One of the biggest challenges business owners face is managing talent. Attracting the best talent and retaining top talent is integral to success – but it’s also a major struggle, according to a recent study by the National Center for the Middle Market at The Ohio State University Fisher School of Business. “Most business owners feel ill-equipped to manage the onslaught of talent demands,” says Executive Coach Stacy Feiner, Psy.D. “Whether getting in front of the war on talent or avoiding the cost of under-performing employees, managing talent puts a huge squeeze on middle market companies in particular because they are running lean and have no room for talent setbacks.
As the calendar year turns, rather than looking back at personnel struggles and mishaps, business owners should start 2015 with a plan to protect against the last year’s problems. “Fill the holes and gaps, and refine and perfect the capabilities in your talent management processes to win,” she says. Dr. Feiner’s Strategic Talent Management process is a system that builds bench strength in middle-market businesses and positions that talent to deliver on strategic goals.
Dr. Feiner warns that the costs of poor talent processes are staggering: “A bad hire can cost up to 10 times salary; ready performers lacking clear goals and objectives perform to only 60 percent of their potential; and failing to have a succession plan can cost you your company.” However, in response to these statistics, Dr. Feiner has designed a system specifically, for middle market business owners that helps them realize their ability to engage a talented team of people who drive strategic expectations.
Dr. Feiner’s Strategic Talent Management is the answer. “Know you people as well as you know your numbers,” she says, adding that when leaders take talent issues head on, people become the company’s greatest competitive advantage. Leading talent with a system that sets high standards is the difference between growing the business in 2015 and losing value in an uncompromising economy.”
Moving into 2015, forward-thinking leaders will reflect on the past year and then take the necessary steps to execute business objectives. “Strategic Talent Management is critical at all stages of growth,” Dr. Feiner explains. “The good news is a single solution solves three problems. When you implement Strategic Talent Management, you reduce costs, increase productivity and gain a competitive advantage.”
Dr. Stacy Feiner is an executive coach for the middle market. For more than 15 years, Stacy has brought psychological strategies to business owners that help them improve their performance, advance their organizations, and achieve the success they want and deserve. Stacy understands and positively impacts complex dynamics within owner-operated companies, family businesses, management teams, and boards. Her methodology solves people problems which clear the way to drive strategy, grow profitability and eventually transition leadership.
