People Are Our Biggest Competitive Advantage
Family Business Perspective – By Kendall Rawls
Competition in business is what helps to keep us focused on strategic growth. However, in today’s landscape, competition is bigger, stronger, wider, and more present than ever. Innovations in technology give your customers access to similar products and services from companies that are not located in their geographic footprint. With a click of a button, an order can be placed, shipped and received to a buyer that should have been yours.
There is no doubt that innovation plays a huge part in the growth of competition going after our buyers. However, another real threat to competition, is with our employees. Sure, our customers generate the profits, however our employees help build the core and foundation of our business, as well as the future, as potential leaders and successors. They are our value proposition and they are what will take our business into the future.
It is no secret that turnover costs a business money. It is also no secret that recruiting the right talent can be difficult. So then, why do many business owners find themselves in a situation where their strong talent leaves to go to a competitor? More often than not, our employees leave due to not being satisfied.
Employee satisfaction comes in many forms; it is not a one size fits all. Motivations differ by employee and it means that they can either fuel your business, or weigh it down. For one employee their motivation might be in the amount of money you are paying them, for another it could be their trajectory to leadership, and for others it could be a work/life balance program.
Key for building a strong culture and recruiting the right talent for your organization is identifying the types of people you want to shape your business. Behaviors and attitudes of those motivated by money are different than those motivated by growth and opportunity. Identifying the core values of your organization as well as the targeted Behaviors, Attitudes, Skills, Knowledge and Experience of every role clarifies the types of people who qualify as a candidate for your organization. In recruitment, include your core values and identified BASKE criteria to develop job descriptions and postings to better filter for the applicants you are seeking.
Regardless of the motivation, if you have done your homework to identify the motivators of the talent you want to recruit, you are now equipped to build programs to sustain the satisfaction of your employees. In addition to being good for keeping your people, your people programs along with the reputation of staff longevity, help with your recruiting efforts. Thus, decreasing hefty costs in turnover, and creating a very strong competitive advantage.
As a business owner, you want your business to grow, but you also need to have a strong foundation to sustain future growth. Focusing and investing on your people and people programs can generate great returns for your business. It can also help you identify and motivate your highly-qualified supporting managers who could be the key to your future succession.
Kendall Rawls knows and understands the challenges that impact the success of an entrepreneurial owned business. Her unique perspective comes not only from her educational background; but, more importantly, from her experience as a second-generation family member employee of The Rawls Group – Business Succession Planners. For more information, visit www.rawlsgroup.com or email firstname.lastname@example.org.