Employee Engagement – Current Challenges with Managing Talent in your Business
How can your business attract and retain the best talent and improve existing relationships with your employees?
Having talent on your team means they excel in their duties and work towards the general benefit of the company. Having such employees is important for SMEs as this results in better management, operations, sales and success and therefore it is crucial to learn how a business can retain and attract such talent.
Top 10 talent challenges in 2022 currently being faced by SMEs.
1. Ensuring a good balance between employee and company needs.
It is normal and understandable that most businesses tend to mainly focus on the owner and the needs of the business. However, new management trends in 2022 show us that the needs of employees are just as essential.
- Good work-life balance
- Fair and competitive wages
- Health and well-being security
- Individual responsibility
- Personal goals and aspirations
2. Importance to employee mental health.
Across the globe, employees have in some way or another felt the mental toll caused by issues such as inflation, rising prices of consumables and energy costs. According to the Health and Safety Executive, in 2018/19, 44% of all work-related health issues were stress, anxiety, and depression, and with the current economic situation being what it is today, it’s unlikely for this to improve. Although you have no control on issues originating outside of the workplace, as a business owner you can be active in adapting to new processes in order to reduce stress at the workplace with the aim to support your employees that might be suffering.
3. Retaining, developing and re-engaging existing talent.
Unsupportive management and lack of growth opportunities for employees can lead to higher turnover rates for employers. In 2022, this issue is even more complicated as businesses face even more challenges such as keeping up with current engagement trends, supporting the development of your employees by offering a training and self-developmental program, the increased demand for flexible jobs and remote working, as well as progression opportunities into management roles. Not having these implemented into your overall strategy can lead to losing current talent.
4. Trust and transparency.
Having strong relationships between management and employees is essential for building trust in your business. In order to improve trust within your business, you can invest into new management training, conduct anonymous surveys, or increase communications between you and your team.
5. Winning the Talent War.
Companies are finding themselves competing to employ and keep talented individuals that possess certain assets and traits that make them highly sought after such as adaptability and IT skills. This is due to the current work environment and evolving nature of the business.
In order to win the war for talent you need to create a thriving business environment that employees don’t want to leave, take a more active approach when it comes to your recruitment strategy, support social issues that people are passionate about, and offer competitive incentives and job perks such as health care, social events, flexibility, discounts and gym memberships.
6. Providing good employee experiences.
The view of what a positive workplace should feel like has evolved greatly over time and can now imply things such as having a recreational area, free lunches and special activity days. However, due to financial and spatial constraints, SMEs cannot be expected to offer the same as other bigger companies. Regardless, there are still things that can be done to create new and engaging employee experiences like having a dedicated space for informal conversation, a monthly or bi-weekly happy hour, and holding fun quizzes and team games.
7. Keeping up with HR processes.
With the adoption of remote or hybrid working models, it has become even more of a challenge to effectively keep on top of human resources especially for SMEs who might not have a dedicated HR department or person. In such cases it might be a good idea to invest in an affordable platform where you can manage your staff efficiently.
8. Creating a more productive workforce.
Some useful ways that can help you with increasing productivity levels among your employees include:
- Instilling a culture of productivity and high standards – setting the standard for productivity and not tolerating laziness or incompetence. When leading by example, highlighting areas of growth, encouraging and inspiring your team, they will most likely then follow suit.
- Promote a culture of communication – communication is key when it comes to high productivity levels. Regular correspondence between your team keeps them on the same page and always with something to do during working hours.
- Set benchmarks and long-term goals – give your team a target to aim for!
9. Future-proofing your business.
It is important for a successful business to be future-proof and able to function without the business owners around. Effectively equipping your future management can ensure that your business could actually survive without you.
10. Embracing change.
Change is all around us and it is important for businesses to accept and adapt for them to thrive and succeed. When recruiting, a company stuck in its old ways could potentially repel talent rather than attract it and could also loose the current talent it has for better employment opportunities.
Managing and developing talent at the workplace can be difficult but we can help you with finding solutions and understanding the new management trends in 2022 and which can be applied to your business to make your company more attractive and your employees better engaged.
To learn more, get in touch via email on email@example.com or call us on 79 903 685 for a free consultation appointment.
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