Growth for Medium Sized Companies, a How To
Over the course of my career I have worked with over a thousand companies from Fortune 100 to Mom and Pop’s with less than ten full time employees. And even though each has different products, services, and business models, what they ALL have in common is the need for efficient and effective hiring processes to support their growth.
My favorite clients are medium sized companies that have a clear vision on where they want to go, acknowledge current and future process gaps, and are willing to learn how to organize, implement, and manage a high performing hiring program.
These are the future leaders in their industry because they put their egos aside in order to learn, improve, and grow within their market. These companies realize they need help to be more competitive in speed and value when attracting the best talent to serve their internal and external customers. Either way, the reality is CFO and CEO recognize that 40-60% of expenses are human capital, therefore investing in the right processes and systems to find, assess, and hire the best turns out to be a good people return on investment.
On the contrary, companies that wear their ego as a shield to deflect what they consider a weakness, tend to be late followers and miss opportunities to improve their business.
As of yesterday, I had a conversation with a Fortune 1000 company who was referred to Avancos from their Fortune 50 client. What happened? Posturing. Plain and simple posturing as in “we are XYZ, and therefore, we really don’t have any issues or need help.” After a 35 minute call, he pulled back his ego shield to learn part of his process issue could be improved to yield a 30% increase in access to talent. Progress to improving performance!
This is a good example of how fear can get in the way of making improvements when looking at options. But a key learning point for companies trying to transition from small to medium or medium to large, it is critical to listen and learn without the predisposed biases to achieve best practice performance. By doing so, you gain a better idea of what needs to be done to meet current and future demand, and how to better attract, duplicate, and scale talent solutions to meet business demand.
There are three fundamental pillars we recommend to achieve best practice performance hiring:
- People -- curious drivers, organizers, and problem solvers
- Process—in place in every stage of the hiring process from talent planning, to sourcing, to recruiting, to assessing, to interviewing, to offer, to onboarding.
- Systems—drives efficiencies and increase speed to value
These pillars obviously apply to all sized organizations; however medium size companies need to pay particular attention, as their business demand usually outpaces recruitment effort by 2 to 1.
As an example, if you want to be proactive and ensure resources are used efficiently, have a process in place to identify your talent pool and competitive market prior to beginning the hands on recruitment. By understanding this talent pool EARLY, you will save critical time and energy.
When planning, start with the end in mind and determine how much time you have before the indecision to not add talent begins to negatively affect productivity, profit margins, or culture.
Then work on your key pillars. What are the time lines, key objectives that will keep you on target, the process and length of interview process? How many candidates do you think you will need? What are their competencies? Where will you get them and how difficult will it be? Are you competitive in your target markets? These are just a few of another fifteen to twenty questions you will need to answer in order to build a recruiting machine and hit your hiring goals.
Good luck and as always, if you would like to learn more or have questions feel free to reach us at http://avancos-global.com/