Cyprus Mail
Business Opinion

How to manage people and talent

By Andrey Dashin
IF ONE considers how much leaders depend on the work of others to succeed, then it is quite obvious why it is essential that they have talented management skills. The leaders’ mandate is to provide direction, guidance and inspiration to others. This entails personal involvement and engagement inbuilding capabilities and developing the talent in their teams.
It is therefore important to realise that it’s not enough for a company to have talent processes in place, hire the best recruiting agencies, and offer the most attractive remuneration packages to attract, maintain and develop the most talented people. Effective talent management needs not only support but also personal commitment from senior executives and should be one of their top priorities. Passion, inspiration and commitment must start at the top and shape the entire culture of the organisation; otherwise even if you have talent management practices in place they might as well turn into the tyranny of red tape.
In other words, rigorous talent processes, tools and systems that support strategic business objectives are essential because they enhance effectiveness and functionality but they need to be coupled with commitment and support by management that is reflected in daily actions. Companies that combine these two elements are able to meet evolving business needs by developing and retaining key employees and filling positions strategically with the right people.
In my view, there are many ways to use your human resources strategically to make the most out of your workforce.
Compete for top talent. If you want to run a successful company, competing for the best people is a necessity. In Cyprus fortunately there is a breadth of skillful, educated and well-trained professionals to choose from whichever the sector of your business is in. And it’s your job to attract the best of the workforce to your company. Economic crises such as the one we are experiencing now should not discourage you. For me they present an opportunity to grab the talent that other companies so hastily lay off. Therefore, from a hiring point of view, I believe now is a very good time to get the right people on board.
Take care of your talent. So, once you bring in the talent, how do you keep it? Many companies make substantial efforts to attract the best employees but they make no effort to retain them. It is essential that you understand employee needs and how they change and evolve over time. For example, the new generation values training opportunities, as well as workplace flexibility, much more than the previous one. At FXTM, we adapt to these changing needs and make sure we provide our employees with the environment and the conditions they need to develop and spread their wings. That’s why we offer them a number of exceptional benefits that are not the standard practice of the industry, such as sponsoring their studies, providing them with gym and spa facilities, offering them the option of flexible working hours and even supplying our kitchen with fresh fruit every day. Seeing the results of this practice every day in inspiring high performance, I definitely encourage companies to invest in developing a positive work environment. Ensure your employees are kept engaged and happy by putting in place the right policies and operating principles. Show them you value and respect them. Treat them not only as an asset, but as your most important asset.
Evaluate and develop your talent. To take this to the next level, invest in developing your talent. Create a meaningful evaluation system and provide ongoing feedback to employees so they can improve their skills. Provide substantive comments and direction regarding career advancement. Devote time to guide, teach and mentor them. Motivation and inspiration are also crucial. Give your employees the opportunity to fulfil their professional aspirations and encourage them to reach their full potential.
Some companies fail to employ strategic workforce planning, others manage talent effectively, and some others take it to the next level and they build what we call “talent factories”. But this requires commitment and engagement from the senior executives and a mindset that emphasises the importance of talent to the success of the business. Which category would you like your company to be in?

Limassol-based Andrey Dashin is the founder of ForexTime Ltd (FXTM), chairman of the board of directors and shareholder of the Alpari brand. Drawing from his 15 years of experience and expertise in the forex industry, he offers his insight on what is needed to effectively manage talent. The content in this article comprises personal opinions and ideas and should not be taken or misunderstood as investment advice

Related Posts

Our View: Very little the government can do to stop prices rising

CM: Our View

Cyprus experiencing economic imbalances says European Commission

Kyriacos Nicolaou

Hyundai Motor Group to invest more than $10 billion in US up to 2025

Reuters News Service

Broadcom in talks to buy VMware

Reuters News Service

AstraZeneca says EU regulator approves COVID shot as booster

Reuters News Service

Top stablecoin Tether boosts US Treasuries holdings

Reuters News Service

5 comments

Comments are closed.