Workforce Challenges: Identifying What Companies Need

As a business owner, having the right workforce is critical to your growth and success. Talented and skilled employees are the driving force behind any thriving enterprise. However, this can be a challenging task, with company owners struggling with how to identify needs, find qualified candidates, and hire and retain them. In this post, we’ll look at workforce challenges to identify what companies need

Identify Needs

Because business moves fast and rapidly changes, a company’s needs are ever-evolving and no longer static. A business owner must look ahead to what they might possibly need in 5-10 years and seek people who can potentially fill those roles. 

The challenge is that companies often hire to replace a person rather than understanding what they need to carry their company forward. Before hiring, take time to assess your business’ goals and needs now and in the future. 

• What are your current team’s strengths and weaknesses, and which areas require reinforcement?
• What are the core values and culture you want to foster within your company?
• What skillsets does this new employee need?
• Do they have realistic qualifications for this skillset?
• Are they capable of implementing the company’s strategy and vision?

Expand Your Reach for Qualified Employees

Once you have a clear vision of your workforce requirements, take that description and search in places where you’ll find people who fit those roles. Unfortunately, we see many business owners looking in the same places, with less-than-stellar results. Instead, expand your reach.

• Utilize your professional network, as referrals often yield reliable and suitable candidates
• Look in professional societies or schools
• Seek out employees currently working at other companies; even those who say they are not looking may entertain an offer
• Attend networking events, industry conferences and online platforms where you can meet employees of other companies
• Leverage social media platforms such as LinkedIn
• Partner with recruiting agencies specializing in your industry
• Look outside the local market; geographic boundaries no longer need to limit your search

Hire Top Talent

Resumes offer only a glimpse of a candidate’s abilities. You’ll need to learn more through interviews to assess their suitability for a role. Ask targeted questions that go beyond the usual job-related inquiries, such as their long-term career goals, work ethic, and problem-solving approach. 

Furthermore, include practical assessments or sample projects to evaluate their skills in action. This will demonstrate their problem-solving abilities and how they handle real-world challenges.

Hiring for entry-level positions with high skill requirements can be a significant workforce challenge, especially when the budget restrictions allow only entry-level salaries. Yet in today’s job market, entry-level positions are increasingly demanding higher skill sets due to advances in technology and industry standards.

Business owners must reevaluate their compensation packages for entry-level roles. While it may not be possible to match industry salaries for highly-skilled positions, offering additional perks such as flexible work hours, professional development opportunities, and a supportive work culture can enhance the role’s overall appeal. Companies can also tap into alternative talent pools like local educational institutions, internship programs or career development centers to identify promising individuals with high potential. Consider an internship-to-hire program.

Related: Recruiting Top Talent to Your Company

Retain Exceptional Employees

Once you’ve hired top talent, retaining them is equally crucial. Offer competitive compensation packages that align with industry standards, and provide opportunities for growth and advancement. Ensure open lines of communication, regular feedback and recognition of their contributions.

Invest in your workforce’s professional development through workshops, training and mentorship opportunities. This not only enhances their skills, it strengthens their loyalty to your business.

Maintain a healthy work-life balance, as employees who feel overwhelmed and undervalued are more likely to seek employment elsewhere. Flexible work schedules, telecommuting options, and wellness programs are some effective ways to show your commitment to their well-being.

The Association for Enterprise Growth Helps Address Workforce Challenges

Building a strong and successful workforce required meticulous planning, diligent searching, and thoughtful strategies for hiring and retention. And attracting and retaining the best talent is an ongoing process that demands continuous efforts to cultivate a positive work environment. Build an exceptional team and your business will benefit.

By leveraging the expertise of a workforce strategist through the Association for Enterprise Growth (AEG), you can gain valuable insights on how to assess needs, and find, build and retain a talented workforce. We’ll collaborate with you to analyze your goals, objectives and workforce dynamics, looking at your current workforce’s strengths and weaknesses, identifying skill gaps, and projecting future talent needs. This way you can address potential challenges and opportunities, ensuring a seamless transition as your company evolves.

AEG is a valuable resource for business owners seeking expert assistance for company development, including workforce challenges and planning. Partnering with us, you gain access to a seasoned network of professionals and consultants who can provide guidance and support for your workforce needs.

Contact AEG for more information about our Elite Advisors, Inner Circle peer groups, Sponsorship or Growth Advisors.