Yeah! It’s simple.
And I am not talking about a back rub or spa treatment, though that just may be an icing on top.
You need to – Enable your employees become more employable.
You need to Enhance their employability.
What!! But then, won’t you lose them too soon?
When you know the stock price of a company will increase consistently over next few years – will you clear your position at the earliest for some minor gains or hold on to the stock till you make a substantial killing?
When an employee knows that he is gradually becoming more employable and valuable in the job market, he won’t eject just for a normal raise. He will also enjoy the “bull run” – he will leverage all that’s possible so as when he ejects he heads out to competition with a fancy compensation. At least that’s what the sensible ones will do.
How to enhance employability of your people?
Give them a fantastic work environment that allows them to learn, perform, and undertake challenging tasks. All that helps them evolve well, thus allowing them to build on their market value while they work with your organisation. Most of our learning happens on job, on live projects rather than in the class room. Ensure that challenging work assignments and high performance culture is the norm.
Okay! Does that mean, this strategy will help me retain employees for may be a longer duration.
Yeah! Sure.
Some employees however, may be really too average to be able to appreciate the value or grasp the logic, and some others will be able to derive substantial value in a short time frame. They may leave and that’s okay. We have to look at the overall long term value that this strategy would bring to the firm.
How else does this strategy help my company?
- Better employer brand. Once the word spreads in job market and campuses, good talent would want to work with you. They know that their career is protected and that they will be groomed really well at your company. It’s not a bad idea to be known as a talent factory. Hindustan Unilever Limited (HUL) one of the most valued FMCG brand has for a long time been regarded as a CEO factory. They would have given hundreds of CEO’s to business across the globe, and they have been doing pretty good all these years.
- Better business performance. Once you have done a good job at enabling your employees – your company will be the biggest beneficiary. Yup, most of the goodness will rub off on your businesses performance. Don’t we all realise that, people capability happens to be the true differentiator for business performance.
One last word – you may not want to let your future employees know that you are preparing them for their next job.
Praveen is the Founder & Principal Consultant of KHEdge, a boutique HR & Business Process Advisory firm. Over last 15 years he has advised & worked with promoters, founders, business leaders, HR leaders in areas of - Business Strategy, HR Strategy, Organisation Design etc.