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Top 5 Threats Facing Businesses Today

Jul 11th, 2012

Scott Makinson – With the help of several leading research firms, including Gallup, Ernst & Young, The Aberdeen Group, and more, Express Employment Professionals has identified five major threats that businesses are facing today.  Listed here, they include:

1)      Inability to InnovateStorm indicating a threat

2)      Losing Your Competitive Advantage

3)      The High Cost of Reckless Hiring

4)      Poor Leadership & Communication

5)      Regulatory Nightmares

Taken individually, they might not look that imposing. However, these five threats are all working in unison to put pressure on even the best companies. Their collective weight can be crushing to the growth and success of any business. Let’s look closer at one of these threats: Inability to Innovate.

Without your top talent, would you be prepared to respond to changing business needs with the innovation and strategic planning it takes to ensure the company’s future longevity?

Retention is a growing concern for many companies, and the ones who put forth the effort now to address this issue are the ones who will be able to attract and keep the best talent, and retain their innovative edge over the competition.

Did you know?

-It can take a company up to 67 days to fill a highly-skilled position. That is over 2 months before “a chair” is filled without even considering the ramp-up time.

-83% of companies cited a shortage of talent as their number one hiring challenge in 2011.

With a shortage of talent and long lead times to find the right fit for your team, it is imperative as a business leader to look closely at your employees to identify and retain your “A-level talent”. It’s been suggested that if a company could accurately find and hire only top performers they would likely see a more than 25% reduction in payroll expenses. There are a wide variety of tactics to retain highly skilled workers, including:

• Implementation of employee incentive plans

• Reinstating benefits that were cut during the recession

• Increasing communication about the company’s strategic goals for future growth

• Adding contingent workers to help relieve overworked core employees

Positioning your company as a preferred employer ensures you attract the most qualified and talented workers. Don’t create an “Inability to Innovate” by losing your most valued resource: your top employees!

Scott Makinson is a local owner of Express Employment Professionals, an award-winning recruiting and staffing firm that is one of the largest privately-held staffing firms in North America. His mission is to recruit and place the “A players” at his client companies so that they may focus on their business and not on the challenges of hiring good people. Visit employmentindy.com for more information or to refer top candidates for employment.  

*Photo via iStockphoto.com