7 ways to maximize human capital during rapid growth
Watch Chelsea Wood’s webinar: Human Capital’s Role in Creating Value
As you’re implementing change in your organization, are you thinking about how it will impact your culture? Too often, leaders forget that the organizational cultural must be nourished, even in times of growth. Here’s how you can keep the focus on your business’s infrastructure and personnel, so you don’t lose the unique personality of your organization.
1. Create or update processes and procedures.
Your infrastructure needs to keep up when your company is growing quickly. Consider how things will need to change to support larger volumes or additional complexity. Take a look at existing project management structure, software systems and information flow. What needs to evolve to keep up with the changing tide?
2. Leverage transparency to avoid turnover.
When changes aren’t handled carefully, retention may become an issue. Make sure you’re carefully explaining the reasons behind change and how employees can support it. Talk to employees early and often. The more employees understand the why, the more likely they are to back up your decisions and support the changes.
3. Evaluate and address skill gaps.
What was once the appropriate level of experience for leaders may not be enough now. As companies grow, higher skill levels might be needed. Take an honest look at your current leadership and whether they have the skills and technical knowledge to manage a larger-scale business. Be ready to make changes when necessary.
4. Hire for fit and train for function.
Think about who you’re bringing into the organization. Your hiring managers will need to understand the key values you’re looking for in new hires. In addition to necessary skills, new employees should understand and be able to live your company’s mission, vision and values.
5. Provide structured onboarding for new hires.
When you have a lot of new hires, it’s important to ensure they’re getting adequate training. Otherwise, you cannot expect them to perform at the same levels as your current staff members. Develop a robust onboarding process so new employees can be as productive as possible, as quickly as possible. Consider how your existing employees can help.
6. Define roles and responsibilities clearly.
Lines of responsibility must be clear. In times of change, some managers might be unsure of their authority while others assume too much. Keep customer needs from falling through the cracks and prevent overly ambitious managers from steamrolling over others by setting these boundaries.
7. Be intentional with your growth plans.
A solid plan should help you combat the common issues of rapid growth. When you’re deliberate in your growth planning and understand the critical role your people play, you can maintain your culture and maximize your company’s value while continuing to build on its success.
Ready to learn more? Attend the complimentary webinar about human capital’s role in creating value on August 16, 2019 at 1 p.m. ET/10 a.m. PT. Register now