The old saying that businesses are only as good as the people that work for them rings very true in the 4+2 study. Indeed the authors note that the most critical sign of a company with great talent is the “ease with which any executives who were lost to competitors could be replaced from within.” Hiring from within seems an outdated practice to some, but in the study Winners hired chief executives from inside the company roughly twice as often as an external search. The result is clear – find good talent and keep them at all levels of the organization.
To some the option of hiring from within is a no-brainer given the natural continuity in the business and the likelihood of increased employee morale. The opposing viewpoint however compels some to hire outside the company in that it can be easier to secure fresher-talent by looking beyond the company’s walls. The solution to this issue is a keen focus on commitment – ensuring that current employees are kept constantly abreast of industry changes and are fully prepared to take on newer and bigger opportunities. This is often accomplished through the creation and maintaining of training and development programs that not only add value to an employee’s current role, but also prepare them for new roles and promotions.
And while there are many factors to job satisfaction and happiness at work, a role that is both intriguing and challenging will rank highly. Employees who look forward to their work each day and are not bogged down by trivial or mundane tasks will have exponentially greater value for their jobs than peers who do not. (Click here to better understand the economics of wellbeing).
How Avidium can help
Avidium works with senior managers to ensure they are active in the hiring process and offers support in finding and retaining talent, primarily within the existing ranks of the organization. We also assess how meaningful and challenging individual roles are, offering recommendations on how to make specific job responsibilities or project tasks more compelling. Lastly, our consultants provide counsel on the establishment and maintenance of training and development programs, and offer advice on how best to groom staff for more senior positions.