Acquiring And Retaining Talent

Despite the many positive changes to the field over the past few years, the shared services industry still suffers from a talent gap. Adversely impacting the shared services office, this gap can cause problems for other departments and the entire company. To enhance talent in the department, shared services executives can take steps to prove why the right hire is worth investment. They can also make efforts to develop talent, so that people become an integral part of the business.

Detailing The Importance Of A Hire

Receiving the support to hire additional employees may seem unlikely for your department, especially if your budget is already stretched thin. As such, it is important to make the case for a new employee to the CFO or other executives with the power of the purse or financial influence. Specify the particular role of the potential hire and show the expected marginal return in monetary terms. For example, when trying to hire someone who is an expert in using IT to enhance your function, explain in detail the anticipated financial benefits, like time saved with new technology or better dissemination of policies to staff. This effort can help crystallize the compelling rationale for that potential hire.

Specify the particular role of the potential hire and show the expected marginal return in monetary terms.

For additional objective support, consider searching outside of the company for salary and other compensation data about employees similar to the ones you are considering. Showing that your proposed hire is a bargain not only improves the odds that you can hire them; it builds trust among your peers that you are squarely focused on the bottom line.

In building support for a new hire, do not hesitate to find and tout success stories relating to other hires in the procurement operation or other parts of the business. Highlighting examples in which a risky hire provided substantial dividends may be your best ally in advocating for new staff. Nothing builds confidence in recruitment like proof that a particular hiring plan has worked before.

Highlighting examples in which a risky hire provided substantial dividends may be your best ally in advocating for new staff.

Augmenting The Talent

If you are successful in finding new talent, the next most important step is to keep and develop the talent. Shared services executives may benefit from becoming a “coach.” A strong coach needs to develop customized goals for every hire. The goals can be professional and personal. Showing interest in the development of the new hire can increase productivity. This interest should extend to empathy as well. In the modern world, people’s lives are increasingly chaotic. Being sympathetic and flexible with personal issues will create a strong culture in your shared services office, compelling new hires to stay and develop their talents.

Being sympathetic and flexible with personal issues will create a strong culture in your shared services office, compelling new hires to stay and develop their talents.

Conclusion

In the end, investing in a strong shared services team is an important step in taking a sophisticated business to the next level. Smart shared services officers recognize the importance of hiring a capable team. If these leaders can ensure team longevity, their hires are sure to prove beneficial.