Middle-market businesses face several unique challenges in finding employees with the skills needed to help a company grow. Among those challenges: less name recognition than larger companies, smaller HR departments, rapid growth and less robust internal training programs.
The struggle to find talent is very real for mid-market companies. According to a recent survey from the National Center for the Middle Market, an average of 37 percent of middle-market executives say talent shortages limit their company’s growth. In healthcare, business services and construction, 44 percent to 49 percent say their growth is stymied by problems finding enough employees with the right skills.
Is your company struggling to find enough well-qualified employees? Here are seven ways to fix your company’s talent acquisition problem.
Everyone likes to help their friends, right? That’s why your current staff can be one of the best sources of new employees who will be a good fit for your company. Someone who already works for your company knows its strengths and weaknesses, and knows which of their friends and acquaintances are likely to be a good fit for your company’s culture.
Providing an extra cash incentive may provide the added motivation employees need to open up their contact list. To make an internal referral program successful, you’ll need to determine when the payment will be delivered and offer an amount that’s appropriate for the position to be filled.
A $100 referral bonus may be right for a coffee shop worker while $1,000 may be necessary to help you find an IT professional. You may stipulate that the bonus is paid immediately upon hire, or after the referred employee has been on the job three months.
If your company seeks a specific skill set, say engineering, accounting or information technology, local colleges may be a good source of new talent. Pick up the telephone and call the dean of the local college or trade school and ask to attend a job fair or otherwise be introduced to those soon-to-graduates.
Professors can be excellent talent scouts for young people who are both skilled and motivated to find a job and start paying off their college loans right away.
You can also join a local alumni group or get involved with your college’s fundraising efforts in order to network with potential candidates and fellow alums.
Particularly for professional and technical employees, an internship program can be an excellent way to identify young talent.
Resist the urge to operate a “loosey-goosey” internship. For this to be useful to your company and the candidate, you’ll need to devote some effort to finding meaningful work for the intern, as well as offer regular feedback.
Forget thinking of an intern program as the chance for free work. These days, paid internships are the norm.
Consult this article for tips on how to build a successful internship program.
Your best bet for finding new talent may be to tap into the workforce you already have. Let employees know that you’ll pay for the training and development courses they’ll need to move into more senior roles. Such investment helps build employee loyalty and job satisfaction.
While it may sound expensive to pay for college courses or technical certification programs, consider the business cost of failing to fill key positions.
Is your office manager still juggling payroll, office supplies, janitorial services and benefits administration? Many middle-market companies fail to grow their HR department along with the rest of the company.
If you’re consistently struggling to find new talent or losing potential hires to other companies that pay more or have better benefits, it may be time to devote more company resources to human resources.
A fully staffed HR department has the strategic capacity to get ahead of workforce needs through salary surveys, workforce planning, succession planning and other functions that can help you keep current employees happy and find new ones.
Community involvement can be key in supporting your company’s talent search, so join your local chamber of commerce or Rotary Club. After all, these organizations are dedicated to helping its members succeed by nurturing the local economy. A few networking breakfasts or lunches may be all that’s needed to get the word out that you’re expanding your staff.
You also should think beyond local non-profits. Depending on your company’s size, your national industry association may be a good source for talent referrals. State-level trade associations tend to be a smaller pond and may be even more useful in helping you find potential employees who are already familiar with your business or industry.
A robust communications program can help your company combat its talent shortage, especially for mid-market companies fighting with large companies for talent. A communications program doesn’t have to be costly but it will require some planning to be successful.
Internally, all that may be needed are regular emails from the CEO and a few job posters in break rooms. Your goal is to let ambitious, lower skilled employees know that career opportunities are available or that you’ve launched a new referral bonus program.
Externally, your company’s social media pages and website should highlight open positions, as well as the tangible and intangible benefits of working for your organization. You can also try any number of ways to raise your company’s visibility, from hiring a ghostwriter to pen industry articles to donating to local causes.
And keep in mind that professional buyers will often devote a significant portion of their due-diligence work to determining how well your talent pool is growing and expanding. Having a robust and active employee recruitment and development program will only help you as you negotiate with potential buyers of your business.
To learn more, read the full survey on talent shortages from the National Center for the Middle Market.
By Jessica Johns Pool.
© 2017 Generational Equity, LLC. All Rights Reserved.
The information we learn from customers helps us personalize and continually improve your experience. Here are the types of information we gather.
We receive and store any information you enter on our Web site or give us in any other way. We do not sell or rent your personal information to others without your consent. We use the information we collect only for the purposes sending promotional information, enhancing the operation of our site, serving advertisements, for statistical purposes and to administer our systems. We DO NOT use third parties to provide customer service, to serve site content, to serve the advertisements you see on our site, to conduct surveys, to help administer promotional emails, or to administer drawings or contests, but reserve the right to do so in the future without advance notice.
By submitting my name electronically and clicking the “submit” button, I understand that I am providing Generational Group, Inc., Generational Equity, LLC, Generational Capital Markets, LLC, DealForce LLC, their affiliates, representatives, contractors, etc. (“Generational Group”) my telephone number, which may include a number that is wireless and/or a number that is on a national, state, or other Do Not Call registry or list. I hereby consent and agree to receive telephone calls including any autodialed and/or pre-recorded telemarketing calls and/or text messages (telemarketing) from or on behalf of Generational Group at the telephone number provided. I further consent and agree that telephone calls may be made using automated technology such as an automatic telephone dialing system, artificial or prerecorded voice, or SMS text messaging. Consent is not a condition of purchase. I further warrant and represent that any telephone number provided is not on any state or national Do Not Call Registry and that by agreeing to these terms and conditions that if any number provided is on any such registry, I hereby consent and agree to receive telemarking calls and/or communications including any phone calls, text messages, URLs, links, emails, etc. to the telephone number(s) and/or any e-mail addresses provided. I understand that by entering my name in the electronic form provided, that I am signing my name as equally as if it was my handwritten signature and that it is my intent to provide an “electronic signature” as that term is defined in state and federal law, as well as industry practices for e-commerce.
For reasons such as improving personalization of our service, we might receive information about you from other sources and add it to our account information.
Generational Group may license the use of its intellectual property including but not limited to its name, likeness, and logo for the use of affiliated offices. Such affiliated offices may not be owned, controlled, managed, supervised or staffed by employees, officers, or agents of Generational Group. Affiliated offices may be independently owned and operated. For more information about a particular office, please contact Generational Group at its office in Dallas, Texas.
This page may contain other proprietary notices and copyright information, the terms of which must be observed and followed.
Information on this web site may contain technical inaccuracies or typographical errors. Information may be changed or updated without notice. Generational Group may also make improvements and/or changes in the products and/or the programs described in this information at any time without notice.
Generational Group does not want to receive confidential or proprietary information from you through our web site. Please note that any information or material sent to Generational Group will be deemed NOT to be confidential. By sending Generational Group any information or material, you grant Generational Group an unrestricted, irrevocable license to use, reproduce, display, perform, modify, transmit and distribute those materials or information, and you also agree that Generational Group is free to use any ideas, concepts, know-how or techniques that you send us for any purpose.
Our computer system protects personal information using advanced firewall technology.
Information Generational Group publishes on the World Wide Web may contain references or cross references to other products, programs and services that are not announced or available in your country. Such references do not imply that Generational Group intends to announce such products, programs or services in your country. Consult a Generational Group representative for information regarding the products, programs and services which may be available to you.
Generational Group makes no representations whatsoever about any other web site which you may access through this one. When you access a non-Generational Group web site, please understand that it is independent from Generational Group, and that Generational Group has no control over the content on that web site. In addition, a link to a non-Generational Group web site does not mean that Generational Group endorses or accepts any responsibility for the content, or the use, of such web site. It is up to you to take precautions to ensure that whatever you select for your use is free of such items as viruses, worms, Trojan horses and other items of a destructive nature.
IN NO EVENT WILL Generational Group BE LIABLE TO ANY PARTY OR ANY DIRECT, INDIRECT, SPECIAL OR OTHER CONSEQUENTIAL DAMAGES FOR ANY USE OF THIS WEBSITE, OR ON ANY OTHER HYPERLINKED WEBSITE, INCLUDING, WITHOUT LIMITATION, ANY LOST PROFITS, BUSINESS INTERRUPTION, LOSS OF PROGRAMS OR OTHER DATA ON YOUR INFORMATION HANDLING SYSTEM OR OTHERWISE, EVEN IF WE ARE EXPRESSLY ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
Furthermore, all information contained within this website is the property of Generational Group.
Success, you have been added to our list.
it all started with a conference.
start your story today,
speak directly with one of our senior advisors +1-972-232-1121