A Leader's Dilemma

March 23rd, 2023.

AMI is pioneering practical business and management learning for Africa that equips entrepreneurs and managers with the tools and training they need to succeed.

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Hello again! 👋

It’s been an AI show this past week, from the launch of ChatGPT-4 to Google’s Bard and then, this AI-Led Company has been raking in thousands of dollars in revenue barely a week after starting.

Will this company succeed? Find out here

In Today’s Edition

• Competitive Compensation is No Longer Enough

• How to Build Strong Employee Retention Strategies in a Layoff Era

• Startups may Fail, but Entrepreneurs Always Succeed

• Startup Banking Best Practices in the Wake of the SVB Collapse

Competitive Compensation is No Longer Enough

It's amazing to see the significant boost in productivity that top talent can bring to an organization. In fact, this research showed that high performers are 400% more productive than their average counterparts.

Similarly, studies on businesses have shown that the productivity gap between high and average performers increases with the complexity of the job with high performers being a staggering 800% more productive.

This discovery has necessitated the need to retain top talent in today's fast-paced business world as a company's success depends on its ability to attract and retain the best employees in the industry. However, while a competitive salary is undoubtedly an essential factor in retaining talent, it is not the only one.

The coronavirus pandemic has prompted two-thirds of employees to reconsider the role of work in their lives. Consequently, nearly 45% of employees are actively searching for positions that align with their revised expectations, leaving over 60% of executive leaders "significantly concerned" about the impact of high employee turnover rates.

A competitive salary is still a strong motivator, at least at the very start. But employees are now seeking a comprehensive package and as such, employers need to get creative in their approach to talent retention, looking beyond the paycheck to meet employees’ changing expectations.

So then, what is the way forward?

1. Revolutionalize your employee experience

In an interview, Chris Cabrera, Founder and CEO of Xactly said, “We just had a boomerang this week come back and she was one of the great employees we had,”.

“She left because she thought the grass was greener, got a little more money and a better title. She absolutely hated it and came back and said ‘I knew the culture was great, but I didn’t really understand how great it was until I was in a different culture."

Humanize your workplace culture such that it provides inclusivity, support and flexibility which helps employees work with a greater sense of purpose and fulfilment.

2. Prioritize effective Leadership:

In Gallup's study of managers, they found that "The manager accounts for at least 70% of the variance in employee engagement." Of course, if you like your job, and are engaged, there's a much lower chance you'll seek another role somewhere else.

Also, in this recent survey of 3,000 workers, 82% said they would consider quitting their job because of a bad manager.

Building effective leadership is a walkover with AMI's Management Development Programme. The Programme is highly practical and comprehensive and aims at helping your team leaders and middle-level managers develop the skills they need to lead with confidence, drive performance, and inspire their team to achieve their full potential.

3. Provide Growth Opportunities

To reduce the risk of losing talented employees to competitors, it's important to recognize that most employees tend to explore external job options before considering internal ones.

To address this, consider implementing a platform that allows your employees to openly express their career goals and connect them with relevant opportunities, experiences, and skill development within the company.

This can create a more supportive and satisfying work environment that encourages career growth and helps retain valuable team members.

Let's call it a wrap for today!

So tell me, did today's newsletter give you any ideas on how to retain your best talents?

SPECIAL FEATURE

Boost Your Team's Performance with Expert Management Techniques

Looking to take your management skills to the next level?

AMI's Management Development Programme is the perfect opportunity to empower yourself and your team for new heights.

Over the course of this comprehensive 6-month program, you'll learn from expert coaches and mentors as you develop the skills you need to lead with confidence, drive performance, and inspire your team to achieve their full potential.

CORPORATE CULTURE AND TEAMS

Where to Find Tech Talents in 2023

In today’s fast-paced world, technology has become an integral part of our lives. That’s why there’s no surprise that the demand for tech talents is increasing rapidly, and businesses need to adapt to these changes to remain competitive.

Hiring the right tech talent is crucial for a company’s success, but finding these talents can be a daunting task. In this post, we covered where you can easily find tech talents for your company in 2023.

TRENDING

We got Featured!

We're changing the narrative in the recruitment industry!

At CareerBuddy, we recently launched our subscription-based recruitment service directed at fast-growing startups across Africa. With this latest hiring service, medium-sized businesses and startups with opportunities to grow can get access to top talents, providing a mutually beneficial relationship for all.

AS SEEN ON TWITTER

Startups may Fail, but Entrepreneurs Always Succeed

Twitter has become a school with endless resources, every week I will be sharing useful tweets that will be beneficial to you as you continue to build amazing products. Click on the images to view the thread.

FROM THE LEADER’S LIBRARY

Startup Banking Best Practices in the Wake of the SVB Collapse

For decades, Silicon Valley Bank was the financial institution of choice for tech startups and venture capital firms. As a result, the bank’s collapse on March 10 has left many startup founders scrambling to figure out what to do next.

Here’s a look at some of the startup banking best practices Wilson Sonsini Goodrich & Rosati recommends in the wake of the SVB collapse.

MEME OF THE WEEK

Source

AI TOOLS OF THE WEEK

AI tools you should be using to make your work easier

• Decktopus AI - Create compelling slides for your presentations with AI

• Quinvio AI - Create videos quickly with AI assistance

• Supernormal AI - An AI-powered meeting recorder

• Roam Around - Plan your trips using this AI travel planner

• Scispace AI - Your AI research assistant that saves hours of your time

QUOTE OF THE WEEK

"Two surprisingly simple facts for startup founders:

1. A great company takes at least 7 years to build

2. During this time, it typically goes through 5 near-death experiences

Don’t give up. Don’t panic. What you are going through is normal. It’s just a matter of time…"

Umar Saif

ABOUT CAREERBUDDY

Hire Smarter, Not Harder

At CareerBuddy, we make hiring seamless for fast-growing companies, we pride ourselves on knowing the best people that will excel in a Startup. With a candidate retention rate of 90.3%, it is safe to say “we are the best in the game for Startup hiring in Africa”.

We have worked with our partners to hire both for Technical and Non-Technical roles, we have also helped them with expansion in Africa. Some of our clients include Bamboo Invest, Helium Health, Cassbana, Cadana, Fincra, CrowdForce, Casava, TeamApt, Sabi, etc.

Are you hiring at the moment? Contact us