At its core, firms need their people to grow. People are the driving force behind innovation, productivity, customer satisfaction, and overall success. Leaders can unlock their firm’s full potential and achieve sustainable growth in a rapidly evolving business landscape. By leveraging their talents’ expertise, fostering a positive work environment, and empowering them to innovate.
Having a talent strategy with a strong foundation for growth is paramount to both the employee’s success and the firm’s growth. Here are three keys when evaluating your talent management strategy:
1. Hiring for fit.
Companies with strong talent management and hiring practices achieve 2.2x higher revenue growth and 1.5x profit margins compared to industry peers.1 This starts in the recruiting phase. Try going beyond how a candidate looks on paper: ask about their interests, goals, and priorities. What are their approaches to collaboration and overcoming challenges? Get creative to observe their personality and cultural fit. By hiring the right people for the right roles, your firm can bring fresh perspectives, diverse expertise, and innovative ideas that can drive growth and competitiveness.
2. Onboarding beyond policies and procedures.
Onboarding is no longer just the process of integrating new employees into the organization and familiarizing them with their roles, responsibilities, and the company’s operations. It’s about helping new employees to feel as though they belong and are part of the culture and community.
Organizations with a strong onboarding process experience 82% higher employee retention rates and 54% greater new hire productivity.2 Ensuring that new hires understand their job expectations, organizational objectives, and the resources available to them is only the beginning to an effective onboarding program. A workplace, by any measure, is a natural community. How well that community operates determines how well your firm can engage, hire, and retain top talent moving forward. Encourage current employees to welcome the new hire and engage them in conversations and meetings. A coaching or onboarding partner program is a great way to offer more personal attention and a single contact for questions.
Onboarding has a much larger ripple effect on the trajectory of a business than historically portrayed. If new employees don’t feel a sense of community and belonging quickly, they’ll find a place they do.
3. Training for retention and revenue.
Companies that invest in comprehensive training programs have a 218% higher revenue per employee and a 24% higher profit margin compared to those that don’t.3 Training programs in sales, products, industry trends, technology, and customer service help employees grow and develop a variety of skills. Webinars, conferences, and books are widely available to help your staff take their performance to the next level.
In addition, MarshBerry offers a Producer Academy which focuses on fundamental skills for prospecting and sales as well as a Recruiter Academy that emphasizes the fundamental skill for attracting and hiring top talent. Ongoing training not only enhances individual performance but also increases retention. 94% of employees will stay at a company longer that invests in their professional development.4
Set a solid foundation for business growth. Be intentional in building modern hiring, onboarding, and training processes. Your employees, and your bottom line, will thank you.
If you have questions about Today’s ViewPoint, or would like to learn more about MarshBerry’s Talent Advisory solutions, email or call Bryan Lake, Vice President, at 616.214.3335.
