Managing a team can be difficult. And the bigger your company gets, the more people you add to the team. That’s why you need to have powerful talent management strategies.
The fact of the matter is, your team looks to you — the business owner or leader — to guide them toward success. They look to you to teach, coach, and develop them.
As a result, you must have strong talent management strategies that will allow you to ensure your team is operating at its highest potential.
After 20+ years of building and growing businesses, I’ve discovered the top four most effective talent management strategies.
My Top 4 Talent Management Strategies
Essentially, PPF Goals stand for Personal, Professional, and Financial Goals, and it’s the key to aligning your team members with the goals of your business.
This insightful piece of strategy will enable you to understand your team’s driving motivations.
Ideally, you want to have this conversation with your team in person, and within 60 days of their first day at your company. However, it is never too late to start on them, regardless of how long your current employees have been with you.
Ask the team member what their 1, 3, and 5-year goals are for each of the three sections — personal, professional, and financial.
Firstly, for personal goals, you want to ask them to focus on their passions. For example, what are their hobbies? Would they like to travel? Are they into any sports teams?
Next, their professional goals should focus on what they want to accomplish. So, ask them about new skills they want to learn, what responsibilities they’d like to take on, the types of awards they’re looking to achieve, etc.
And finally, for their financial goals, you want to make sure the focus is on their motivations. This will be about their net worth, passive income, paying off student loans/debt, etc.
2Biweekly One-On-One Meetings
At Cardone Ventures, every person on our team must have biweekly one-on-one meetings with their managers.
By having these meetings, you’re showing your team members that you’re serious about their growth and development. In addition, you’re displaying an active interest in ensuring the fulfillment of expectations.
It allows you to see who’s truly engaged, who’s making an effort to stand out, and who the bottlenecks are.
Documenting these meetings is critical because it allows you to track their progress (or lack thereof).
3Process Creation and Documentation
In addition, process documentation is essential to the continued success of your employees, as well as the growth of your business. It allows you to avoid having to repeat yourself with every new employee.
It’s an important tool for onboarding, as well as developing your team members.
If done right, your processes include every step necessary to complete something. Whether that’s showing your marketing team how to send out an email, or training your accounting team on where to track receivables and payments, these processes will help you keep everything organized and structured.
4Project Execution Plans
Project management can be tough. But with the right execution plan, you can accomplish anything.
Project execution plans are the bread and butter of talent management strategies to ensure the timeliness of project deliverables.
First, you need to plan out what needs to happen. Then, you track tasks and who is going to do each one. And finally, write down the expected results from each person on the team.
This will allow you to document everything so you can keep your team accountable and aligned with priorities and expectations.
The bottom line is…
If you want to build and develop a 10X team, you need to first ensure you’re a remarkable leader that drives results.
To learn how, find out everything you need to know about our upcoming People Essentials Workshop. We’ll go over talent sourcing, alignment, and management strategies for a 10X team.
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