Operating a fast-growing company in today’s business environment can be a challenge. To keep up with industry changes, from advancing technology to shifting market demands, it’s essential to continually employ new strategies to get ahead of the curve—and stay there. One obvious strategy essential to sustaining growth is consistently hiring managers. Employees are your greatest asset, but if you don’t have the proper management to successfully lead them, you jeopardize growth and put the business at risk.
The value of better managers
According to Good Manager, Bad Manager, a research study by Grovo and Wakefield Research, better managers can save businesses $360 billion annually in productivity. The study also shows that companies aren’t giving managers the training they need when they need it, which is especially important for fast-growing companies. You can’t possibly move up market without effective managers to develop employees and set them up for success.
Here are 4 tips for sustaining high growth and profitability through more effective leadership:
1) Effectively Onboard New Managers
As an organization grows, it’s important to hire and onboard new managers quickly and efficiently. But hiring alone isn’t enough when 44 percent of managers feel unprepared for management when they first assume the role. By offering an engaging onboarding program, you can immediately get new hires up to speed on company policies and job responsibilities, which will help motivate them and improve their on-the-job performance.
2) Create Better Leaders with Management Training
While it’s true your current talent pool may contain exceptional future leaders, individual contributors are often promoted to management roles with little to no experience in management. Some even end up advancing before they’re really ready to take on greater responsibility. This isn’t lost on their peers. According to the study, 76 percent of middle managers say ineffective managers are frequently rewarded or promoted. Companies need to equip their internal talent pool with the leadership skills they need to lead with confidence.
3) Access to Ongoing Skills Training Development
Things move fast in the ever-changing world of technology, and managers must keep up. Ninety-eight percent of middle managers believe key aspects of their company would improve if managers were trained to be more effective without sacrificing too much of their time. Offering quick, ongoing skills development training along with long-term professional development plans will keep your top talent engaged and prepared to perform more effectively.
4) Maintain Company Culture
New goals and corporate changes—like new team structures, budget proposals, or product offerings—should be properly communicated to employees. This creates awareness, promotes a culture of growth and leads to employees valuing not only their own work, but the overall mission of the company.
In a business environment that constantly experiences change and growth, the ability to onboard, train, and retain effective managers is critical to success. Want to see what an effective management solution can look like for your company? See more here.