Our previous blog covered various prevalent growth strategies. Today, we’ll look into how these approaches should dovetail with your staffing plans.
Growth strategies are the initiatives a company implements to increase its market share. On the other hand, staffing strategies encompass hiring, training, and retaining employees to achieve the company’s goals. Therefore, optimizing your planning requires interconnecting your growth and staffing strategies. That way, you can leverage your workforce to achieve sustainable growth.
The market penetration growth strategy increases a company’s market share by selling more products or services to existing customers. In this case, the staffing strategy would be hiring salespeople skilled at building and maintaining customer relationships. In addition, sales professionals should have unparalleled product knowledge and communication skills so they can sway customers to buy more. (Note: Colleges offer associate’s, bachelor’s, and master’s degrees in communication since this skill has multiple applications in the professional world.)
Another growth strategy, product development, creates new products or services geared toward existing customers. Here, the staffing strategy involves hiring employees with expertise in developing new products. They should excel in research and development, marketing, and product management to ensure the new product’s success.
Market development, a third growth strategy, markets existing products or services to new customers. The staffing strategy, in this case, is to hire workers with marketing and sales experience to help the company expand into new markets. In addition, employees’ market research skills should help them identify new opportunities and market trends.
The growth strategy called diversification places the company in new markets or industries with new products or services. Coupled with this method, the staffing strategy requires employees skilled at entering new markets. Again, proficiency in market research, business development, and product management proves helpful.
Your staffing strategy must mesh with your company’s growth strategy. To achieve sustainable growth, a company’s workers must exhibit the expertise their growth strategies demand. By aligning their staffing and growth strategies, companies can craft a workforce that helps them realize their goals and succeed in the long term.