In a recent survey of the Inc. 5000 ― The Talent and Technology Driving America’s Fastest Growing Companies ― one of the biggest obstacles these high-growth companies highlighted was attracting and retaining skilled employees. This point was stated over and over again, and it seems to be a key pain point for both small and medium-sized businesses.
So Oracle continued our partnership with Inc. Magazine to delve deeper. We wanted to understand exactly what about “talent” worries SMB leaders and executives and keeps them up at night.
It All Comes Down to Talent
In many ways, starting a business is easy. It seems that everyone wants to do it. In a recent study conducted by the University of Phoenix, 55% of people in their twenties and 50% of those in their thirties would like to start a business in the future. That is an awful lot of SMBs sprouting up all over the country.
Growing that business into a self-sustaining entity is the hard part. Two-thirds of all businesses fail within 10 years, and many of the reasons revolve around talent. Many SMBs fall off the growth curve because they:
- Struggle to compete with larger enterprises when hiring the people they need
- Do not create compensation and benefits packages that will attract and retain the best talent
- Lose the battle in retaining employees during every stage of their growth cycle
- Do not offer employees enough advancement opportunities.
As you transition from start-up to established company, sourcing, hiring, engaging, and retaining key talent has to be a priority. The people you employ are the face and voice of your company. They personify everything that your company stands for.
Solutions for Your Talent Challenges
- Hire the right people, and let technology help you do that. A fully integrated, talent acquisition solution, like Oracle Talent Management Cloud, offers end-to-end recruiting automation and streamlined onboarding processes, so your HR department (or person) can quickly and easily source and onboard the best candidates.
- Design the right plans for the right people. When it comes to talent, it really is true that “you get what you pay for.” With the right human capital management (HCM) solution, like Oracle HCM Cloud, you can effectively manage your overall compensation spend while recognizing your top performers—without creating additional work for your HR team.
- Focus on employee engagement. Losing just one employee can significantly impact your company’s growth trajectory. For employee engagement to be a success, its outcomes must be measured in terms of productivity and growth— big issues for growing companies. Old standbys (like annual employee surveys) don’t work. High-growth SMBs are utilizing HCM cloud solution suites (along with big data analytics and collaborative social tools) to achieve a continuous, real-time view of employee engagement. This is then correlated with business outcomes to determine which initiatives are winners and which ones are duds.
- Invest in technology that allows you to invest in people. With the right HCM software solution, high-growth SMBs can develop (and roll out) dynamic succession plans, invest in employees’ career development, and shift the HR team’s focus from manual tasks to strategic activities.
Intrigued? Want to know how to actually do these 4 things? Check out Oracle’s newest SMB ebook ― Losing Sleep Over Talent: SMB Leaders’ Top Talent Concerns and How to Fix Them.
In this informative ebook, you will find the information to help you get some zzzzz’s. So don’t wait, download our ebook today!