Why Employees are the Greatest Intangible Assets to Any Company
The HR departments in most companies are always trying to successfully manage their workforce, and are under continuous pressure to seek out talented candidates to fill positions needed in the company.
With any mistakes or gaps in a company’s recruitment process can affect the fundamental groundwork of the business. The usual result is under-performance, poor HR optimisation, and the possible loss of talented employees.
By understanding that the greatest talent will stay where appreciated and sufficiently rewarded, retention will always benefit any company in the long-run as opposed to turnover. So, how do you make your employees feel appreciated?
Essentially, in every corporate industry the act of rewarding past performance at one level of the company with promotion to higher levels of responsibility leads to employees and therefore ultimately reach a level where they can no longer perform at their optimum level of skill/time compared to their level of productivity.
Whilst trying to see who is bringing the company profit and deserves additional recognition, levels of responsibility and work are typically somewhat diverse and how that individual will react to being promoted. It can be hard to determine how hard-working employees will perform at a specific level, unless they can be observed completing the higher level tasks for a long enough time to assess their true potential.
A commonly utilised method is called “mentoring framework” in which the employee considered for promotion is allocated tasks as per the replacement strategy to complete certain tasks of the superior position. The issue with using this method is that the Supervisor has to meet their own individual targets and it becomes difficult to know where to draw the line between how much work was actually completed by the deserving employee and supervisor respectively. This method also is at risk of being influenced by supervisor bias.
One way to avoid bias is to create an intelligent replacement strategy, where a number of proposed employees for a potential promotion are tested on the same daily tasks, only on different days.
By tasking them with the responsibilities they would have to carry in the future every day, if promoted. No feedback can adequately or accurately measure an employee’s future performance at a different level, except by putting the employee at that level for a short-term duration to observe the results.
Require support or guidance in your HR department? Contact us, we can help structure your company and employees for success.