Frank Winston Crum President, Matt Crum, recently shared his thoughts with The Business Journals on how to be one of the most admired companies in your community.
Success can be measured in many ways — sound financials, quality of management, innovation, and your ability to recruit and retain top talent.
Taken together, these qualities lead to what Fortune magazine lists annually as the “World’s Most Admired Companies.”
Although most of us don’t expect to be included on that list; shouldn’t we all want to learn from what these top companies are doing, while still putting our unique stamp on how we do it?
It’s fairly easy to identify what needs to be done — it’s just actually doing it that’s a lot more difficult.
Here are six ways you can move the needle:
1. Hire the best available people, even if it means paying a little more.
No one wants to pay more than is necessary, but maybe it’s time to open the corporate wallet. Your goal should be to hire the best qualified and motivated employees (with emphasis on best), and then pay them accordingly. You want your employees to feel appreciated and well paid, and in turn, you’ll gain from their good performance.
There are several ways you can do this. Some companies define and pay within a certain percentile of salaries for comparable positions. We don’t get that formal, but we do establish salary ranges for all positions based on peer group surveys. We like the latitude of bringing employees in at any point within the pay range. When employees demonstrate exceptional performance, we may add responsibilities and create a new position and title that rewards that level of performance.
Read the whole article here: 6 ways to be one of the most admired companies in your community