Small-to-medium businesses (SMBs) are growing and they need people to support that growth. In fact, the average employment growth rate within the middle market was at 6.4 percent (3Q18), well above the historical average of 4.2 percent.
Growing companies need people, and talent recruitment may be the most important factor to growth.
Change is never-ending as companies grow from $100 million to $300 million to $500 million and beyond. As your SMB transforms, every aspect of business will feel the change, but none more so than your employees and the HR department.
As your company grows and your needs change, the HR department and the role of human capital management (HCM) must change as well.
When you are on the “small” side of “SMB,” your focus will be on talent acquisition. You need specific types of employees. You need talent who have wide skill sets. Their great ideas and knowledge will get you to the next level. As you grow, you will need more specialized skillsets, so your recruiting focus will change. Simultaneous to that, you will realize there is a very high cost of employee turnover. So your focus will be tweaked again towards the area of talent management. Talent management includes talent acquisition but takes it one step farther to include engagement strategies and long-term career planning.
Eventually (but probably quicker than you think) you will need a complete cloud HCM solution that covers recruiting and hiring, employee engagement, review and appraisal processes, as well as succession planning, benefits, and retirement processes.
The fact is HR professionals have much more value to provide than just basic, transactional processes (i.e. paper pushing). But without the right tools, they are stymied. With the right tools, your HR staff and recruiters can focus on finding the right talent for your company (no matter the stage of growth). They are able tailor their recruiting message with laserlike personalization. They have the ability to analyze the strengths and weaknesses of both your company and other companies vying for the same talent and then leverage that information. They can work to align (and maybe even define) your SMB’s culture to make it easier to identify prospects who would fit well. They can focus on employee engagement, working to provide the tools, skills, projects, career paths, and work-life balance policies that turn mere employees into advocates.
By digitally transforming HCM during this next year, your HR team (recruiters and all) can use their time more productively. They can find the right people at the right time. They can deliver meaningful employee support—the things that really drive engagement and retention.
In the past, dedicated enterprise-level HCM tools have been out of reach for many SMBs. They were expensive, complicated, and were often customized to the point of diminishing returns. But with Oracle HCM Cloud, your growing small-to-medium business can have access to the capabilities you need and can add more as you grow. Seamless, easy, powerful Oracle HCM Cloud takes care of your most important asset: your people.