People Power: 5 Steps to Identify and Nurture your Top Talent
Your organisations top talent are the employees that are contributing more value to the company compared to other staff, and have the easiest time finding alternative employment!
At the Chamber, we believe, that your Top Talent are your most valuable asset and know how important it is to hold onto them, so here are our 5 Steps for Identifying and Nurturing your top performers.
1. Identify the Talent: Understand that there is no single definition of a top performer, we can’t appraise all staff within the organisation in the same fashion. For some roles performance can be measured monetarily, where as other roles may require characteristics such as analytical skills, creativity or innovation as a measure of an employee’s value. When developing appraisal procedures - knowing the skills needed for a role will allow you to appraise staff more effectively, in an approach that is specific to them. You should also consult with line managers and supervisors to identify potential talent -Employees, who may not be achieving high appraisal scores, but show promise – maybe even within a different skill set that can be nurtured for an alternative role.
2. Reward and Motivate: Now that you have identified your talent, you need to put in place programs that reward and motivate them to retain them. In order to do this we have to understand what motivates our employees – a bonus scheme will not appeal to everyone. It is worth discussing with your top performing staff, what sort of rewards they may be interested in. Some would value more autonomy, time off, training and development or even the opportunity to train or mentor other employees. Offering alternatives will make staying with your company all the more appealing.
3. Engage: Research tells us that our top performing staff are more likely to be concerned with a company’s ethics and are most engaged when they can embrace and are guided by the companies vision, values and strategy. By creating and clearly articulating a set of values, vision and clear strategy for your company- you are attracting like-minded employees, that will embrace and be loyal to those values. You could also include some top performing staff in strategic planning, making them more invested in your organisation.
4. Support Development: Supporting development and career progression is important not only for your top performers, but for all your employees. You may find that while your top performers are excelling in some areas – there are a few areas in which they are lacking. Even though they are great at their job – they may benefit from development in areas they are less strong so they can progress beyond their current role. Someone who is extremely creative and innovative in their thinking, for example, may need help with time management or people management to progress to a leadership role.
5. Don’t Overlook Untapped Talent: Many businesses are reluctant to hire fresh graduates. However, when you give a chance to graduates fresh out of school you may find yourself in a position to shape ambitions. You will be taking them on a journey and creating a loyal and invested team wanting to grow with your company.
You may also find talent outside of your industry, skills like effective leadership, salesmanship, and innovative thinking are skills that are transferable. If there is a role within your company that does not require a specific set of qualifications, looking outside of your industry and providing someone with new and unique opportunities is a sure way to create and develop talent.
By adopting talent management procedures and empowering your employees, you are contributing great value to your company. Have you tried similar techniques in your business? or Are you eager to learn about how to develop your team more effectively?
The Chamber of Commerce is holding a workshop called People Power as part of our Entrepreneurship in Action series. Click here to Book Now!!