What keeps a small business owner up at night? How to retain good people. Employees are at the core of any company strategy that aims to grow and become a next-generation business. According to the Workforce 2020 survey by Oxford Economics, workforce development is essential if a company wants financial performance and growth.
Small businesses encounter several challenges with talent and skills that in turn affect business performance and growth. But underperforming companies can learn a great deal from high performers.
According to Susan Galer, director of communications at SAP, and her review of the Workforce 2020 survey, there are 5 ways high-performing companies manage people and business:
- High performers are more prepared for the future.
- High performers are confident about their talent and business data insights.
- High performers offer more advanced training and development programs.
- High performers are also more merit-driven, but less likely to promote from within for senior positions.
- High performers believe they need to do more to prepare their leaders for the future.
“To catch up to high performers, underperforming companies must focus on making HR a strategic priority, recruitment efforts, and reacting to changing workforce trends,” says Mike Ettling, president of HR line of business, SAP. Small businesses need to focus on an HR strategy and use it as a catalyst for growth.
On August 11, @SAPSmallBiz and SMB expert @BrianMoran will host a TweetChat with @SuccessFactors, an SAP company and the leader in cloud technology for human resources, to discuss how a responsive HR strategy can be leveraged as a springboard for growth. Here is a sneak peek of some of the questions that will be asked.
Sneak Peek—Tuesday, August 11, 12-1 PM PT. Tweetchat with @SuccessFactors and @BrianMoran
Q1: How can problems with talent and skills affect business performance? #SAPSMBChat #sconnect15 (Tweet this Question)
Q2: How does a strong #HR strategy drive better financial results? #SAPSMBChat #sconnect15 (Tweet this Question)
Q3: What kind of benefits should companies provide employees if they want to perform at a high level? #SAPSMBChat #sconnect15 (Tweet this Question)
To join the conversation, follow the #SAPSMBChat Twitter stream on August 11 at 12 PM (PT).
For more insight on HR best practices, see The future of business: Human resources.