There are 6 ways proven to maximize a company’s growth potential through its people:
- Improve Your Interviewing Skills – Dr. Bradford Smart is a guru in hiring the right people. His program was used by Jack Welch and, to my knowledge, is the most used in Fortune 500 companies. Dr. Smart’s Top Grading process teaches unique interviewing and hiring principles, practices, and processes. You can access their information on DVD at Top Grading Tools so that your company can use these same strategies.
- Assessment Tools – Using assessment tools in the hiring process can increase your hiring success fivefold. The best tools allow you to create customized benchmarks for both your organization and the position you are hiring for. As you screen candidates, they take the assessments online and are compared against the benchmarks. We help our clients use Objective Management Group’s assessment tools for salespeople because these tools are 95% predictive and are the only tools we have found to be focused on salespeople. For all other positions, we also recommend Innermetrix as they focus on the behaviors, values, and skills of the ideal hire. There are a lot of good tools out there – some a little better than others – but the most important recommendation is to use something.
- No Compromising – It is very common, particularly in smaller organizations, for leaders to justify promotional and hiring decisions based on time constraints, market limitations, or some other self-limiting issue. In other words, the decision-maker will hire or promote a less-than-ideal candidate based on a short-term constraint that may or may not truly exist. However, even when a real constraint exists, the long-term benefit to the company is most times best served if diligence and patience prevail.
- Pay Above Average Wages – When considering trends (e.g. aging, education, competition, inflation, globalization, etc.) you compromise your ability to compete in the future unless you are willing to pay better-than-average wages. The best will always be able to get paid more than the rest. It would be better to be ahead of the curve on this front. Your goals over the next five years should be as follows: 1. double revenue per employee, and 2. increase wages by 50%. My prediction is that companies that have strategies to keep wages low at the front lines and in their factories are going to continue to be disappointed with their productivity.
- Provide More Training – The first thing that companies do in a downturn is cut training. There should be no surprise that employee and customer dissatisfaction soon follow. Top-performing companies do not slow down training; they increase it. Every company should require a minimum number of hours of training per year for each worker. Achievement of training quotas should be reflected in performance evaluations and affect whether or not someone can be promoted. The results of training are measureable in terms of employee retention, employee productivity, employee satisfaction, and customer loyalty.
- Provide Coaching to Executives – Right Management Consultants revisited a detailed study on the benefits of business/leadership coaching. The study examined results realized by 100 executives/managers, mostly from Fortune 1000 companies, who participated in coaching programs that typically lasted from six months to one year. They reported that the employers received 6 times the value to their bottom line of the cost of these programs. In addition, the companies that provided coaching programs to their management and leadership teams realized improvements in productivity, quality, organizational strength, customer service, and shareholder value. They also received fewer customer complaints, and were more likely to retain individuals who received coaching. Individuals who received coaching reported experiencing better relationships with their direct reports, immediate supervisors, peers, and clients. They also reported better teamwork and job satisfaction, reduced conflict, and renewed organizational commitment.
Howard Shore is a business growth expert that works with companies that want to maximize their growth potential by improving strategy, enhancing their knowledge, and improving motivation. To learn more about him or his firm please visit his website at activategroupinc.com or contact Howard Shore at (305) 722-7216 or [email protected] .