Finding strong leaders when you need them can be hard and sometimes very costly. Even if you find someone with the right skills and experience, they just may not fit into the way things are done at the company or with the company culture. There must be a way that companies can better prepare themselves in finding the right leaders when they need them.
The answer to this for most companies can be found much closer than they imagined. It is always the most obvious solutions to a problem that we often overlook. In this case, we’re talking about their own willing, skilled, and experienced employees who knows all about the company’s culture and how they conduct business. Sometimes the best solution is not one that you go out looking for, but the ones you come up with the right preparations and planning.
Now, it is by no means a quick fix or something where a company can turn things around and start producing leaders overnight. As mentioned, the right preparations and planning are required for companies to develop a healthy pipeline of tomorrow’s leaders where you have employees who are committed and invested in both the company and their own future with it.
Let’s explore the benefits that comes with creating your team’s own pipeline of leaders:
1) Builds morale and engagement
With the promise of a future with the company, employees are more likely to be engaged in all aspects of their role and opportunities to learn, grow, and perform. Everyone is always looking to improve their situations and be a better version than who they were. This applies to their careers as well and if they see no future with a company, their only option is to look beyond those walls to find them. But if they are happy with their work, their team, and the company, there is no reason for them to have to look else when they can see a long career ahead.
2) More loyalty and less turnover
With employees’ sights locked into a future with the company, they need not to look outside, and they are satisfied with the path they’re on. When there is less turnover, it creates workforce stability with less cost of hiring and training.
Rather than train someone to do a job and just to lose them after they’ve learned everything, companies can retain their investment in their employees by showing them there is a path and a future there and to continue to train and groom them for bigger roles with more responsibilities.
3) Builds company culture
A company culture can only be built on stability with those who are with the company for years to show new employees what the company is all about. If there is constant turnover with old employees leaving before new ones join, there is not footing for any sort of culture to be built upon, and new employees join an environment in which no strong culture can be felt.
4) Roadmap to success
With the right preparations and planning, the company and employees can ensure success through succession planning, training programs, and developing individual skills and attributes. This can all planned out as the company looks to promote and build new leaders for the team and targeting specific skills to work on for everyone.
5) Not losing talent to competitors or paying a premium for it
In most cases, when an employee leaves a company, they find a better opportunity at a direct competitor or within a similar industry. This constant war that businesses are at with each other for their talent only creates more cost for one another as the businesses spend time and money to training a new employee, only to lose them once they’re trained.
Furthermore, when a company hires a new leader from outside, they either pay a premium for someone who’s already a leader, or they bring on someone who doesn’t quite have the leadership skills or experience yet and they invest in training them to become the leader that they have this individual can be. Both of which could be avoided if they only had a solution for this, and now you do.
Most companies have been recognizing this and have been paying more attention to their own employees when it comes to internal openings. By promoting a culture of growth, opportunity, and learning within the company, this creates more employee loyalty, engagement, and retention which is a win-win for both the company and their employees.
Contact Us today to speak with one of our Account Executives and let us help you build your team with the right talent this year!
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