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 Buying the latest technology may be one way of sharpening your competitive edge in a global market. But according to Mary Karamanos, BDC Senior Vice President, Human Resources, investing in non-tangible assets such as employee skills and company knowledge is now equally important for entrepreneurs.
"Your people make your business unique. How you hire, develop and retain employees has as much impact on your success today as any other aspect of your operations," says Karamanos. "Businesses now have to face issues such as changing demographics and a smaller pool of talent. They need to take leadership with their HR practices or risk falling behind their competitors," she believes.
For Karamanos, creativity should definitely be on the top of the agenda when it comes to human resources. She provides some useful pointers on how to be innovative and prepare for business in the international arena.
Seek the right expertise
Many businesses may not have the resources to invest in a formal HR department. But as an alternative, Karamanos recommends that entrepreneurs seek outside human resources advice. "An external consultant could help you find creative ways to find and keep the right people in your organization and provide an objective point of view.
"When you're an entrepreneur, you have to accept that you can't do it all," she emphasizes. BDC Consulting offers HR consulting services that touch on key areas such as HR assessment, effective hiring practices, performance management, employee motivation, training, measuring employee performance and effective communication. BDC Consulting also offers management coaching for entrepreneurs, which can help them improve specific HR skills.
Recruiting: go for your target
In a diverse labour market, Karamanos stresses that targeted recruiting is essential, particularly in a global context. "You need to first pinpoint exactly who you're trying to reach and then use the appropriate vehicle. The days of general advertising are definitely over," she says. For example, companies looking for entry-level students might consider popular websites. "If you wanted more experienced people, you might use professional associations or occasionally headhunters." Recruiting is becoming increasingly specialized, she adds. "There are people out there who can even find you retirees who want to get back into the workforce."
Polish your public image
Getting the attention of job seekers is also key to your success especially when many companies are vying for the same talent. "Companies need to spend more time on their public image. Businesses can gain visibility through advertising, trade shows or campus recruitment fairs. "When people are shopping around for jobs, they can be highly selective. They want to know that your company is a worthwhile and responsible employer," she believes.
Tap into a diverse workforce
Whether it's a question of multiculturalism, gender, generational differences or even employee skills, today's workforce is highly diverse. "You need to be aware of the key advantages of having people in your company who have different experiences and viewpoints," says Karamanos. "We've seen a real evolution here in the past couple of decades. There was a time when even seeing women in management positions was rare. Now that has changed irrevocably," she says.
The business case for diversity is also very strong, she believes. "When you have employees, for example, who speak other languages and have a knowledge of other cultures, this brings you much closer to these important customer markets," she says. Accordingly, entrepreneurs should adjust their marketing strategies to reach this important part of the consumer pie.
Build on employee engagement
In today's labour market, employees can afford to be fickle and also easily access jobs on foreign soil. High turnover is a costly loss, so maintaining employee commitment is more important than ever. "Coming up with creative perks to encourage your employees to stay on is one step to securing their engagement," she says. You can look at strategies such as employee recognition, bonuses and extra vacation time. "Many employees are also seeking work/life balance. Giving them the flexibility to work at home, for example, or take additional time off for their personal lives would be considered an attractive benefit."
Keep communications open
Businesses can also cement employee loyalty through effective communications. "Well-informed employees are happier, more satisfied and more likely to remain with your company," she says. "You need to clearly articulate your company objectives to get their buy-in. You can think of it as crystallizing exactly what they are contributing to your organization. It's important that your employees know that they are working toward a common goal," she says.
Getting your productivity message out there
"The best way to motivate people to increase productivity, for example, is to ensure that they feel they are part of a bigger picture. They need to know that working more productively has its rewards, such as a better, more profitable company." Karamanos also recommends that owners systematically share information and progress with employees. "If they see real results, they're more likely to excel in what they do," she says.
Help your employees grow
One important aspect of retaining employees is also giving employees the opportunity to grow professionally and personally. "There's a lot of creative room in how you train people today," says Karamanos. For example, companies can cross-train employees by having them do each others' jobs. "This enables you to pass on vital knowledge in your company," she stresses. "Training is particularly important for critical roles in companies. If this doesn't happen, that company risks losing those skills," she adds. Training employees is important in business transition planning when companies change hands.
Ultimately, entrepreneurs can improve the likelihood of success in the global market through innovative HR practices. "Your HR assets are precious in a highly competitive business environment," she concludes.
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