Subscribe to Entrepreneur for $5
Subscribe

Why is talent management essential in a business?

Forming a work team from the beginning is essential and should be a strategic point in your business plan.

By
This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process. Opinions expressed by Entrepreneur contributors are their own.

Depositphotos.com

There is still the perception that undertaking is a personal task, but in reality it takes a team with many strengths and abilities to be successful, perhaps even superior to the skills of a team in a large company. For this reason, we must be aware of the importance of having a strategy to identify and manage the talent of your company, as well as having a financial and business plan, which are key aspects for the growth of the company; Well, if you don't have the right people, no matter how good the venture is, its future could be compromised.

The reality is that entrepreneurship is not really one of our priorities to have a plan to attract and develop talent, and perhaps one of the reasons this is downplayed is because we think that as founders we can take on various tasks with in order to optimize resources; However, with this idea we are limiting the growth of the business itself, because remember that your workforce will be the one that allows you to meet the project objectives.

Analyzing this, you will agree with me that forming a work team from the beginning is fundamental and it must also be something strategic, it is not only about hiring people, you must have a clear process, because as the enterprise grows, they must have more formal and effective human resource practices; imagine what will happen when you pass from 3 to 100 people on your team? Will you be prepared?

Today I would like to share with you seven basic aspects that you must take into account to manage the talent of your venture:

Identify the profiles you need

Many times, not being clear about the profiles or roles that a growing company requires, it is not possible to build a team. Therefore, it is important to identify the functions and tasks that you need to cover and what are the skills, abilities and technical knowledge that the person requires to perform the position; this way you will be able to choose the right people, as well as a possible future role for that position.

Assign an HR leader

As the company grows, it is common for entrepreneurs to start looking for certain key leadership positions such as a Chief Financial Officer or Chief Marketing Officer. A Human Resources leader must also be within the plans, logically with a role more of talent management than of operation and payroll; He will help you in all the strategic and operational part of the attraction, selection and retention of the workforce.

Focus on skills

It is important to identify the skills of the team you build, both technical and soft. A variety of skills will be necessary for success, so don't just hire people who look exactly like you, look for diversity. Take into account that the development of employees will give your enterprise greater competitiveness and will be a differential against your competition. Likewise, some of the most important soft skills that must exist in entrepreneurship are adaptability and flexibility, creativity, proactivity, project leadership, resilience, problem solving, among others.

It is important to identify the skills of the team you build, both technical and soft / Image: Depositphotos.com

Take care of high potential employees

Finding a great talent and taking care of it is a challenge; So, through a competency assessment, you can more objectively and precisely identify those employees with great potential, so that you can develop them and know in advance how you could make the most of their talent in achieving the goals, in order to that they are motivated, happy, committed and loyal to your company.

New work modalities

The pandemic has shown that working at home is possible and that it is not something exclusive to large companies, businesses can also implement it; According to a study by Microsoft Mexico, 8 out of 10 Mexican SMEs made a change in their business due to the impact of the pandemic and within these changes was the adoption of technology such as remote work.

Motivate the team

Entrepreneurs often grapple with the complexity of finding ways to keep their team engaged and motivated at all times. Using a variable compensation scheme as your business grows, where you can give financial incentives to your collaborators, will give everyone a work logic towards growth, no matter the position or if it is not a commercial position, always the variable benefits over the base of the goals of the company generate growth in the company.

Have constant feedback

The success of talent management in a company, whether large or small, is based on maintaining constant feedback on what is being done well and the opportunities for improvement from both leaders and the work team; Therefore, it is important to create a culture of zero egos that favors continuous improvement.

Being a growing company does not mean that you cannot have great talents on your team; everything is in developing a good Human Resources strategy. By ensuring that our ventures adopt the best talent management practices from the beginning, we prepare our employees and company for success. As the entrepreneur Mark Suster said, remember that individuals do not build large companies. Teams do it!