Lisa Askwith- Engaging Your People for Success Ep4 S4- Why Promotions without a Career Path can Destroy your Business
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So to continue from last week's career paths and development plans in order to retain your people so they grow with the business and stay. We will now focus more on how we can make sure Promotions are fair and transparent and based on performance and are 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 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 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 really 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
EPISODE P5.003 Promotions are Based on Performance, not Connections
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- Then the 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 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: Episode P5.02 Without A Career Path you are Sending Your People Elsewhere to Succeed (15OCT2020)
What You Need to Do
Next Show: P5.04 Why Formal Training Programs for Job Demands and CAreer Development Retain Your People and Improve your Culture (29OCT20)
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.
You can connect with Lisa on any of her platforms
LinkedIn Lisa Askwith - Director - Apex BRS
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