Here are five ideas to make the next rung of the corporate ladder easier to reach:
1. Reinstate employee referral bonuses. A staple of fast-growth startups, referral bonuses give employees an incentive to stay – and to bring their talented friends onboard. It might seem risky or profligate in a time of slow job growth, but your top talent wants to work with other talented people, and their networksmay be better than yours.
2. Create an internal talent scouting network. Many managers fear losing their best people. Recognize managers whopush talented employees to the next step in the organization. You might not be able to promote them right now, but they are demonstrating their commitment to the company, so find a way to acknowledge and reward them. Why not a 10 or 20 percent finders’ fee for bosses who nurture great employees?
3. Cultivate fast-start work groups. You know who your best managers are. Select the best from each department or business unit – especially in traditionally rapid-turnoverareas, e.g. sales – and give them a management task: identifying and fast-tracking talent. Make it an MBO goal.
4. Invest as much in management training next year as you spent on job ads last year. Fortune 500 companies appear to be headed in this direction – a new study by HR research firm Bersin & Associatesclaims leadership development will grow 14 percent in 2012 – but smaller companies may not have the leeway to send star performers to Harvard or Wharton for executive training. So look to other sources for courseware and build your own programs. Start with the recently -announced Harvard – MIT edX online offerings and work up and in.
5. Institute a management and executive book club. Not all business-themed books are a bore; talk to the manager who’s most effective, or consult with someone from your Board. Find out what they’re reading and distribute copies to your managers. Pop quiz in 15 minutes.
by Meghan M. Biro
by Meghan M. Biro
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