7 Pointers On Attracting And Retaining The Right Talent For Your Business
Tomi Otudeko, the Head of Corporate Responsibility and Services for Honeywell Group believes in the power of reward and recognition in business. She shared insights during the Business Sustainability & Succession Planning session held by the Lagos State Employment Trust Fund (LSETF) on Wednesday, August 25, 2021, via Zoom.
The session, the second in a series is aimed at educating business owners and startups on business sustainability and succession planning. It had other notable speakers – Tara Fela Durotoye, CEO, House of Tara International and Fajimi Abiola, Partner, PML Audit.
Tomi shared some nuggets on how businesses can attract and retain talents through proper business management and development using Honeywell Group Limited as a case study. She shared seven pointers which business owners must take into consideration to ensure they attract and retain the right talents. Here are the seven nuggets:
1. Understand Your Business’ Value Proposition to Staff:
Tomi highlighted that business owners must ensure they identify their business’ value proposition to staff and continuously project that to ensure proper alignment with all employees. “At Honeywell, we are impact-driven, and our staff want to be a part of a company that delivers change”, Otudeko explained.
She referenced a project in the 2000s where Honeywell Group through its engineering and related services company, played a crucial part in connecting Bayelsa State to the national grid – a first. She cited that opportunities like this give employees a stake in fostering impact2. Create Growth Opportunities:
“You need to take a chance on people! Be deliberate about providing varied career paths and not only within the same line of business.” She mentioned the importance of employees having a sense of belonging and a deep-rooted assurance that they can grow quickly within the company.3. Be Deliberate With Talent Development:
Employers must ensure they encourage career development for their employees through training and workshops to further improve their skill set.
Tomi confirmed that such employees who benefit from these training programmes can train others and use their newly improved skills for the company.4. Allow People to Fly The Coop:
“People are on loan to you. Invest in them and hope for the very best and when the time comes, let them move on when they need to” Otudeko stressed during the session.
She explained that employees also have career goals and should be encouraged to move to expand their horizons.5. Do Not Be Afraid To Make The Hard Decisions:
There will be times when employers need to make the hard decision for the benefit of the business, and at that time you need to make informed decisions and stand by them.
Sometimes, people are no longer the best fit for their roles, or the organization and employers need to remember that they have a responsibility to the organisation and their employees to make the best decision for them.
Tomi Otudeko also gave an example of the impact of the COVID-19 virus on businesses. She shared that Honeywell’s Leadership made the decision to forgo certain benefits to ensure that effect on the workforce was minimised.
She stressed that despite the difficult nature of these decisions, they must be done with compassion.6. Reward And Recognition:
Otudeko encouraged employers or organizations to celebrate employees’ success.
“Human beings are driven by certain incentives, reward and recognition are one of these. At Honeywell, we reward and recognise success. We celebrate our people and share in their successes” she reiterated.7. Listen And Act:
Employers need to be comfortable with lending a listening ear to their employees. Once employees have access to the management team, they can always share issues and challenges conveniently.
“Many of the policies that we currently operate were driven by feedback from our employees. As we listen, we are willing to make adjustments. Our over 50-year existence is borne out of the thousands of people who have given us their unbiased feedback and reactions over the years.”