Guide To Recruiting The Best Talent And Retaining Them
The success of a business is determined by three factors; control of costs, growth of revenue, and talent management. If you succeed in managing talent, you can automatically achieve the revenue targets and cost control goals. The talented people that you hire, train, develop, and retain will ensure that the key aspects of your business are managed well.
Attracting talents that will stay committed to your company and keeping them happy are important for building a strong business. That should be the basic foundation over which your company is built. So, what should be done to create that environment in your business?
Recruiting And Hiring The Best Talent
If you are looking for a useful strategy, make sincere attempts to develop and nurture talents within. Maybe you have some youngsters still doing their school working with your company. When given the right training, they can become high-valued employees who can serve your business purposes in the best way in the future. This is especially practical if you are in a multi-unit franchise organization.
If you are looking for talents from the outside, referrals, and word of mouth, especially made by the people within the organization are found to be very useful. Your current employees may refer their friends and request you to interview them and this way, you get more options to choose from when it comes to hiring for a position in the company.
Being time-oriented businesses, the speed of service is an important feature of hotels and restaurant franchises. If you are looking for staff for those businesses, you should find out people who are experienced in working in environments that are reminiscent of the high-pressure, high-volume, and high-intensity environments of your business. They should have the energy to handle an immense amount of pressure and should have appreciable adaptability.
The hourly employees of a hotel are valuable entities of the staff but the General Manager is the critical element of an operation, especially a multi-unit operation. He/she is regarded as the brain of the individual location. Assistant managers respond to the instructions of the general manager and the rest of the staff responds as well. Considering how important the position is, hire the right individuals in those positions, develop them, and retain them by giving the rewards they deserve.
If you find yourself in a position where you have to choose between hiring a person who is natural at the position but lack fondness for the business and hiring someone who should learn more but is fond of the business, you can go with the second option. Even if the person is highly talented, you cannot expect exceptional performance from them if they don’t like the business because they will be unhappy. On the other hand, an employee that loves the business would be keen on improving their skills and learning more.
Motivating, Rewarding, And Retaining Your Talent
After you find out the right talent, the next thing you should do is compensate them at a fair level that is market-competitive. If the payment you offer your managers have sharp differences from the payments that your competitors offer to their managers, it is most likely that you will lose that person. Offer compensation that is not merely on par with the market but better than that.
It is important to make sure that the benefits other than the money you offer are equally competitive as your payments. It is true that offering healthcare to the staff is a costly option for employers but the employees appreciate it when you make impressive investments like that.
Some companies offer ongoing education and they send some of their staff to top institutes to get trained in all the skills they should acquire to support the growth of the companies better. Your staff will be quite impressed with the offer because they are offered an opportunity to acquire new skills that can fuel their professional growth.
Great companies also evoke “buy-in” from their employees by adding them to the big picture of the company. The members of the staff are encouraged to participate in long-term and short-term planning, research, and development for formulating new corporate policies and launching new products. The employees are also rewarded monetarily and they also get recognition for their work. However, more than the monetary reward and recognition, top talents are more enthused by the sense of having control over the company as a whole and being able to control their destiny.
Three Companies That Follow Impressive Strategies To Motivate And Reward Their Employees
Some organizations out there are keen on keeping their employees happy and their efforts reflect in the performance of their business. By performance, we mean sales, profitability, and customer satisfaction. We highly recommend studying three franchises that take motivating and rewarding their staff way too seriously. If you can adopt the models of these franchises, you can also grow successful like them.
This popular coffee chain provides the staff with ongoing compensation for healthcare and education. They also offer many incentives and foster a work culture that promotes people within the company.
They are one of the first companies that launched a general manager proprietor program. Suppose you are working at Outback and wish to be General Manager in one of their restaurants. The company will hire you for the post if you pay $25,000. For that investment, you will have a five-year contract to be the General Manager of that restaurant and you will also get 5% of its net operating profits.
The base salary of the average Outback Steakhouse GM is between $65,000 and $70,000 a year but when you add the bonus they get on being the proprietor to the restaurant, the annual compensation will amount to about $140,000.
They have a whole large number of customers that are extremely fond of their brand and In-N-Out Burger succeeds in making their employees equally passionate about the company as the customers. The company is open about the strategies they employ to nurture talent from within. They don’t hire anyone from the outside to their management team. All people who are in charge of their stores have started at the bottom levels and made their way up. The company also follows a straightforward system of payment and promotions. The payment policies clearly define the responsibilities and compensation levels. When you are at level one, you are an entry-level employee earning between $10 and $11 every hour. Later, you move to level two where there will be a different hourly rate of payments and so on. You proceed to the upper levels continuously until you become the manager of one of their restaurants and you will receive a high rate of compensation at this level.
Finding out the right talents and retaining them is equally a science and art but it is also about forming relationships. The best companies take important steps to genuinely appreciate their talents because they understand how important the talents are to their business operation and growth. It is easy for business owners to say that the employees are their biggest assets but not everyone will put their words into action by rewarding the staff enough to keep them happy and motivated.