Recruit the right team
It might just be one or two founders that create a business. But to become highly effective, they need a robust team.
Talent is a big concern to growing businesses, especially in sectors that rely on people with advanced skills sets, such as technology.
The skills gap
Finding the sort of high-level technical skills required to implement and maintain advanced systems that will aid future growth is an ongoing struggle.
ManpowerGroup, in its recent Talent Shortage Survey, reported that employers are experiencing the highest global talent shortage since 2007, with more companies than ever turning to training and development to address skills shortages.
Australian businesses in particular are finding it difficult to recruit people with the required tech expertise, losing the best talent to Silicon Valley. Compared to five years ago, 86% of CIOs say it’s now more challenging to source qualified IT professionals, and 87% claim it is more difficult attracting them to their organisation, a Robert Half survey reports.
By 2025, millennials will make up the majority of the workforce. Understanding and integrating the working practices of this diverse and tech savvy group will play a large part in the retention of these individuals.
Career progression, travel, access to the right technology and personalised training are top of the wish list for these individuals’ careers, and 53% of millennials would be more likely to accept a job if the employer used the same technologies they do, according to Robert Half.
The inner circle
While recruitment is crucial at every level, nowhere is it more important to have the right team than at the top.
Exceptional-growth company boards are not just packed with investors, according to David Thomson, Founder and Chairman of The Blueprint Growth Institute and recognised high-growth academic. “Rather, they balance investors and management team leaders with customers, alliance partners and one or more high-growth company CEOs,” he says. Successful companies invest in independent directors on their boards to ensure diversity of thought and provide accountability from outside the business.
It’s important you understand your core skill sets and choose those individuals who complement and fit your team. Any additions must complement your skill set, and it’s important that you acknowledge their expertise and consider their advice.
In addition, and perhaps contrary to popular belief, many high-growth companies’ leadership comprises two partners working closely together. Highly effective leadership dynamics are based on two individuals who complement each other.
Thomson explains. “The inside-facing executive is typically the Chief Operating Officer; the outer-facing executive is typically the Chief Executive Officer. Together they make swift decisions—and quickly correct their mistakes. Most important, they have real trust in and respect for one another,” he says.
Hence, if you are carrying the weight of your company’s aspirations on your own, consider finding a partner who shares your ambitions and can lead from the front with you.
Diversity and inclusion
The latest Mckinsey research finds that companies in the top quartile for gender or ethnic diversity are more likely to have financial returns above their national industry means. Diverse companies are better able to attract top talent and provide highly effective services to their diverse customers – both strong competitive advantages in today’s business landscape.
Recruiting and retaining
In addition to looking at your own workforce, securing the right wider external team is critical.
But the talent shortage often reaches outliers too. Good professional advice can be hard to find, be that with accountants or solicitors. Sometimes searching a bit harder or paying the price is the only option, but it’s worth it in the end.
The challenge of accessing sound professional advice across Australia was the main reason BDO launched BDODrive – to make it easier for you to access the information, intelligence and insights BDO’s experienced team has to offer.
With BDODrive, our advisers work as part of your team, tailoring the way we deliver business advisory and accounting services to meet your unique business needs. Through a mix of professional and technological resources we streamline your day-to-day functions, giving you access to real-time information, so you can make more-informed decisions. Our team provides you with expert thinking and ideas, and the latest business tools, when and where you need them. Any size business has access to the expertise of a global accounting and consulting firm, supported by smart technology and a personal business adviser is the key to real client support.
Finding the right people
“Identifying the best talent to help shape the business is a core task that challenges many business owners. The ability to build a pipeline of potential leaders who can develop the future strategy of the business is a core capability that all leaders need to have and retain control over,” comments Shaye Thyer, Director, BDODrive.
This is best illustrated by a quote from David Ogilvy, founder of the global advertising company Ogilvy & Mather, who used to give new managers a set of Russian dolls. Inside the smallest doll was a note that said: “If each of us hires people who are smaller than we are, we shall become a company of dwarfs. But if each of us hires people who are bigger than we are, we shall become a company of giants.”
Also worth noting is that approaches to retaining talent are changing. Money is important, but passion and the opportunity to create and drive your own ambitions are more necessary than ever. That’s why establishing a greater purpose that goes beyond growing profits is essential, particularly for millennial employees and customers. This requires significant investment in your own brand and cultural identity.
People are viewing work in a different light, searching for more balanced, rewarding careers. They want companies that offer more than just a job. BDO has noticed a change in what newly established, fast-growing companies are offering. Flexible working, creative breakout sessions and ways to invest in the business are commonplace for new and growing businesses. Companies must consider what additional offerings they will create to attract the right talent.