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The availability and retention of top talent are the most critical concerns for high-growth entrepreneurs in the Research Triangle Region of NC according to the 2007 Entrepreneurial Satisfaction Survey conducted by the Council for Entrepreneurial Development (CED). “Access to Qualified Technical and Non-Technical Workforce” and “Qualified Management Personnel” ranked #1 and #2 of the twenty-eight factors surveyed. The conclusion is people matter most.
Additional membership input from focus groups and thought leader discussions could determine if the level of concern is the same for all types of CED members. According to Robert Albright, CED Director of Marketing and Communications, there are at least four distinct types of members. One is the “not-yet funded, pre start-up” company seeking funding. Two others include funded companies in the “lift-off” stage of development or have moved on to the “growth” stage. The other category includes established profitable enterprises. There may even be a fifth that has progressed beyond the fourth type.
The level of concern about finding and retaining top talent may be common to all four groups but, for different reasons. Companies in the “pre-start and start-up” stages need top talent to attract investors and other stakeholders and progress to the growth stage. How many companies have you heard about that crash and burn shortly after lift-off? Common causes typically include lack of capital, product quality, market penetration or ineffective leadership. I suspect lack of talent in key positions is always present.
You may have heard, there is a war for talent and turnover is a major challenge. In my book, Turning Good People Into Top Talent: Key Leadership Strategies for a Winning Company, I pose the question, “Is it possible to hire top talent—to win the “War for Talent” on some recruiting battlefield? I suggest that turnover is not a problem but merely a symptom—of lack of engagement and underutilization. What about the good people you already have—potential top talent—working away at their jobs, often unnoticed and underutilized? I call them the “forgotten good people” who are the most likely to leave unless recognized and fully utilized.
Now consider the fact that workers are not likely to be Top Talent when you hire them. The best you can expect is to attract “good people” who can become Top Talent. Furthermore, turning good people into top talent is intimately linked to organizational vitality. In the book, I cover Organizational Vitality: Attracting and Energizing Top Talent. The more vital an organization is, the more attractive it will be to employees and to investors, customers, suppliers and other stakeholders.
I recommend continuously measuring and improving the level of your organization’s Four Critical Vital Signs: Alignment, Trust, Values that Build Trust and Engagement. High levels mean everyone sees the connection between what they do and how it relates to fulfilling the organization’s purpose. People see their work as meaningful. They look forward to coming to work and have a sense of pride in the company and what they do. The result is an engaged workforce fully utilizing their talents.
Turning good people into Top Talent also requires mastery of the essential skills for the particular job. Mastery can only be achieved through effective talent management which includes job benchmarking and continuous development along with what I call Coach-based Management™, a topic to be covered in a future article.
Imagine. . . the positive impact on your bottom line with a workforce of fully engaged top talent executing your organization’s strategy. . .every day! Remember, People Matter Most regardless of your company’s stage of development and it begins with organizational vitality.
Editor’s note: Bob Moore, C.M.C., M.C.C., the Top Talent Coach™ is Executive Director of the Top Talent Institute™, a Certified Management Consultant, Master Certified Coach and author of the book “Turning Good People Into Top Talent: Key Leadership Strategies for a Winning Company”. This column is the latest in the Entrepreneurial Spirit series produced in partnership between CED and WRAL Local Tech Wire.
