For any company to be successful in the current economical climate it is going to be vital for organisations to optimise their resources. And surely any organisation’s most valuable resource is its staff.

Nurturing talent will be a key tool in a successful business

For example, one option is to use this period to promote young talent rather than take on the cost and risk of recruiting externally, a tactic backed up by Dr Emma Parry’s recent report, Nurturing Talent, published by Cranfield School of Management. Another report from Cranfield suggests that initiatives such as Investors In People can have a positive impact on financial performance.

In these leaner times it is going to be increasingly important to draw a distinction between financial capital and human capital. Whilst there’s little doubt that finances are restricted, now is not the time to constrain your people. In fact this climate of change offers the perfect opportunity to unleash new talent within your organisation, encourage innovation and allow the next generation of leaders to identify themselves.

The trouble is that many people are feeling so beaten up by the combination of exhausting workloads and fear of redundancy that they are losing their drive and confidence to take a risk and step up to a new challenge. Staff are all in need of motivation and the chance to feel good about themselves and therefore determined to give their best.

3 Ways to make your team feel great:
- Handwrite a card of letter listing the qualities you value in that person and the difference their contribution has made this year.
- Give out some awards at the Christmas celebration to every member of the team in recognition of a specific contribution.
- Set a date in January to have some fun together doing something that will help the business.

3 Things that will keep a company growing strongly:
- Spell out your vision for the team, be clear about the difference they make in the world and the reasons they should be proud.
- Have lunch with each of your direct reports to hear their hopes and dreams.
- Develop yourselves as a group, spend time finding out what makes each of you tick.