This is intimately related to Value Creation. Just as you have to believe in the value of your product, you have to respect the value your employees bring to that product and ensure that they continue to do so. This can often come with a hefty price tag and lengthy time commitment. Finding the right person to add to your team can be a grueling, painstaking process. Don’t just think of hiring as filling vacancies. Think of it as adding unique and valuable talent to your organization.
The most successful organizations find ways to tap into the inherent talents of every person on their team. If you do this successfully, not only will you get the best work possible for your money, but your employee will feel recognized and validated as an integral part of the team. This promotes employee loyalty and productivity, which are values in themselves. I don’t need to tell you how destructive and expensive it can be to lose an employee, especially during a critical transition period. Unfortunately, difficult times are when it’s most likely for employees to leave. Avoiding this requires giving your employees an emotional and practical stake in the success of your business.
Achieving this requires a hands-on approach by management. Knowing the strengths and limits of each employee and tailoring educational and promotion strategies to them is essential. Equally essential is understanding the career goals of your employees: will you be able to offer them a satisfying job in the long term? These are the kinds of questions you should be asking yourself every day.