4. Hire them

Attracting the right people to the business is critical to survival and success of the business. In a business environment where shortage of good people is one of the most challenging factors, attracting and retaining the best people is paramount. The biggest mistake people make is hiring people they like or people that are like themselves without consideration of the work that needs to be done.
Before hiring people you need to determine:

  • What are the ideal behaviours and personalities for the different roles
  • How are those measured
  • How long will the people stay
  • What competencies are required

Good recruiting companies can do this basic screening. Different companies specialise in different levels of staff so for executives you may need a different agency from those selecting line staff.

When going public the analysts will place a high emphasis on the talent management plans before establishing a company value. A good business plan will include this information. This plan will include

  • The Employee Value Proposition – why would people want to work for you or your business?
  • How are people trained
  • How are people developed for future roles
  • What is there in place to stimulate retention of good people
  • What is the succession plan for all staff?

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