How can midsize firms attract and retain the best talent?

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 The future belongs to midsize businesses (MSBs). These companies have the scale, expertise and diversity to compete globally as well as locally. And, most importantly for many, work for an MSB offers a satisfying sense of purpose in a stable, professional environment. Whereas midsize businesses everywhere are looking for a competitive edge. They want to establish themselves as premier workplaces that can attract and retain top talent. In this article, we produce an overview of small but important changes that midsize companies across all industries can perform to make them more appealing to top talent.

Midsize companies, who want to be recognized by the global business community need to apply a few leading global consulting firms’ best practices in order to not only recruit fresh talent but also retain and develop talented employees. Researches show that companies with the most promising talent recruitment processes are the ones that experience growth, effective mentoring, leadership development and coaching processes.

Why the right talent is important to your business?

Inside your company, you have great knowledge about something key to your success. Outside your organization, you need other great minds with unique and complementary talents that can help you achieve your goals. That is why talent is so important to business productivity. In fact, a recent study by the Corporate Executive Board found that nearly 50% of executives said hiring top-tier talent was their companies’ biggest source of competitive advantage over their competition and companies with highly engaged employees experienced sales growth nearly 24% higher than their competitors. This means that talent management is now of paramount importance in a company’s efforts to be competitive. Talent — who you hire, who you keep and how you motivate those employees — determines the overall effectiveness of your company in today’s market. It doesn’t matter if you’re an entrepreneur or represent a Fortune-500® firm: not having the right talent will damage your organization’s chances for success tomorrow.

Overcoming recruiting challenges in the midsize companies

A major challenge midsize companies face in attracting talent is a general misperception that the company is much smaller than they actually are. Many people, including working professionals, believe midsize companies employ far fewer people than they actually do. They may have heard through the grapevine or previously applied to work at a company that had several employees and couldn’t fathom it being a larger company. Certain companies already struggle enough with branding to reach their target audience. More importantly, mid-size companies typically lack compensation and benefits that are appealing to potential candidates. Similarly, mid-size companies may not be able to offer the same opportunity for advancement as larger firms. As a result, finding and keeping top-talent in mid-size firms can be particularly challenging. Recruiters need to take specific steps to find the right talent in the toughest talent market:

These four tips will assist you find the right candidate for your company:

· Do not hire on paper expertise only. Look for traits.

· Do not look for talents just fit for tasks, consider if they fit for your company. Check, whether the candidate add value to your business with their vision, strategy, and insights.

· Candidate who shines during leadership team interviews by exhibiting confidence and demonstrating strong problem-solving skills.

· Candidate who is flexible and highly motivated and can operate effectively under pressure

Leverage the Power of retention strategy

Small- and mid-sized firms face a double whammy when it comes to talent retention — they are smaller which means they can’t compete as easily with larger firms, but also in a state of flux as they grow and adapt to market pressures. In addition to losing top talent to better offers elsewhere, small- and mid-sized firms risk losing other talented employees who choose not to stay because their needs are unmet. To retain all the best and brightest, firms must provide intrinsic motivation (purpose, vision, values) as well as extrinsic motivation (competitive compensation, career advancement opportunities). Learn how firm leaders can create positive, ethical workplace cultures that attract top talent and retain them for the long term.

· Take steps to figure out your employee value proposition

As an organization, midsize companies often struggle to get traction around their employee value proposition. The most common trap midsize companies fall into is viewing the employee value proposition as less important than it should be. Larger organizations typically take employee engagement and recognition very seriously, but midsize companies can lose sight of this when trying to cope with budget cuts. Engaging employees has many benefits, from increased productivity to lower staff attrition rates. If a company is struggling with low morale or high turnover rates, focusing on its employee value proposition should be a priority for HR professionals.

· Midsize companies need to reinvent themselves in order to attract and retain top talent

In today’s marketplace, midsize companies are being forced to rethink who they are and the value that they provide to their employees in order to attract and retain top talent. Some of these firms are beginning to reinvent themselves by moving away from cutthroat competition toward a focus on employee happiness.

Employees in midsize companies often want to be there for a variety of reasons which includes: more opportunities for advancement and experience, higher pay, better benefits, better work-life balance, satisfaction with the company’s values.

Achieving a work-life balance is a key goal for many of today’s professionals. As the economy continues to improve, firms that become more flexible in their offerings and allow employees greater freedom to choose how and where they get their work done will have an advantage over rivals who hold to traditional ways of working. Midsize companies that figure out how to reinvent their companies are likely to be the ones that attract and retain next-generation talent.

· Grassroots effort and human centred workplace can help you retain talent

The impact of any HR initiative or policy must be measured by its effect on the hard, or financial, bottom line. Just as grassroots efforts like a quality circle must have the support, commitment and participation of employees to be successful, so too must human-centred workplace initiatives. Building employee satisfaction through human-centred workplace practices can help your company retain its talent.

Finding out what motivates employees to remain committed to your business

Businesses are continuously looking for ways to identify the best method of retaining existing employees, and attracting new ones. A great way to make sure that you get the most out of your employees is by creating an open atmosphere in which your staff feel secure, taken care of and comfortable sharing their opinions and asking questions about the business. It’s critical to know what motivates your employees, what skill sets need developing, and what type of rewards they would like. Sometimes just knowing how much your employee’s goals align with yours is all it takes to keep them happy, motivated and working efficiently.

Here are some ways you can engage employees and cultivate loyalty:

· Involve and make employees feel part of the decision-making process

· Create innovative benefits that give them flexibility, fulfilment and peace of mind, helping to attract and retain the best talent

· Show appreciation for their hard work

Listen and learn from your employees (employee retention is a two way street)

Today’s modern workforce is trending toward more job mobility. This requires Midsize companies like yours to compete for talent more actively than ever before. Business is a two-way street between employer and employee. And various good companies (especially midsize businesses) understand that to maintain their competitive edge, they need to remain lean and nimble. By empowering your team, treating them as partners rather than employees, you’re more likely to avoid the time, cost, and efficiency lost involved in constantly having to replace valuable workers. In today’s talent-driven business environment, companies must act fast to retain the employees who can bring the most value.

Midsize companies face particular challenges in recruiting and retaining talent. They do not have the same appeal to prospective employees that larger corporations do, and their size can cause them to be overlooked by applicants who would prefer even more specialized or prestigious roles. However, midsize companies rely on fewer HR processes than their larger or smaller counterparts, and this may help them overcome the bureaucratic hurdles that smaller companies often encounter when trying to attract the best candidates. While these mid-size companies will likely be less successful than larger ones at retaining talented employees, they nevertheless bring strengths to the competition in terms of recruitment.

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