The Corporate MVP: The Key to a Successful Business
By Margaret Butteriss and Bill Roiter
April 2004 Accountants and financial planners, listen up. Profitable growth in any business -- even your business -- is largely dependent on the ability to attract and retain high-performing, results-driven people. We call these people Corporate MVPs, the five to 10 percent of employees who make the most impact on your business. Corporate MVPs produce tangible and dramatic business results and regularly overdeliver on goals and expected results set for them.
What do MVPs do to create value?
How do Corporate MVPs achieve these extraordinary results?
How do you attract MVPs to work for your business?
You've decided that the future growth and success of your business requires you to hire an MVP. Now what? It's important to find out where the MVPs are, both in terms of the companies they work for and their geographic location. This is relatively easy since these types of people are well known, both by people in their industry and by recruiters. The trick is to get them to want to work for your business. You'll need to ensure that there is a fit between the needs and culture of your business and the needs and style of the MVP:
How do you keep the MVP?
Just like a sports MVP, a Corporate MVP will thrive under the direction of a great coach, or great management. They can succeed for a time under poor management, but eventually will seek out another organization that better suits their talents. In order to retain the MVPs in your business make sure that, in addition to providing constant challenges, you delegate authority and responsibility to them and don't micromanage them. Just like their sports counterparts, Corporate MVPs need to keep score and constantly improve. Provide them with details of the business strategy and be clear on the direction you want them to follow, together with the expected results. Other tips on effectively managing Corporate MVPs include:
Do you have the time to do all the things necessary to attract and retain a Corporate MVP? If the answer is no, we suggest you reconsider. Certainly, these actions certainly do take precious time, but the value and profitability a true MVP will bring to your business will have an impressive ROI.
MARGARET BUTTERISS and BILL ROITER are the co-authors of Corporate MVPs: Managing Your Company's Most Valuable Performers (Wiley, March 2004). For more information on the Corporate MVP concept, visit http://www.corporatemvp.com.2004 SmartPros Ltd. All rights reserved.