BIG CHALLENGES SME Business Leaders face when attracting Talent in modern times…
Innovation, investments, re-engineered cost base and skills shortage all loom over the horizon with the turn of the year approaching. Aside from Brexit uncertainties, CEO’s and Business Leaders face key issues around talent acquisition and retention. These include workplace flexibility, expanding employee benefits and sourcing high calibre staff.
Increasingly young professionals are demanding greater flexibility in the workplace to complement personal circumstances. Similarly these professionals are also still looking for progressive opportunities to further advance their careers and climb that ladder. CEO’s and Business Leaders are acknowledging this and continue to review options to facilitate needs and to still get best value from staff. This applies across the full corporate spectrum, SME’s and International businesses alike.
Expanding Employee Benefits
Looking beyond legislative obligations such as minimum wage increase and workplace pensions, Business Leaders recognise the need to be competitive offering expanding employee benefits packages including health insurance, childcare options, incentive schemes and various bonus packages. New initiatives include wellness checks and staff consulting/counselling services to external consultancies where they can speak freely outside of the confines of their employer. Clearly businesses are looking for more options to attract and retain staff. Although many businesses could potentially struggle with the financial burden, they are realising that payoff is happier and more productive staff with greater retention rates and greater return on investment.
Finding new talent
During the recession, skills within the market were plentiful but improved economic climate has meant skilled labour is becoming harder to find. Despite the rapid evolution of the internet and new media as a recruitment tool, over 51% of hiring managers have been dissatisfied with their recent hires in 2016. External factors such as companies keeping salaries competitive and expanding benefit packages, has also dried up the talent reservoirs. Recruitment methods will continue to evolve and external recruiters will play a key role. They are at the coal face and are best placed to have an overall picture hiring across a wide business spectrum. They can readily advise clients on competitor trends and what is needed to attract and retain top talent.
Employers today look to measuring new hires based on a fine balance between the skills they bring and their personality fit within their working culture. This will enhance greater employee loyalty and build employee longevity benefiting the Employer long term, bringing returns on investment.
In conclusion SME’s although faced with challenging times are looking to build sustainable businesses that will deliver growth and prosperity in 2017. Reducing investment isn’t the answer, re-engineering investments is key to growth and sustaining profitable margins. At Amdas we work closely with Businesses gearing for growth and recognising talent is paramount and people are key.
Source: Amdas Research utilising data sources from CFO, Business News Daily & Business Insider