If you can access more top performers in your business, you will get higher productivity and be able to outperform your competitors.
If you can access more top performers in your business, you will get higher productivity and be able to outperform your competitors. This is becoming more difficult though because the demand for skills is increasing and their availability is diminishing. Why is this so?
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The reduced availability of skills and in turn of top performers is occurring because of the ageing of the population. Put simply, there are fewer people available to work as more and more people retire. To understand where productivity lives, here are some interesting statistics:
- The bottom 10% of your workforce produce little output
- The middle 85% of your workforce produce 74% of output
- The top 1% of your workforce 10% of all output
- The remaining top 4% produce 16% or 4 times the output
What do we need to do to get more top performers and higher productivity:
- Create a high-performance culture
- Try to hire more people in the top 5% of candidates
- Hire fewer in the middle 85% and none in the bottom 10%
- Have strong leadership and management
- Have a culture that engenders strong staff engagement
- Use a top grading strategy
For more information on how to attract and hire top performers, contact Neil at 1300Hired.