Growth is an organic process that needs to happen across the whole business. You can’t just hope to bite off a bigger slice of the market without putting first the work into it. And by work, we mean equipping your business to handle your ambitions. Growth is, after all, a bet you take on your company. While on paper it looks like an investment to reach the next level, the reality is a little different. Every investment is built on hope, namely the hope that your business can sustain growth and increase its revenues. While some might call it expectation or forecast, there is no denying that even data-driven decisions sometimes need to rely on a little luck too. You can, after all, only predict what you know. Most businesses don’t receive sufficient insightful data to define a clear growth trajectory. As a result, planning growth is a delicate balancing act between making the necessary expansion investments and keeping your fingers crossed. However, somewhere in between, there is plenty of room for costly mistakes that can put your growth process at risk. Messing up your recruiting strategy is, by far, one of the most destructive things you can do to your business.
Growing your team is an overwhelming challenge that implies filling positions that didn’t exist previously. As an employer, you need to be very clear about the type of skills and talent you need. However, gaining clarity about roles that you haven’t needed until now can be tricky. Therefore, it’s not uncommon for employers to create unrealistic expectations in their job descriptions. While the desire is to make the role sound important; there’s a thin line between underlying real functions and “accidentally” exaggerating requirements in an effort to make your company appear more professional. Similarly, failing to include essential and unique details about the company processes and niche market can confuse potential candidates and attract the wrong crowd.
So, you’ve read the resumes? That’s only the beginning. You can’t afford to pursue the hiring process without the support of professionals. Indeed, you need to hire a background check company to ensure your potential employees are suitable and trustworthy. The typical background check includes criminal records check, credit history, specific industry accreditations, right to work, and even identity verification. Depending on the type of industry and the level of confidential data your employees are entrusted with, the checks will be more or less detailed. For instance, credit checks may not be relevant to jobs outside of the financial sector.
Hiring the right candidate is detrimental to your growth. But keeping your employees once you’ve hired them is a lot more critical. Unfortunately, employee retention can be challenging, especially for companies that are growing rapidly. The best employee retention strategies require time and effort, which may not be manageable when you’re trying to run an expanding business. Ideally, you want your employees to feel appreciated from Day One, which means that you have to make your priority to plan their arrival and integrate them into your team smoothly. Employers can’t afford to neglect job satisfaction; running regular surveys in-house can highlight potential issues that affect your staff happiness and motivation. Making your business a great workplace is a promise you make every employee.
Everybody grows. Your employees are keen to embrace their personal development journey and learn new skills with you. Additionally, they also hope to discuss areas of improvement, both within the company and with their work. Supporting personal growth is detrimental to your expansion. While it might seem like a waste of time, your one-to-one meetings play a crucial role in maintaining your success. It’s about making time for each employee and helping them to become the best they can be. Falling behind on your one-to-one meetings affect your relationship with your team.
You might have hired someone for a specific position, but as the company grows, you realize to need a new palette of skills. Ultimately, your employees understand they need to adapt to new demands. However, they are not ready for an unplanned role change. It is not unfair for your staff to move them into new functions – more importantly, functions they didn’t apply for – without addressing the issue with them first. Similarly, you can’t pile up new duties to their list of existing responsibilities without considering what the new role means, both in terms of training and pay rise.
Finding the best talents for your company is the easiest part of the recruiting process. Keeping your employees, ensuring they can grow with your business and deliver the best performance day after day is the biggest challenge you’ll ever face. Learning to put people’s interests first can help you to maintain your growth strategy and aim for success.