3 Mistakes That Could Cost You Your Best Talent

Danijel Velicki, a member of the Entrepreneurs' Organization (EO) of Southeast Virginia, is the founder and CEO of Sqwire, which helps low-to-middle-income families realize their financial promise through to financial education. We asked Danijel how financial concerns are playing into the current hiring crisis. Here's what he shared:

In the midst of the most severe hiring crisis many of us have ever faced, there is a lot of public discourse centered on how we got here. Some blame the economy, others blame the pandemic, and some suggest it's a generational thing.

While any one of these or a combination of them could be a contributor, there is one thought missing from the conversation: are we, as business owners, part of the problem ?

I have daily conversations with other CEOs about the state of their companies, including what's working and what's not. I learned three things that might give you some insight into what mistakes could be holding you back from growing your business in the future.

You don't pivot

It all boils down to one little phrase many of us use regularly: business as usual. Sounds harmless, right?

But maybe "business as usual" is exactly the problem.

We are creatures of habit who are comforted by structure. So when we settle into something that works, it feels right to keep going. We are perfecting our processes, developing policies and hiring managers to make sure everything runs smoothly. Maybe we check from time to time to make sure the machine is still working as expected. But how can we grow if we don't make room for change?

If the pandemic has taught us anything, it's that agility is an absolutely necessary trait for any business owner. We learned a lot about how to pivot around a global shutdown and restructure our workplaces. But it wouldn't take a disaster to realize that change is good and necessary.

The status quo, while it may work for a while, does not provide opportunities for growth. What looks like stability may actually be stagnation. And stagnation does not foster a corporate culture where talented, ambitious employees can thrive.

You are not optimizing your list

We also need to be nimble in team management tactics. As the world changes around us, the demands of our businesses also change. To meet these demands, we must ensure that employees perform at their highest level. This means putting each person in the right position, even if it requires changes to your original list. This type of talent management forces you to understand your employees on a deeper level and ask lots of questions.

By ensuring that every employee feels fulfilled, challenged and encouraged in their work, you will create a culture of care that is hard to leave and reap the benefits of increased productivity and efficiency who accompany a satisfied and committed team. .

You don't prioritize your employees

What are your priorities as a business leader? I've found that many CEOs are stuck in a cycle of prioritizing profits over people. Of course, we love our employees and we always say that we couldn't survive without them. But are we showing our employees that they are more than just numbers to us?

Let me be a little more specific. When it comes to your benefits package, do you offer the bare minimum because that's what everyone else offers? Or do you thoughtfully provide benefits that contribute to total employee well-being?

I've seen a lot of companies that offer "the usual" - medical, dental, vision, a 401(k) match, and some PTOs. It's a great starting point. But today's workers deserve better. They need to be given opportunities for success in and outside the workplace.