Phimation Founder and CEO Dave Haviland is on the board of four of his clients, and during recent meetings, he’s noticed common themes in both that are to be expected: cash flow management, generating sales and developing new markets.
But the topic that got the most attention was talent management.
That’s been a topic of interest for Phimation’s clients for several quarters now – but there have usually been more pressing needs. Now, it seems, talent management is becoming the most urgent need.
Here is a collection of insights gathered from recent small business board meetings:
Communicate!
Be clear about what your core product offerings are, and then work hard to keep the people you need to deliver those.
For non-core offerings, use contract employees, or partner with a company that is focused on that function.
Communicate!
Engage your staff more in making business decisions. Make sure they understand the future promise of the business.
Pay your staff as well as you can, and then be clear about your expectations person-by-person.
Continue to invest in professional development, but make sure the activities make sense for the company, too.
Ask staff if they are interested in alternative forms of compensation, and use them when possible.
Communicate!
In one meeting, a board member from a service company said, “Our most important assets walk out the door every night.” The head of a manufacturing company said, “So do ours.” We’re all in the people business today.
Talent management is an area that is much more important in Stage 2 than Stage 1 because there are simply more people to manage, and sustainable success requires a system for managing them.
If you haven’t been giving your talent management efforts the focus they deserve, now is a good time to start.
