Attracting top talent is crucial to an organisation’s growth. The best talent will ensure higher and better productivity, and in turn lead to better business outcomes - a sure shot way to improve profits and market credibility. And that is why in the “war of talent”, there’s fierce competition among enterprises to find and retain the best employees from the available talent pool. It is a known fact that organisations are only as good as their employees. Therefore it is imperative for any organisation, big or small, to attract the best talent available in the market and retain them with effective organisational strategies.
One of the many ways that organisations can build a relationship of loyalty and trust with their hired employees is by providing attractive monetary packages, in addition to providing a conducive workplace environment and supportive work culture.
It is an undeniable fact - compensation matters! Multiple researches and surveys establish the fact that a good compensation strategy goes a long way in attracting and retaining the best talent from the market. Companies, instead of taking the route of fixed pay scales, have in recent years delved into providing their employees with variable pay packages that include bonuses, incentives, and sometimes ESOPs (Employee Stock Options). ESOPs could give a sense of owning a part of the organisation that could contribute to better performance from the employees. Another fulfilling factor for employees could be monetary rewards and recognition programs that act as attractive acknowledgements for their work.
Leadership in organisations means much more than what it did a few years ago, especially in the making of a successful workforce to bring in more business for the organisation. Leaders today are required to don many hats in the current times. Leaders today need to assume different roles – ensure clients are happy, make sure employees are motivated, work on employees’ strengths, and create teams that are highly engaged. Leaders have their hands full in balancing clients, employees and other important stakeholders of the business.
The quality of top talent, aka leadership, hired by any organisation has a direct influence on its performance and efficiency.
“Before you are a leader, success is all about yourself. When you become a leader, success is all about growing others.” - Former General Electric CEO, Jack Welch.
And that hits the nail right on the head! Great leaders attract top talent because they focus on the growth of others in their team. Putting the needs of others first is one of the hallmarks of a good leader. By doing this, the leader goes on to create a situation where everyone wins – the employees, the customers, and as a result the organisation as a whole.
Let’s take a closer look at the qualities that great leadership possess and how they manage to attract stellar talent.
Communicating expectations and opportunities in crystal clear terms is essential to channelise employee potential towards organisational and individual growth. Good leaders ensure they communicate clearly the organisation culture from the word go.
An efficient leadership understands the mission of the organisation, and when assessing talent they look for qualities that will help fulfil the organisation’s vision. Leaders need to have the ability to prove to employees that the organisation is dependable, and supportive of the dreams and aspirations of its people.
Employees will only invest their energy and passion into their work where they can envision the organisation’s goals as their own. It falls on the leadership to evoke such loyalty among all employees. And loyalty thrives in an environment of acknowledgment and appreciation. Constant and regular feedback, in an open conversation, can build employees’ trust and loyalty in the organisation.
Employees stay on only if they are motivated and well assured of growth. Good leaders know the importance of an environment where employees are constantly challenged to better themselves. They ensure that employees are provided with opportunities to learn the latest technologies and practices in the market.
Leadership is not about personal growth, it is about uplifting others around and the business as a whole. It is through the vision of great leaders that top talent is hired into the organisation. This helps in building great teams that go on to perform phenomenally well, contributing to the vision and goal of the organisation.
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