Are You Tired of Losing Valuable Employees? Here’s How to Train and Build Leaders From Within Your Team
Creating a leadership pipeline within an organization can save a company — here’s how to do it.
Losing good people is expensive. In 2017, Gallup estimated replacing one employee to cost anywhere from half to double that person’s annual salary. That translates to between $660,000 to $2.6 million per year for a 100-person organization with an average salary of $50,000.
That costly burden makes it even harder to survive in a competitive labor market, and today’s market is more competitive than ever. According to a 2020 study by Crayon, a market and competitive intelligence tools supplier, 90% of businesses surveyed feel the market has become more competitive; 48% of respondents said it had become “much more” competitive. Add in an exhausted workforce and fears of recession, and most companies today would struggle to survive the loss of good people.
Company founders and executives depend on their leadership teams for stability. While we as leaders try our best to build loyalty and engagement to keep them, we also need a plan if it ever comes down to having to replace them. Record-breaking quit rates are only finally starting to slow down. Considering how costly and difficult it is to attract and recruit high-quality talent to replace those who leave, everyone should aim to train and recruit leaders from within. This way, we not only offer them a reason to stay with our company, but we also develop their talent and potential contribution to it.
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How Your Board Should Guide Your Hiring Practices
“The Great Resignation” does not seem to be letting up any time soon, so take advice from your board in order to revamp your hiring practices to retain and recruit strong employees.
Just as the remote work trend brought on by the pandemic never seemed to go away, “The Great Resignation” is starting to seem like a permanent shift in today’s business landscape. People left in masses and moved on to better pay, more perks and greater flexibility — and are unlikely to give this trend up any time soon.
For a company to keep up with the changing face of business, its leaders need to be frequently evaluating their company hiring practices to recruit, attract and retain the right employees for the job. This can take a lot of time strategizing that CEOs may not always have to spare while running a business. For support in uncovering otherwise overlooked areas to maximize advantages in hiring, leaders should turn to their boards to guide them.
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The Best Employees Display These 6 Characteristics
Good employees are rare and valuable. Here’s how to identify them.
When I sat for a panel discussion to go over my expertise in the board space recently, one of the main topics revolved around identifying a quality outside board member. To me, this is an easy answer: The qualities that make a great board member are the same ones that would make a great employee.
Like a great board member, a great employee has expertise and education, which are easily identified through the accumulation of credentials over time. But even without experience, good employees exist — people with untapped potential and the drive to work harder and excel at what they do — with a strength of character that’s challenging to build in someone when it doesn’t come naturally. To avoid letting these good employees slip through your company’s proverbial fingers, here are six traits to look for to identify them:
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Hiring the Right Personality Matters, and AI Can Help
It’s important to find the right employees in order for your business to succeed. Here’s how AI can help you find the perfect match.
Between companies and departments, businesses typically have many different people running interviews. While not everyone is good at reading personalities, an interviewer should be — if he or she hopes to find the best candidate. Interviewing for the right personality in a potential employee gives you greater security in his or her fit for the role and within the company and in that person’s ability to build a long-term relationship. Combining human interviewers with AI systems allows you to find the best fit faster.
First, here are some ways you can start to identify ideal candidates.
Understand what drives people
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