Robb-Hilson3.pngBy Robb Hilson, Bank of America Small Business Executive

 

In today’s ultra-competitive business landscape, hiring the right talent is a vital part of growing, running and maintaining a successful business. This is especially crucial for small business owners, who typically have very streamlined organizations. In our daily interactions with small business owners, we’ve seen optimism about the economy and an inclination to hire and retain the right employees.  According to a recent Bank of America Small Business Owner Report (SBOR), a majority of entrepreneurs (53 percent) are confident the national economy will improve over the next 12 months – up a staggering 22 percentage points from just six months earlier.  Similarly, small business owners’ confidence in their local economy improving jumped to 51 percent from 37 percent in fall 2016.

 

Though small business owners are excited about their prospects for growth, bringing in—and hanging on to—top-tier talent can be challenging. As the modern workplace continues to evolve, small business owners must adapt to their environment to avoid falling behind in the technology they use or the benefits they offer employees. Recently, I participated in a Google Hangout with Alexandra Levit, a workplace expert, and USA Today columnist Steve Strauss to discuss how the small business workplace is evolving, and how small business owners are adapting. Here are some of my biggest takeaways:

 

  1. Develop a talent strategy. Hiring should never be done on the fly. Take the time to assess your needs and find employees who can round out your team by building on your strengths and fixing your weaknesses. Consider working with potential employees in a freelance or part-time capacity before you hire them, and make sure everyone is on the same page when it comes to your company’s goals.

  2. Be flexible with your employees’ needs. Building the right culture is essential—happy employees create happy customers. You should also keep in mind the different attitudes and priorities of employees from a variety of generations. According to the SBOR, small business owners are now offering all types of creative perks like areas to relax and unwind (20 percent) and pet-friendly environments (11 percent). At the end of day, making your employees feel like their ideas are valued and their opinions are heard is the most important thing you can do.

  3. Make technology your ally. Technology can be a windfall for your business and employees. Giving employees the option to telecommute can make their lives easier and their work better—54 percent of the small business owners we surveyed believe their employees are more productive when they have the option to work from home. And, when it comes to bringing new technology into your business, don’t get overwhelmed with all the technological options out there—speak to your team and find the right mix for your business.

Similar Content