Small and medium sized enterprises are the next big thing in the business world, especially when it comes to new ventures and entrepreneurial initiatives. This is because of their inherent simplicity during the initial phases, and relative ease of operation, what with all the technological aids currently prevalent.
There are several areas within the general SME region, that are projected to evolve and become more important for the organization. By far the most important of all, especially taking into consideration the constantly evolving business climate and the rapidly shifting employee preferences, is Human Resources.
HR Trends for the Coming Year
Human resources is and always has been an uber important department. Moving into 2018, it is projected to become even more important, since the tried and tested practices which usually resulted in organizational success, from an HR point of view, are not going to cut it next year. HR professionals everywhere need to change their approach and evolve with the times, adopting best practices which are relevant according to the size of the organization, as well as the industry which the organization operates within.
Employee attraction is expected to involve hitherto unseen tactics, such as direct social media marketing and even direct communication.
Every new business, especially in the SME category, requires new employees, and more importantly, employees who approach the prospect of employment within the company attractive. This is easy to do in the short term, since monetary rewards have proven to be very effective. However, attracting an employee is not as easy, due to the ever-increasing competition in almost all the industries that small and medium sized enterprises operate in.
What is a company to do then, in order to attract more employees? Improve the compensation and job security assurance, as well as the general culture, and follow through on it.
In 2018, companies will pay more attention to keeping the employee engaged, since there is an overwhelming amount of data that suggests young job seekers will immediately move on to other jobs as soon as they spot a better opportunity.
Attracting an employee is one thing, however, engaging the employee and keeping them from shifting to another company is quite another. Only an employee who is sufficiently engaged in their work, as well as the environment within the office, will be encouraged to stay.
Employee engagement can encompass a wide variety of approaches, from providing and encouraging a thriving social scene, to giving better appraisals. And all of these are necessary, if the company is to keep the employee engaged.
Perhaps the most important area where there will be significant movement, is employee retention. Retaining employees is expected to be the primary concern for small and medium sized enterprises in 2018, since companies need to keep their best employees and avoid letting them move on to better opportunities.
The best way to keep an employee is to demonstrate their value towards the organization as a whole, and the management itself. Value is a great motivator, especially if the employee sees that they are valued by the employer.
April Salsbury, MBA is a strategist, an analyst, an operational guru, a recognized leader and C-suite global healthcare executive with drive and focus for competitive markets. Co-host of The Business Forum Show and regular contributor to various business journals, she possess multi-functional and multi-national competencies with more than 15 years experience in business and healthcare. Her expertise is in invigorating revenue growth and infusing value of lean practices in growing companies through improvements to cash flow and operations management.
Fueling revenue, growth and profit, Salsbury & Co. is a consultancy firm focused on helping businesses and healthcare organizations achieve excellency. Our specialists have executive experience combined with deep functional expertise to provide our clients with services that drive real impact and results.
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