A time for change, a time for action
Thinking about present challenges actually brings us back to a discussion about the future. Small business leaders can take four critical steps in the months ahead that can help them shoulder through the tight labor market, support growth and position for what’s next.
You might be inclined to take these four steps one at a time, but a better approach is to tackle them together — at a pace that aligns with your current priorities and available resources, of course. In many ways, these steps are interlinked, so it’s important for your small business to make meaningful progress on all fronts simultaneously.
Let’s take a closer look at what’s involved.
1. Adopt a more holistic approach to talent management
This approach can be highly beneficial for small businesses because it helps them to nurture and retain talent. Essentially, it requires you to create a talent management strategy that supports your business objectives while keeping employees’ career growth and professional development front and center.
This process includes identifying the skills and roles that are critical to achieving your firm’s goals and prioritizing them in your talent development plans. It also prompts you to create a talent pipeline that includes potential leaders and critical skill holders which, in turn, helps you become more adept at anticipating and managing future talent needs for your small business.
Employers who take a holistic approach to talent management typically focus on, among other things:
Promoting continuous learning and development, including offering tailored training programs that address individual career goals and align with company needs.Prioritizing employee well-being, from encouraging work-life balance to providing access to health and wellness programs that support physical and mental health.Engaging in proactive succession planning to determine which roles are critical to business success, lay the groundwork for smooth leadership transitions, and more.
These and other actions can help you manage their talent more effectively. It can promote higher employee satisfaction, better performance and stronger outcomes for your small business overall.