Insight: Right talent mix drives success
Attracting and retaining quality employees is essential to the success of any organization.
“Having access to good talent should rank high on the agenda of any business owner,” says Gina Gale, vicepresident, financing and consulting at the Business Development Bank of Canada. Competition for top performers is intense in today’s tight labour market, she says, and employers need to respond by increasing their human resources efforts.
“If you have the right people who are aligned with your business objectives and vision, you can focus on the longer-term business strategy,” Ms. Gale says.
She says the search for talented employees should be extensive, covering various generations, diverse backgrounds, geographic areas and existing and potential new employees.
“Recruiting young employees is key because Canada’s demographic is changing,” she says. Social media such as Facebook can be useful in this regard. “Employers should be embracing social media because it can attract a wider pool of candidates and give a much broader geographic reach. Spread your net widely, market your company and build its presence in your own community.”
Greater visibility and an emphasis on networking are likely to increase the interest of potential employees she says. She also highlights the value of loyal employees as “one of the greatest referral source of people that are going to fit into the company’s culture.”
Another key aspect of a successful human resources strategy is focusing on the training and development of current staff.
“Training should be at the top of your priority list,” she says. “Know your talent pool and use existing employees where you can. By developing your internal employee base and accessing the skills within the organization, top performers will feel they have a career path and be engaged in the organization.”
Retention of quality employees is another important part of the equation. This is achieved in part by “growing your own employees, making sure they get feedback and have the means to assess their performance quickly. Employees who feel positive are more likely to be motivated.”
The integration of new employees is equally important, she says. “Don’t underestimate the importance of an effective on-boarding process. Spread orientation activities over several months to keep them engaged. Make sure they feel part of the team and understand the organization.”
Most effective of all in overcoming potential labour shortages, she says, is ensuring that the business empowers its staff and offers a collaborative, positive working environment.
“The bottom line is that people have to enjoy their place of work. They like to join and stay in an organization that is growing when they are growing with it,” Ms. Gale says. “The employer of choice has to build a public image, be able to compete for top talent, compensate employees appropriately and include different generations of employees.”