The ambition for most small businesses owners is to see their businesses flourish and become an overnight success. But a rapid increase in demand and a thriving business presents new challenges for SMEs to grow their workforce rapidly too, often within a small window of opportunity. The latest issue of the Hays Journal explores the challenges of rapid growth.
Barney Ely, Director at Hays Human Resources explains: “Hiring their first employee is a landmark for an entrepreneur but when they are suddenly faced with the need to grow their workforce into double or triple figures, business owners face new challenges. A growing company with an attractive brand could be faced with an overwhelming number of applicants keen to work for the next big thing, while some fledgling companies may struggle to compete with their larger rivals.”
For a small business owner previously solely focused on developing their business, these can be difficult challenges to address.
Barney Ely adds, “One of the first hires many companies make when anticipating rapid growth is an HR expert, to help navigate employment legislation and manage the recruitment process. When you start to open international offices, acquire other organisations and have a greater number of stakeholders to account to, the HR challenges become numerous. Having a strong HR team in place will equip organisations to adapt to these changes.”
But growing businesses shouldn’t risk focusing on new employees at the expense of those who have contributed to their success.
Barney Ely concludes: “Retention of staff is vital to fast-growing companies. Smaller organisations are typically more able to adapt to employee feedback and introduce employee-friendly benefits such as flexible working. Listening to your current employees is vital to ensure you recognise the hard work of the people you already have as the organisation expands.”
To read the Hays Journal visit www.hays-journal.com
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Hays plc (the "Group") is a leading global professional recruiting group. The Group is the expert at recruiting qualified, professional and skilled people worldwide, being the market leader in the UK and Asia Pacific and one of the market leaders in Continental Europe and Latin America. The Group operates across the private and public sectors, dealing in permanent positions, contract roles and temporary assignments. As at 31 December 2013 the Group employed 7,979 staff operating from 240 offices in 33 countries across 20 specialisms. For the year ended 30 June 2013:
- the Group reported net fees of £719 million and operating profit (pre-exceptional items) of £125.5 million;
- the Group placed around 53,000 candidates into permanent jobs and around 182,000 people into temporary assignments;
- 29% of Group net fees were generated in Asia Pacific, 40% in Continental Europe & RoW (CERoW) and 31% in the United Kingdom & Ireland;
- the temporary placement business represented 59% of net fees and the permanent placement business represented 41% of net fees;
- Hays operates in the following countries: Australia, Austria, Belgium, Brazil, Canada, Colombia, Chile, China, the Czech Republic, Denmark, France, Germany, Hong Kong, Hungary, India, Ireland, Italy, Japan, Luxembourg, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Portugal, Russia, Singapore, Spain, Sweden, Switzerland, UAE, the UK and the USA