(Engaging Your People For Success) Improve your Business by Developing Your People Carefully and ensuring Promotions are fair - Lisa Askwith
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So to continue from last week's discussion on how to make your business attract great people, and retain them for as long as possible, we are now going to focus in on a key internal area that can really help achieve that, as well as improve your business from within. That is developing your people and ensuring you have supportive and accessible career paths and development plans in place. In order to both retain them and help them grow with the business and stay. I will also focus more on how to make sure Promotions are fair and transparent, and based on performance. Whilst not getting caught up in the toxic trap of being based on connections. This is vital to get right, otherwise mistrust will take over and your business culture will lose its edge.
Let's stop this from happening and develop promotions, rewards, and a recognition structure, that helps value all of your people, and makes them proud to be part of your business!
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Have a great business week.
Today’s show is about providing your people with a platform to further their success, allowing them to be engaged, and feel valued, then it is about how you as a leader make this work behind the scenes for you business and your people. This is where we go into topics such as top grading and putting in a formal performance management system. Top grading follows a similar philosophy of the pareto principle or 80/20 rule and allows you to identify and promote your top talent. Promoting top talent based on performance is a win for your company because your best people will continue to move up the career path. When you lead with your best talent, others will either follow suit by seeing what expectations look like or lesser talent will find other, less competitive, employment.
That is the black and white part of Performance systems, however people are anything but clear cut and all the same. So we will go deeper than just the checkbox methods and really look at how we can instigate strategies and programs that actually meet our peoples core needs of value, respect, interesting work, and recognition. Then we can really develop programs for your business that allow you to stand out as an employer of choice and move forward with a sustainable business model that your people can be proud of. After all it is all about engineering your people for success…….as they are your biggest asset…….. or your worst nightmare!
What You Need to Know
When you top grade your promotions, you intentionally select the top 10% of your employees and groom them for the next level or promote now, then build a profile of them as a basis of your performance management system.
Key Issues - Employee Perspective:
What You Need to Do
To Develop your Promotion Strategy and Development Plans
1- Recognizing your company needs and purpose to identify the type of staff and culture you want for success….without this you will spend a lot of time in order to fail. This is a key first step to get right, like with developing career paths in last week’s episode, you need to really understand where you are going as a business in order to make it work.
2- Top grading of employees and how to achieve it – note more than 1 manager must agree to avoid bias.
3- Communication of grading’s and how to deliver.
4- Training of the leadership team to be accountable for the company philosophy.
5- Ensuring grading’s, and corresponding achievement criteria are open, transparent and accessible to all.
6- Develop options and opportunities so you can retain staff while they are progressing/ waiting for the next opportunity.
7- Make promotions and progression a part of your living culture, by reward, recognition, different opportunities etc
To Plan for your Future Promotion and Business Structure
Previous: EP4 How to Make Your Business attract the Best People
Next: EP6 How to Develop your Character as an Authentic Leader
What You Need to Do
Written by Lisa Askwith
Director of ApexBRS | ApexBRS, Regional Director of See Global Media, Chair of EGN Singapore, and Associate Professor Cambridge Corporate University | At the Age of Change, providing the HR component of the Global Executive MBA and BBA. Lisa has worked for some of the largest companies in the world and successfully led restructures and change management programs in order to improve the bottom line through engaging the people for success, while developing exceptional leaders who can make a positive impact on Culture and long term business sustainability.
You can connect with Lisa on any of her platforms
LinkedIn Lisa Askwith - Director - Apex BRS
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