From the time they’re conceived in a visionary’s mind to the acquisition of a multimillion-dollar company, businesses are in a constant state of growth throughout their lifecycles. Just like how a child grows and matures into a hard-working adult, businesses also exhibit different elemental phases that contribute to their future success. Each phase utilizes several business growth tactics to get the most out of what the current market has to offer. One of the most crucial tactics is the process of hiring and retaining top employees in the industry.
The Importance of Business Growth
Business growth is something that every existing company strives for in order to gain the upper hand in revenue and against their competitors. Every market is a race between those in that industry, each business fighting against one another to grow and make it to the top first. As such, not only is growth something that’s desired, but it’s also essential for a business’s long-term survival.
Business growth also shows external influencers how good of an investment your company is. This is why, if you’ve experienced steady growth over time, it’s easier for you to acquire business assets, resources, and attract new employees. It’s also one of the leading determiners of company performance and overall profit.
Strategies and Tips for Increasing Your Hiring Rate
As a business grows and develops into a true force, it requires more manpower to keep it running at peak efficiency. So, while there are various business growth tactics for you to explore as a company, none are possible without a strong workforce behind you. When looking to increase your number of employees, be sure to use some of these tips to make the process more effective:
Recognize Your Hiring Struggles
An increased growth rate can often leave a company struggling to find the staff they need. This is due to the fact that the business is growing faster than the hiring process can keep up with. As a result, companies may find that they’re hiring for quantity rather than quality. However, despite how much staff you need, it’s important to identify the potential struggles in the hiring process in order to find the employees you require.
Urgency is a common hiring struggle for growing businesses, as the work output must increase to accommodate a growing amount of work. But this isn’t the only issue you could face. It’s also common to see a collapse in the established company culture, or a lack of company focus, as a result of fixation on the hiring process.
Establish Your Hiring Needs and Timeline
It’s because of these struggles that you need to put in the extra effort to clearly define your hiring needs and develop a plan to fulfill them. Unfortunately, companies that fail to accurately estimate these needs could end up in a position where they’re over- or under-hiring. This causes them to ultimately invest more resources than they can reasonably expend.
It’s recommended that you evaluate the scope of work that needs to be done over the next several months before you factor in how many individuals will be needed to reach that goal. You may even want to consider hiring a third-party recruitment agency to take some of the harder work off your plate.
Keep an Eye on Passive Candidates
Passive candidates are workers that aren’t actively searching for a new position. They’re typically already satisfied with their current job and are comfortable with their day-to-day responsibilities. It’s important to note that just because they’re satisfied with their work, that doesn’t mean they won’t move onto something better if given the chance.
It’s encouraged to seek out passive candidates within the company first because they’re often strong workers all-around and will take well to a new position. This particularly comes in handy when jobs need to be filled as soon as possible and you don’t want to waste time in a full-scale external search. Since these employees are already working for you, you also won’t need to worry about retraining them upon their promotion or acclimating them to your company’s culture.
Create a Consistent and Positive Brand Image
For the spots you can’t fill internally, you’ll need to attract candidates to your company through reputation and benefits. Job searchers want to see that your company has a cohesive brand image that directly correlates to a positive environment. This culture distinguishes yourself from your competitors and shows job seekers that you can treat them well while they’re working for you.
Creating a positive brand image requires you to delve deep into the values of the overall company to decide what you want to stand for in the market. Loyalty and reliability, for instance, are two popular traits that potential employees want to see demonstrated in the workplace. It’s also helpful to place value on employee wellbeing with benefits that involve work-life balance opportunities.
Ways to Improve Employee Retention
Once you hire the employees you’re looking for, your company growth depends on keeping them around. Workers want to feel valued by their employers, and ultimately, forge a strong relationship with them where they feel heard and appreciated. To fulfill these needs, you’ll need to provide them with the resources to succeed. Good communication, in particular, is key to maintaining the trust between employees and managers, as it helps cut down on misunderstandings and problems.
In addition, employees also want to know that they’re encouraged to move up the ranks. In giving them promotions to strive for, and additional training to expand their knowledge, they’ll be more dedicated to your business and making it successful. You could also provide them with guidance on what you look for in higher positions, so they know what to improve on in order to meet their personal and professional goals.
For any assistance, you may need to find employees for your growing company, reach out to Burnett’s Staffing for help. Our professional staffing agency in Arlington, Texas, makes it our mission to supply you with the most qualified, hardworking individuals for each and every position.