One of the most challenging tasks for business leaders today is recruiting and retaining talented employees. So, how important is it really to work with top talents? In this article, we will seek an answer to this question.
Superior talent is up to eight times more productive.
A study conducted by the McKinsey & Company consulting firm on this subject reveals a striking result:
“It’s remarkable how much of a productivity kicker an organization gets from top talent. A recent study of more than 600,000 researchers, entertainers, politicians, and athletes found that high performers are 400 percent more productive than average ones.2 Studies of businesses not only show similar results but also reveal that the gap rises with a job’s complexity. In highly complex occupations—the information- and interaction-intensive work of managers, software developers, and the like—high performers are an astounding 800 percent more productive.”
The late Steve Jobs of Apple summed up talent’s importance with this advice: “Go after the cream of the cream. A small team of A+ players can run circles around a giant team of B and C players.” Management guru Jim Collins concurred: “… the single biggest constraint on the success of my organization is the ability to get and to hang on to enough of the right people.”
The late Steve Jobs of Apple summed up talent’s importance with this advice: “Go after the cream of the cream. A small team of A+ players can run circles around a giant team of B and C players.” Management guru Jim Collins concurred: “… the single biggest constraint on the success of my organization is the ability to get and to hang on to enough of the right people.”
Main Benefits of Employing Top Talents
Working with the most talented and skilled employees available on the market contributes to improving the organizations’ business performance and results. Significant benefits are summarized in the following:
1. Boosting the Value of Company
The formula for creating business value can be defined as an expectation of future cash flow driven by asset performance. There are two types of assets in a company: tangible assets (equipment, buildings, trucks, etc.) and intangible assets (brands, customer relationships, IP, proprietary technology). More than 90 percent of the value of leading companies, especially IT businesses, can be attributed to intangible assets, specifically to its people. The human capital of a company drives intellectual capital, which can be thought of as the valuable accumulation of employees’ output over time.
2. Staying Competitive
Recruiting top talent is critical to the success of any business, as employees are a crucial source of competitive advantage. A company’s most significant competitive power is its employees. Hiring the right talent with the right skills and motivation is essential to run your business successfully and keep innovating, giving you an edge in the market.
3. Creating Value and Income
It’s essential to understand how value is created within a business to measure the value of talent acquisition investments in a specific company. The research shows that a relatively small team of working force creates the most value for the organization.
4. Increasing Productivity and Profitability
As stated at the beginning of the article, hiring a highly skilled employee produces eight times more productive results, especially in highly complex jobs. Especially in the IT business, working with high talent is cheaper and more efficient. With the right team in place, you can boost productivity across your organization and provide the top-notch customer service needed to drive profitability.
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Comments
Thanks for your blog, nice to read. Do not stop.
Thank you Mark for your nice words
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