Is Your Business Growth Dependent on the Quality of Your Talent?
Growth is Good, So Why Is This An Issue?
Growth is critical to the long-term survival and success of a business. Obviously, most companies strive to grow significantly every year! With development on their mind, more companies are starting to pay attention to their talent's (employees’) skills and effectiveness; here’s why.
The Data that Suggests Your Business Growth Depends on Your Talent
According to the Brookings Institution, as much as 85% of a company’s market value is calculated with intangible assets such as knowledge, reputation, and human talent - a significant jump compared to just 25 years ago when the figure was less than 40%. This figure suggests that the value of talent has appreciated and that employees’ skills can significantly impact the business.
There is a productivity gap between average performers and high performers. A study on performance was conducted with more than 600,000 researchers, entertainers, politicians, and athletes, which found that high performers are 400 percent more productive than average employees. When you hire and retain high-skill workers, chances are they will be able to help you in your goal of generating more profit, as they are more productive.
In a study done by Gallup, they found that organizations with above-average levels of employee engagement also reap 27% higher profits, 50% higher sales, 50% higher customer loyalty levels, and 38% above-average productivity. Top professionals with increased engagement and high productivity can significantly increase the growth of a business.
The quality of your talent makes a difference in your business's success. Acquiring that talent is another story altogether. Most companies utilize a talent management strategy so they can hire and retain the best. Check out our blog on Why Top Talent is Essential For Every Business to learn how talent optimization can make your business thrive. Otherwise, here is a small summary of how your business can hire and retain top talent:
Why Hiring and Retaining Top Talent is Essential
Since the quality of your talent matters, it’s essential to hire and retain professionals that demonstrate good attributes. However, as a hiring manager, you may only see their resume and maybe do two rounds of interviews, which is not enough to determine the best candidates. When formulating a strategy to manage your talent better, you will want to look into systems that help showcase your candidate's work ethic, behavioral style, etc. This is where the Predictive Index talent optimization platform comes in. The P.I. enables you to discover the candidate who aligns best with your team. At Vega Inspired Solutions, we are experts at helping you utilize this tool for your success and growth.
Contact us today to see how we can help you recruit and attract the best candidates for your job openings with our talent optimization service. We specialize in helping our clients develop a process to hire the best talent by diagnosing their needs, designing a system that can always hire the best, and inspiring new talent to develop into high-performing teams or leaders.