This blog focusses on the specific people issues growth companies have to deal with.
Growth companies not only grow in terms of revenue, but also grow in terms of FTE. As a result, a lot of energy goes to external hiring. Together with Doris Sims (2016) we question if this is the best possible long term talent strategy.
While the company grows in terms of FTE, after a while, a number of issues surface:
This really is a shame: Why focus so much time and money on attracting and hiring talent and then not focus time and money on retaining and developing that talent? This is like buying the freshest product at the farmer’s market and then letting it sit in the refrigerator until it becomes inedible and you have to throw it out (Doris Sims, 2018).
We think it would be useful to take a critical look at your Talent Strategy. Is there a balance between the external talent acquisition and the internal talent/career development focus? In other words: Don’t become addicted to your external talent acquisition!
As your company is growing, you should focus on hiring, but don’t forget that focusing on the internal talent is equally important as it
Here are some tips
In conclusion, a talent strategy is the starting point for growth companies to ensure that they do not only focus on short-term solutions for filling vacancies, but pay equal attention to the development and retention of existing talents.
Sims, D. Keynote at Ontex. 2019