The human factor I: Attracting, retaining, and motivating capable people

Investing in what is commonly known as human capital, or the organization's people, is a proven way to boost an organization's market capitalization. In a recent survey, 47 percent of CEOs of the companies surveyed believed that the greatest challenge in the new economy is finding and retaining good people. In order to remain competitive, one needs to acquire the capable people, which will determine whether or not you will be successful with your company. Recruitment of staff is a risky aspect and therefore much research and planning is required. The right people will not simply come to you. Effectively managed staff are also said to be comfortable within the organization and usually believe they own the business. This is when their commitment and loyalty are at its highest and therefore they rarely try to find a way to depart from the organization. In-house career development and promotion opportunities are considered as highly effective strategies to attract the key staff to an organization. An ineffective strategy identified by South Africans includes creating a sense of fun and informality in the workplace and regular performance feedback. Effective strategies are allowing the people to participate in key decisions and providing them with access to resources and products as and when required. Capable people usually opt for a work environment that allows them the flexibility of learning while employed. Organizations may also look at job sculpturing, or coaching and mentoring to retain their capable people. Being an employer of choice or employer branding is also a strategy employed by some organizations for attracting and retaining human resources. A stimulating and challenging work environment is therefore key.