When you’re seeking out talent to bring your organization to the next level, you generally have two options: go fishing for a new hire, or take a closer look at your existing pool of employees. Leaders might assume that starting the hiring process and recruiting talent from the outside is the simplest option. Smart leaders, however, understand that they already possess the workforce resources that the business needs to succeed. With smart leadership and strong management practices, you can simultaneously avoid the hiring process and grow the talent of the people you already have on board.
Why Nourish Existing Talent?
Simply put, hiring is expensive. Between direct and indirect costs like advertising and a gap in productivity, you could be looking at a few thousand dollars for replacing a low-level employee and over $100,000 to replace or add on an upper-level employee with specialized skills. Expanding talent within your organization generally requires far less financial investment, and comes with little risk. A mis-hire, however, could set you back even further.
Additionally, nourishing existing talent increases the productivity of your organization as a – or the equivalent of hiring an additional 25 employees. Meanwhile, morale is boosted when employees are more engaged and feel like management in invested in their growth.
How Smart Leaders Get the Most From Employees
Clearly, investing in the talent you already have can dramatically strengthen your organization from multiple standpoints. But how can leaders go about helping employees perform their best? These smart leadership practices form the foundation of growing your existing talent…
- Give employees more freedom. Talent needs room to grow, and providing opportunities for employees to take initiative and develop their own ideas creates that space.
- Learn from mistakes. People slip up, and at the beginning, giving employees room to grow may result in a few errors. Create teachable moments out of mistakes, and your employees will come closer to finding solutions on their own.
- Take a hands on approach. All of that said, it’s important to take an active role in nourishing talent. Bring employees on to new projects to see how it’s done, keep an open door for inquiries, and provide regular feedback on performance.
- Lead by example. Demanding excellence won’t get you very far, but showing employees what excellence is will.
- Present leadership opportunities for employees. There’s no better way to learn something than by teaching it. When appropriate, allow your talent to take a leading role on a project. Offer advanced leadership training for those with the most potential.
Investing in the talent that you already have takes time, commitment, and leadership savvy, but the return on that investment comes in the form of increased productivity, greater employee satisfaction, and a high bar that you’ll consistently be able to meet. Start nourishing your talent today to begin reaping these benefits, and you may be surprised by just how great your talent can be!