3 Ways Small Businesses Can Compete For Top Talent
Top HR strategies to prepare for talent wars
Today’s workforce has evolved. A new mix of full-time and contract workers gives companies the flexibility they need. However, it also challenges small businesses to make sure this new blend of workers are managed effectively and compliantly, and are developing the skills needed to help the company succeed.
Small and midsize businesses need to be prepared for the all-out war likely to erupt for qualified talent. As a report says ‘large companies have a greater opportunity to attract new grads’. But small companies must also keep the long, strategic view of investing in efficiently managing their growing workforce. Here are three ways small businesses can hone HR skills to compete for the right talent while keeping an eye on the bottom line.
Evaluate workforce segmentation
A seamless and effective workforce isn’t simply split into full-time and temporary categories. Consider segments such as professional contingents, administrative temporaries, independent contractors, technical consultants, business consultants, and deliverable associated contributors. Small and midsized businesses should take a close look at how their workforce is segmented today and then decide how to ramp-up staff once demand increases. Companies that start mapping out a plan to attract the right skills early, will win over the right types of workers when the time comes.
Refine recruitment strategy
In order to respond quickly to improved market conditions, focus on identifying acceptable time-to-hire and cost-per-hire metrics. Businesses should begin with an honest evaluation of where and how talent is brought into the organization. There is more than one way to hide head count, but it’s up to managers to better understand recruiting practices and make sure that the process is efficient and compliant.
Identify employment brand
In order to maintain the brand’s value, most large companies have strict rules about how employees can communicate with the public about the company. Smaller businesses should follow this lead, especially when it comes to recruiting. It’s important to use current employees as brand ambassadors by providing them with adequate information about the brand, employee expectations, milestones, and other internal initiatives. This includes detailing specific skill-set requirements and standard use of every area of operations.
For businesses that use third-party vendors to assist with recruitment, there must be a strategy in place to communicate the right message about the employment brand to the marketplace. That’s just the bare minimum. HR managers should also work closely with marketing and PR colleagues to communicate a clear, strong employment brand through advertising, job postings, the press, social media, and other outlets. That way, incoming recruits and candidates already have an accurate and consistent perception of the business before walking through the door. The value of a brand must not be diluted by outside influences.
Overall, policies and procedures put into place should not inhibit your business’ ability to place talent quickly. Instead they should manage all sources and types of talent and connect them to very specific measurable performance expectations. By having a comprehensive view of the talent pool, contributors from various segments may be leveraged more efficiently throughout the enterprise within legal parameters that today’s businesses can’t afford to breach as the economy rebounds. There are multiple software in the market who help you take care of the entire cycle of workforce management. Ask for a demo of the most preferred workforce management software and meet the vendor who is listed among the 25 Most Promising HR Tech Solution Providers.