Businesses that don’t make a conscious effort to stay ahead get overtaken by the fitter, faster businesses coming up behind them. The one, genuine source of long-term competitive advantage today is people. And the secret to getting and staying ahead (without blowing the budget) is making the most of the people you already have.
Better people, better business
In a perfect world you could afford to hire the perfect person every time. Unfortunately the real world comes with budgetary and time constraints, and hiring perfect people might not always be possible. Instead of hiring one superstar for top dollar, doesn’t it more sense to work with the people you already have, developing your talent from within?
Best case scenario, you take your high potentials, give them development opportunities and projects that stretch their capabilities, and come out with a whole TEAM of superstars for less than the cost of that one ’perfect’ hire.
What do you already have?
By collecting and analyzing detailed performance review information, you’ll get a good idea of what your business excels at, and where your skill gaps are. To do this you need to be able to slice and dice the people data you collect by job, department, region, etc.—it’s invaluable for finding and nurturing the right people within the organization. This means having strong analytic and reporting capabilities that allow you to visualize and leverage real-time talent data.
Ask yourself: what metrics define great performance for your organization? What are the key behavioral traits of your current rockstars? How can you translate this information into clear, understandable criteria that’s shared and implemented across the organization?
Know where you're going and what will get you there
If you can’t get where you want to be with what you have, address your skill gaps. Use 180 and 360 degree reviews, self-assessments and competency evaluations to get the big picture of strengths and weaknesses, and assign training that specifically addresses the improvement areas you identify. Clearly link performance with learning: a Bersin study found businesses with tightly aligned talent processes experienced 40% less turnover of high performers and had a 156% great ability to "develop great leaders."(1) Knowing where you’re strong, where you’re weak and how these areas can be developed is not only important for current employees; it also gives you the information you need to successfully grow and future-proof your business.
Engage employees and make your good people great
If you want to develop your solid performers into star performers, you’ll need to invest in their development and keep them engaged. Link performance with learning opportunities, and make sure employees understand how their efforts contribute to your success. It’s important to create and champion a cycle of continual improvement: Millennials, who’ll make up 50% of the workforce by 2020, are much more attracted to companies that invest in employee development.(2)
To see how YouGov is using Cornerstone Growth Edition to get better insight into workforce performance and drive engagement, check out this case study.
1 Bersin, "Talent Management Systems 2013: Market Analysis, Trends and Provider Profiles," page 21.
2 Jessica Brack, "Maximizing the Millennial in the Workplace," UNC Kenan-Flagler Business School, page 2.
Related Resources
Want to keep learning? Explore our products, customer stories, and the latest industry insights.
Blog Post
Steering towards agility: How organisations navigate change
The change in the world of work has recently brought with it a number of challenges. Innovations such as artificial intelligence are creating faster, completely new cycles of talent development, and this transformation sometimes creates completely new structures and hierarchies within the workforce.
Blog Post
Decoding talent's blueprint: Key takeaways and stories from the THI roundtable
Amidst the bustling energy of London's St Pancras Station, where throngs of commuters rush through, an extraordinary event unfolded on November 30th. Cornerstone, together with Perry Timms, Founder and Chief Energy Officer at People & Transformational HR Ltd, and Dominic Holmes, Principal, Strategy and Value at Cornerstone, organised a captivating roundtable that transcended the station's hectic ambiance to delve deep into the essential flow of talent within businesses.
Blog Post
TXP: 5 ways to transforming employee experience
We live in the era of infinite digital experience, one in which the customer’s last best digital experience becomes the minimum standard they will accept. The customer’s experience delivered via mobile, tablet and desktop translate to the workplace; employees expect a customer-centric experience that is designed around their needs, one that is intuitive, simplified, personalised and available on any device. The shift to hybrid / remote working has raised and amplified employee expectations for their enterprise applications to mirror the best experiences available in the consumer realm.