Many business owners would agree that their greatest asset is their people because each person is unique and has the potential to do great things. Unlike other assets, people cannot be duplicated. While we may use the same business management software and trucks as our competitors, our people are what truly make us different. But how do we leverage the uniqueness of our people to create a sustainable competitive advantage? How do we unlock the potential of our people to win in the marketplace?
First, we need to involve each of our people in a career development process regardless of their position in the company, education level or any other factor. This sounds like a simple thing to do. However, this threshold step is a difficult hurdle for many businesses because it raises many questions that often don’t have easy answers. For example, if we crack open this door, how do we manage expectations regarding promotions and pay increases? How much is the company willing to invest in career development across the board? What does career development even mean, especially if we’re not growing rapidly? These types of questions will need to be answered, but they shouldn’t create paralysis by analysis.
Engage your people by starting a conversation about their thoughts about their careers. Incorporate your observations into the discussion about the person’s strengths. Utilize resources such as CliftonStrengths to gain insight into the person’s natural talents that may or may not have been developed into strengths. Each person is unique and was born with an individualized set of skills, often just waiting to be unlocked. With focused effort, we can help unlock these talents.
Second, identify high-potential employees who seek career advancement and are willing to invest in themselves. The best way to identify these high-potential employees is to look for a track record of someone who has done just that and invested in themselves. These people go above and beyond to equip themselves. They may read everything they can get their hands on. They may listen to podcasts. They may attend webinars. They may follow thought leaders on social media. They may have a second job on the weekends doing something that develops their knowledge and skills.
And — this is important — they have been doing this all along without compulsion or hope of reward. They are self-motivated and unstoppable. For this reason, they are easy to pick out of a crowd. They stand out. If you ask high-potential employees what they did over the weekend, you’ll be amazed at what you hear. Instead of, “I watched football,” it will be something like, “I enrolled in a continuing education course on graphic design,” or “My brother and I are rebuilding a classic car from the ground up.” Again, these people stand out.
Third, while continuing to offer career development support to all your people, investing heavily in your high-potential employees is essential. These overachievers are a restless bunch. If they don’t feel invested, they don’t stick around for long. The good news is your investments, if thoughtfully made, will be greatly multiplied in your organization.
I had the opportunity to earn an Executive Master of Business Administration from Michigan State University several years ago. My company paid the tuition bill, for which I was extremely grateful, but I spent every weekend and most evenings away from my family for two years. We both made an investment and a sacrifice. And we both reaped the benefits. It was truly a win-win, as it should be.
So, you say your people are your greatest asset. Does the level of investment in career development reflect that statement? Are you engaging each of your people in a thoughtful way to help them explore their full potential? Are you taking good care of your high performers by making significant investments to accelerate their careers?
According to Gallup, the No. 1 reason employees leave their employers is a lack of career development. As you map out your strategic plans for 2025 and beyond, perhaps your people need to be part of the plan. After all, they are your greatest asset.
Now go forth.
