Vistage Research Center conducted a survey of over 1300 SMB CEOs in December 2017. In their article “Five Ways the Best Companies Hire the Best People” they found that 71% of firms are planning to hire more people this year, up from 60% last year.
Hiring the right talent is the single most critical decision facing CEOs this year. Vistage said, in part “getting talent decisions right will play a major role in the success of any SMB in 2018”. In this tight job market, everyone is competing for top talent. Vistage had some insights for hiring the talent you need and retaining the talent you have.
Talent comes before growth. Having the right people in the right job is the basis for businesses. It’s even more crucial for SMB, where depending on one person is greater than for a large company. In fact, it’s crucial for survival. Whether you are trying to make investments in your company or increase business, not having the necessary people can cost you money/lost income/revenue.
Retain your current employees while looking for new hires. In addition to bringing on new people, you need to hold onto the ones you have. Other CEOs will be looking in your company to hire your people away. In a small business, the loss of a single employee can cause the collapse of your current processes; you lose knowledge and productivity.
Grow your employees. Invest in their professional development. It’s an easy way to help you retain your current workforce and will boost their productivity and improve their skills, increasing the likelihood they will stay with you.
Offer competitive wages to employees. It is top strategy in hiring talent. It’s also a smart way to retain talent as it keeps them feeling valued. If they are deserving, offering them a raise can keep them from looking for employment elsewhere. Don’t wait until they have an offer from another company. It’s too late then.
Offer great benefits to potential hires. It will give you a competitive edge. Don’t forget to offer those benefits to your current employees. It will help them feel satisfied and secure. They will be more likely to stay with you.
You can increase your chances of getting the right talent by hiring Acumen Executive Search. Cultural fit is our number one priority. We have a 100% success rate for retained searches, with a 93% employee retention rate that is triple the national average. Our searches are national. We don’t just pull a resume from a database. We go out and find you your next great hire.