Even Small Businesses Can Reward Talent

Yesterday we heard from Michael F. Brown of Camden Consulting Group on the topic of HR strategy and small businesses. Today we’ll look at how even small businesses can benefit from rewarding their talent.

Reward Your Talent

Granted, not every small business is able to match compensation packages with some of the big companies; however, utilizing some type of bonus structure for exceptional results and some type of company equity as a retention incentive can go a long way when combined with some of the items listed in yesterday’s Advisor.
Entrepreneurs usually venture out on their own to start companies because they have a particular expertise and can deliver a distinct product or service to the marketplace. But for as great as they are at delivering on their area of expertise, those same leaders also need to acknowledge that HR strategies or practices may not be their wheelhouse. There are plenty of professional networking and online resources in which leaders can utilize and begin building their own HR strategy.
Often, business leaders attempt to implement an HR strategy, underestimating all that is involved and the challenge that it can entail, thinking “It’s just people stuff, right?” When things are not working out the way they had envisioned—or worse, they have big HR issues—they usually need to hire a professional HR expert to correct the problems.
Needless to say, contacting someone who has that HR background and expertise to help develop and implement a sound HR strategy before losing best talent or having an unruly employee issue can save a lot of time and money, and isn’t that important to every business?
This particular type of HR strategy goes far deeper than transactional and statutory components—it is about relationship management as well as the alignment of the company vision, mission, values, and people practices. Ultimately, it is a mindset that your talent is the most important asset in your business, and the investments of time and money need to be considered “capital improvements.”