The past decade has witnessed the growth in an unexpected national job expansion which creates difficulty for small and medium-size enterprise to recruit and retain the talent which they need to sustain the business growth. People are inclining more towards the government sector because of lucrative benefits and job security. Then comes the storm of the pandemic which shaken the whole business world.
As this pandemic creates lots of short-term challenges in the way of SME growth, it’s essential to keep in mind that they need to build a growth-ready team which remains vital for long-term success. As the pandemic expected to last months, the SMBs left with no option other than adopting the “new normal” for remote working. This pandemic mostly hit the business whose growth is dependent on foot traffic.
Influenza pandemic in 1918 witnessed the robust growth post-pandemic. Once the recovery from COVID-19 begins, SMBs can expect the same kind of growth and hiring and staffing challenges they faced before to the epidemic.
Competition for the Best Talent
The biggest challenge faced while expanding small business pre-pandemic was the weight of the job market. Talented job seekers and employees have a large number of options and employers when the unemployment rate is shallow. When the condition becomes normal again, SMEs will also compete for the best employees. They are preparing to capitalise the incentive, and they have a better position to offer. The flexibility of SMBs provides more opportunities for growth with a quicker path give advantage to small business in attracting and retaining talent.
Once the job market heats up again, for SME growth, they need to play their game. Some tips for building growth-ready team are:
- Don’t rush into the hiring process
- Consider hiring freelancer also
- Be clear with job responsibility
- Interview only the most qualified candidates
- Set goals and keep them engaged from an early stage
Importance of Workplace Culture
The workplace plays a vital role while competing. The good news for expanding small business is that they don’t need significant financial investment in changing the work culture. They have the built-in advantage of small size, which allows them to manage efficiently and know their employee personally.
Employees are the lifeblood of any organisation and the quality of employee directly affect the SME growth. Therefore, the company that low their hiring standard and gives just fill the place for the sake of recruiting and for less money damage their bottom line, hamper their reputation.