considered.
The reward process is a two-way process that benefits both the company and the employee. Employees will gain that important all-round corporate experience and that sense of achievement whilst the business will achieve its growth targets.
At the heart of every successful business is the right management team and where employers take time to attract and build an environment that harvests key middle management they will reap the benefits. Growth-driven motivated employees result in GROWTH and SUCCESS for all.