You will have probably seen or heard in the sporting, political and business worlds how one manager or leader can take the same people and resources and succeed whilst another will fail? Whether it relates to the next generation of family members or the core workforce, talent management has so much to do with business success or lack thereof.
“Right People, Right Attitudes, in the Right Place at the Right Time with the Right Skills, the Right Flexibility in the Right Numbers at the Right Price”!
Recruitment is a foundation for future success. As accountants, we need to make sure the numbers add up and the same applies to recruitment planning. Consider what you want to achieve as a finished team + what you have at the moment – forecasted changes to what you have got at the moment = required recruitment.
PEST factors will need to be considered:
• Political e.g. is your current and potential workforce made up of non U.K. citizens, what effect will Brexit have?
• Economical e.g. the living wage impact over the years and how can this be afforded by the business?
• Social e.g. what diversity mix are you aiming for ages, sexes, education, life experiences and how will you attract certain groups?
• Technological e.g. what impact will AI have on your workforce over the next 10 – 20 years?
It is common for all vacancies, not to be filled all at once or for some people to leave, do you plan for a recruitment margin? Remember to look within, recruitment is not just about external candidates, it is identifying within the team the potential of others to develop; take a chance on people as they took a chance on you.
It is unlikely that your staff will join you or have the skills now, that they will need over their employment lifetime to be the most effective for your business. It is important to ensure that your
staff are developing as fast (if not faster) than technological changes. “The fastest way to go backwards is to stand still”.
Technical and behavioural development (including leadership skills and emotional intelligence) are equally as important. To develop an effective team when creating a Management Board, ensure skills sets complement i.e. Belbin Team types; co-ordinator, shaper, plant, monitor evaluator, resource investigator, completer, team worker and implementer. External consultants, can be used to help coach and enhance these areas, and in particular, they will provide objectivity with respect to family members’ skills set.
Engagement and Retention
Engagement and Retention go hand in hand. The more your staff are engaged with working for you, the more likely they will excel at their job, further the interests of the business and less likely to leave. Get the basics correct first; Maslow’s Hierarchy of needs theory is that before you can become truly engaged, you must make sure the biological, physiological, safety and belonging needs satisfied. Following these needs being satisfied, there are the esteem needs and self-actualisation of realising personal potential to get to true engagement. The development of your leaders’ kills are crucial here as the most common reason people leave organisations tends to be their leader or direct manager. You can gauge engagement with staff surveys, listening groups, staff forums, appraisals, absence trends and exit interviews. Retention is aided by constant communication; informing, consulting, involving and listening.