2 minute read 15 Jul 2021
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How recognizing talent’s role can drive long-term value

By Randall Tavierne

Global EY Private Assurance Leader

Global leader helping entrepreneurs and private companies realize their ambitions. Frequent speaker on the high-growth market.

2 minute read 15 Jul 2021

Hiring and retaining top people is more important than ever to a company’s long-term success.

In brief
  • To remain successful private companies require a talent strategy that goes well beyond the paycheck.
  • Job seekers and employees are increasingly assessing how a company meets their individual needs and values.

The long-held concept that a company’s purpose is to enhance and protect value for investors has been gradually shifting. Private business boards and leadership have begun to recognize that widening the lens to focus on serving the interest of all stakeholders - investors, customers and talent - is the key to driving long-term success. 

It’s great to see that the age-old saying that a company is “only as good as its people” is taking a bigger role in a growth strategy. After all, human capital is a substantial, intangible asset on a company’s balance sheet. But identifying the type of skill set you need and starting the talent search is not enough to assemble an ideal workforce. 

Today, businesses must work harder to attract and retain talent. To put it simply, they must demonstrate that they value their employees, and that extends beyond the paycheck.

Boards can help guide the C-suite on this path by strategically thinking about human capital. Together, they can address talent issues - recruitment, upskilling, re-skilling, and how and where work is getting done - head-on. To stay competitive, it is imperative that leaders assess talent’s current needs and wants and take appropriate actions to meet them. The remuneration, perks and benefits desired will vary by generational cohorts, so this is not a simple task. But, it is one that can make all the difference when it comes to corporate culture. And, it is that culture that can make or break a company’s overall value.

In this challenging environment, a generous helping of empathy and appreciation can have a huge impact on how talent feels about the company. Acknowledging the stressors of working from home while multi-tasking family issues and the need to feel safe in the workplace should be top of mind. Actions that focus on employees’ mental and physical well-being must be built into strategy. And they can be of all shapes and sizes. Even small thank-you and shout-out for doing a good job can go a long way in enhancing morale, which can boost productivity. 

Top talent in today’s market have plenty of choices of where they want to plant their feet. Working closely with the C-suite, particularly the CHROs, boards can help take stock of, and in, talent. Only by truly valuing talent will companies build a workforce and culture that will drive long-term value for the business.

Summary

Companies need to recognize the importance of their employees and treat workers like the key stakeholders they have become.

About this article

By Randall Tavierne

Global EY Private Assurance Leader

Global leader helping entrepreneurs and private companies realize their ambitions. Frequent speaker on the high-growth market.