What's Your (Financial) New Year's Business Resolution?
What's Your (Financial) New Year's Business Resolution
?
If you want to grow your business, you must find, engage and retain top employees. With current low unemployment, high staff mobility and skills shortages in Australia, how you recruit and manage your people is highly significant in determining your ongoing success.
Here's a list of questions for you to consider as you plan the year ahead in business.
1. Do we have a robust recruitment process? Am I always sure what I'm looking for in a new employee before I start recruiting?
One of the easiest ways to make significant progress in your business is having a plan before you start looking for a new team member. Often, employing staff is like getting dressed: If you get the first button on your shirt done up properly, all the other buttons (steps) line up without any effort. If you get this step wrong, you have to waste time later fixing up the mess you've created.
First of all, you need to know exactly what type of person you want: What will the role entail? What skills, qualification and experience do they need to do the role? Which of these are must haves' and which are nice to haves'.
Next you need to think about where you might find them: Is advertising going to be effective, or should you use word of mouth or a recruitment agency? Finally, look at how you interview and make your final decision: Are you seeing too many/too few candidates? Do they all get asked the same questions? What other assessments do you use, eg reference checks, pre-employment screening tests?
2. Are our employment contracts compliant with workplace legislation and do they cover all the details? Do we have documented policies and procedures so employees know what's expected? Can we give them a detailed job description?
This is a good time to look at your documentation to ensure you have everything up to standard when you put on a new employee.
3. Are my employees involved in the business? Do they feel like they have a say in the work they do?
Take care with your communication with your employees. Schedule staff meetings, at least monthly, to bring them up to date with developments. Consider doing a staff survey to find out (anonymously) what your employees really think.
4. Do we offer opportunities for learning and development?
As the workforce is becoming more highly trained, employees also have higher expectations of their workplaces in terms of learning and development.
5. Is there a possibility of career development in our organisation? Do I have a clear succession plan for key people, including myself?
Again, communication is the key. Find out what your employees expect and if you are unable to provide it, be prepared for them to move on.
6. Are our performance management processes fair and consistent? Does each employee have key performance indicators that are linked to our strategic plan?
By setting SMART goals (Specific, Measurable, Achievable, Realistic and Time-framed) with your team, you will be building a business that can meet its strategic objectives.
7. Is the remuneration and reward structure transparent and fair? Are bonuses and incentives based on key performance indicators that can be objectively measured?
If you aren't measuring performance, how will you know what to reward?
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