Hire and Rental News - April/May 2015

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18 HIRE AND RENTAL NEWS • APRIL/MAY 2015
INDUSTRY in FOCUS
Employing and developing such people
provides excellent opportunities for you as
an owner. It can be lonely at the top, but
you don’t need to be the only one driving!
Of course it also provides a clear path to
succession and ultimately your retirement!
However, what we generally find is key
employees - although exceptional in their
current role - naturally have shortcomings
in some essential areas. So successfully
guiding their transition into a leadership
role is essential.
Firstly, you don’t need to do this on your
own - Fordham can assist! As a first step,
we need to be able to clearly identify your
own goals as the business owner, and
exactly what you are trying to achieve.
Does your business need a key employee
development plan?
By Laura Rogers, Associate Partner, Fordham Business Advisors
It should come as no surprise key employees often have aspirations of (one day)
running your business.
Next, we conduct one-on-one interviews
with your key people. This allows us to
understand their goals and where they see
themselves, now and in the future. Rather
than developing plans based around
perceived goals and skill levels, it is crucial
to gain insight directly from employees.
This also ensures they are actively
engaged in the process.
Then, we conduct a comprehensive SWOT
analysis (that is, Strengths,Weaknesses,
Opportunities and Threats). This identifies
key areas and skill gaps that require
attention (and they will exist).
Finally, we review a detailed job
description for the role you are aiming to
implement. This ensures the final action
plan will focus on the appropriate areas of
development for the role, and you receive a
return on your investment!
By following this process you are investing
resources in your best people (and
planning to retain them), and developing
an extremely robust succession plan that
will ultimately benefit you, the business
owner.
Input from you, interviews with your
employees, the SWOT analysis and
the aspirational job description are all
considered in conjunction with one
another to prioritise key development
areas. Agreed priorities are formulated into
an action plan for the employee to adhere
to and achieve their goals. This forms the
Flextool - a division of Parchem Construction Supplies Pty Ltd.
For more information contact your local branch on 1300 737 787
Quality Concrete &
Construction Equipment
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