Medium-sized companies have some unique hiring challenges. A new report by The Economist Intelligence Unit (EIU) provides a snapshot of the top five hiring challenges in five developed countries (Australia, Canada, France, the UK and the US) and explores effective strategies those companies are using to give themselves a competitive edge.
How medium-sized companies can win the battle for talent, sponsored by American Express Global Business Travel, finds many medium-sized companies struggle to bring in necessary talent to grow their company because they do not have the resources, brand appeal, or benefits to attract potential candidates. Because their relatively small staff sizes make each hire that much more important, it is an imperative that they find new strategies and leverage resources that give a hiring advantage.
The report is based on analyses of these countries’ job markets, employment trends, populations and regulations, as well as on interviews with executives of medium-sized companies and industry experts. It found that responsibility and exposure to experienced managers enhance appeal of a medium-sized company. Furthermore, medium-sized firms can leverage their size by providing fast opportunities for advancement or the ability to offer greater flexibility.
Countries are also responding to labour shortages by shifting education systems in closer alignment with labour market needs. They often create programmes to help smaller businesses attract foreign talent and to access candidates beyond a business’s local population.
Becca Lipman, the editor of the report, said:
“Medium-sized companies feel they are at an inherent disadvantage when recruiting for the same talent as larger and Silicon-valley style companies. But this isn’t necessarily true; many companies are learning to get creative and capitalise on their advantages, such as involvement in local vocational schools, offerings of flexibility and other non-wage benefits. Our research finds these tactics, while not always easy to execute, are helping to close the talent gap.”