HR Tech Alert – Midsize Companies’ Winning Strategy for Hiring, Engaging and Keeping the Right People.
The 21st-century economy is service-focused. Organizations that win today are absorbed on two things: taking care of their customers and taking care of their employees. However, winning and keeping engaged or loyal individuals – either as customers or employees – is challenging.
In a marketplace where employees have several options to advance their careers, you will have to contest to hire the best talent and to keep the finest people working for you. On the contrary, when it comes to acquiring and retaining talented people, midsized organizations are, well, caught in the middle. They typically do not have the brand appeal or financial resources of large enterprises, and they do not bid the get-rich-quick probabilities of hot startups.
However, their margin for error is far smaller than with big business – and their talent needs are just as acute, which can afford to lose a star player or two or carry a few weak performers.
It would not be wrong to say, if midsize companies are going to contend for progressively scarce talent as baby boomers retire then they should have a modern HR strategy – and up-to-date HR tools to execute it.
Acquiring and Retaining Best Talent is Challenging for Midsize Companies
Midsize organizations experience the same HR challenges that larger corporations do. The primary difference is midsize companies have LIMITED RESOURCES to address those challenges. It is critical for their business to identify and hire the right talent, manage them efficiently and retain them. This requires installing the RIGHT HUMAN RESOURCE MANAGEMENT SYSTEM, where social tools and business insights are imperative.
Given this, without deploying an automated recruiting system, midsize firms face the subsequent challenges:
- Due to paper-based system, it is hard to source and track the candidates
- Inefficient to track, quantify and support key business metrics due to Limited Reporting Competencies.
- Poor regulatory compliances that places companies at some severe risks.
- Data accuracy and productivity issues due to lack of Automated Processes.
Talent Management –How to Reduce Time & Cost of Hiring Talent?
The answer to all these challenges in talent acquisition lies with an intuitive, simple and comprehensive end-to-end recruitment solution that comprises recruitment marketing and employee referrals thus you can source talent and simplify employee onboarding process.
A complete talent solution – from acquisition through performance management and learning & development to retention – allows you to recognize sources of external and internal talent so HR managers can act quickly to talent essentials, and execute effective talent tactic.
You can increase the quality of your new hires and reduce costs associated with recruiting with a leading cloud-based HR system that will streamline all sourcing and hiring process of your organization.
1. Talent Acquisition
! Midsized companies find it challenging to discover and acquire the right talent due to lack of automation.
To drive results, you need to identify and hire the right talent. You must also stand out from the competition by making your enterprise a place where quality people want to work. With RIGHT SOFTWARE INSTALL or MAINTAIN, your sourcing and recruiting solution will be up and running in days (not weeks or months) – and you would not require a large IT staff to manage it.
2. Talent Onboarding
! When there is an increased competition for talent and limited resources many midsized companies face difficulty in onboarding employees.
By automating onboarding paperwork and compliance while trailing the progress of your onboarding activities – you can get new hires up and running quickly, they can start contributing to your success on the first day of employment.
You can achieve better goals with best-in-class onboarding solution that is scalable, easy and secure.
3. Learning and Development
! Midsized companies finds that there is no easy way to upload and disseminate learning content to multiple audiences (employees).
The high-performance businesses are more likely to achieve better results when they understand employees’ core skills and development needs. The key is to invest in appropriate learning development tools and processes so that you can strengthen your workforce in the most efficient manner possible.
4. Performance Management and Compensation
! In Midsized organizations there is a significant disconnect between employee compensation, goals, and organizational strategy.
It is no secret that to become an employer of choice; you need to retain your top performers. To do this, you need to implement better yet modern performance management solution that is cohesively integrated with compensation – will ensure that your employees are rewarded appropriately.
Enterprises regardless their nature of operation and size do not have modern HR strategy, and systems are missing out on contributing a real value to the business. With Talentstream Technologies, today recruitment leaders create an excellent talent pipeline that is critical to their business function.
Hope you enjoyed reading the blog.
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