The latest issue of The Economist Intelligence Unit analyzes the challenges many medium size company have to tackle in attracting and retaining talents.
Medium sized companies employ up to the 25% of the global workforce. They very often operate in niche markets and grow more quickly than companies in other parts of the economy. Moreover, they act as valuable suppliers partnering with bigger organizations, which depend on their unique capabilities and specialised skills.
Here is an overview of the five big challenges and the way to win the battle.
#1: Salary vs Responsibility
Challenge: Big companies typically offer higher salaries and better benefits
Solution: Compete on flexibility, access and responsibility
#2: Brand vs Experience
Challenge: difficulty finding workers for “old economy” jobs
Solution: Take advantage of internships, vocational schools and government programs
#3: Organized recruitment vs staff referrals
Challenge: Limited HR resources
Solution: Make word-of-mouth and flexible hiring the way you operate on the labour market
#4: Old hiring habits vs exploring new pools of labour
Challenge: Labour force shortage
Solution: Expand your pool of prospective workers (import talent from other countries, hire women in a sector that has traditionally been male-dominated, give opportunities to laid off people)
#5: Career vs professional and human growth
Challenge: Motivating seasoned workers
Solution: Offer them new roles, including as mentors