The value in having top talent is a make or break in terms of success for your business. An article by McKinsey & Company notes that one individual performing in the top 1 percent equates to 12 performing in the bottom 1 percent. The article goes on to state that superior talent is considered approximately eight times more productive than average talent.
Let’s assume that one of your top performers earns $100k per year. They likely function at a rate equivalent to eight of your average employees who cost you a total of $800k annually. You could save $800k per year by investing in just one top performer!
The Value in Having Top Talent is being the First
- Leveraging your strongest performing talent to differentiate your organization’s innovational effectiveness is one way top talent makes you first. McKinsey outlines a scenario taking two teams of similar size embarking on a project to launch a new product, but your team’s talent is 20 percent more effective. Your team would beat the other team to market even if you started significantly later. Imagine how that could improve your commercialization of a new medical device or drug!
The Value in Having Top Talent is being Effective
- Effectiveness is not determined by the amount of people you have working for you. Contrarily, it is determined by how well your employees are performing. A study by Human Resource Management Associates of more than 600,000 researchers, entertainers, politicians, and athletes found that high performers are 400 percent more productive than average ones. The percentage doubles with highly complex roles.
What Steps can You Take to Build an Effective Team of Top Talent?
- The first way you can build an effective team of top talent is by establishing a “coaching culture”. Forbes outlines the importance of developing leaders who are capable of supporting their subordinates’ growth within the organization. Making strides towards establishing an organizational culture that prioritizes developing leaders in all layers of the organizational structure promotes an environment where top talent can be cultivated.
- Another way is to hire top talent in the first place, the “A” player. Partner with Talencio, a staffing firm that leverages their deep roots in the industry, and network of over forty-thousand connections to solve your talent needs, and create an environment of top talent that prepares you for success.
Written by: Isaac Pirk, Talencio intern and student at North Central University, Minneapolis, MN.
Other related blogs that may be of interest are: “Employee Engagement and the Bottom Line” and “Workforce Engagement – With a Purpose!”
About Talencio: We help the Health Technology community make progress by putting the right people in the right place to solve problems and identify opportunities to move healthcare forward. To learn more about career opportunities in health technology, or to hear how other companies have partnered with Talencio to tap into our skilled professional talent pool, contact us at 612.703.4236 or email. Talencio has been the preferred provider of vetted, accomplished professionals to the Health Technology Community for over 10 years.
Sources:
Attracting Top Talent
Winning the War for Top Talent
McKinsey Insights
HRMA