Key Issues in Building Teams for Fast Growing Companies
It is a well accepted fact that identifying and retaining talent is the most critical aspect of a fast growing business. Having the right set of people with the right skills at the right time is important in executing a company's business plans and achieving scalability for product or service. However, it is equally important to realise that dealing with talent hiring and retention is no cakewalk for expanding businesses. Leaders need to be sensitive towards understanding the key challenges in building teams and develop strategies in overcoming the same. Some of these are highlighted here to help entrepreneurs and growing companies understand the issues that need to be tackled in building coherent teams.
- Identifying the right role and responsibilities for each individual team member
Planning the number of teams to manage the present and planned operations of the business is the first step in the team building process. This is challenging because, leaders need to envision and anticipate all the needs of a growing business across all areas.
Having achieved this, the roles and responsibilities of each member should be developed in a written format to clearly articulate them to the team in order to avoid any conflict among members.
- Matching high cost talent with company's budget
In most cases, growing companies would like to recruit professionals with proven track record of success working in large/ well-known companies drawing fat paycheques. This poses a challenge to growing businesses as they need to deal with tight pockets while trying to hire suitable candidates with relevant experience and skills.
Moreover, a lot of candidates working in reputed organizations may not show inclination to work with small companies, forcing leaders to offer higher salaries or designation, adding to the already existing burden.
- Dealing with conflict and discord among teams/ team members
Lack of communication, cooperation and harmony are some of the most commonly noted serious issues in growing companies. This could be due to intolerance to new people being given responsibility for positions up the ladder, superiority shown by two or more individuals, leading to disputes, disagreements and resentment. One way to keep this in check is to conduct regular meetings calling for participative style, thus moderating the individuals/ groups.
- Managing generation, thought process and cultural gaps between employees
A good team is a well-balanced composition of experts and juniors with varying skill sets, workforce with complementary skills, and multi-talented professionals, having a good blend of aggressive and gentle members. This requires businesses to deal with individuals spread across different generations, apart from having to cope with the ever changing economic and competitive environment. Such a situation might create cultural gaps causing leaders with having to confront with conflicting ideas and views. Teams of this nature will be successful when led by highly experienced front-runners with strong experience in dealing with multicultural backgrounds and strong people management skills.
- Balancing team's career expectations with company's long term goals
One of the most important reasons for high performing individuals entering a smaller, growing company is prospects for scaling up the organizational ladder, quickly. While initially this may seem to be promising for both the company as well as the candidates, it may not be possible to fulfil the team's expectation keeping in view the company's vision and longer term plans. This might cause anguish among the members and create an imbalance when one or two team members are promoted.
Companies need to be careful in making such promises at the time of initial hiring. After all, it is better to be safe than to be sorry!!!
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