The Talent Challenge
Small and mid-sized businesses face steep competition for talent, often without the resources of larger firms. With turnover rates nearing 30% and high costs associated with replacing employees, the need for intentional talent strategies is urgent.
Attracting Top Talent
The webinar emphasized the importance of a strong Employee Value Proposition (EVP). Beyond salary, companies should highlight:
- Unique growth opportunities
- Work-life balance
- Community involvement
- A culture that celebrates purpose and achievement
Retaining Your Best People
Retention hinges on more than compensation. Key strategies include:
- Transparent communication and feedback
- Recognition and appreciation
- Internal mobility and stretch assignments
- A culture that fosters belonging and shared goals
Developing Your Workforce
To build skills and engagement, Frank recommends
- Peer-to-peer learning and mentorship
- Cross-training for flexibility
- Personalized development plans
- Leveraging free or low-cost platforms like Coursera, LinkedIn Learning, and Udemy
Overcoming Common Barriers
Budget constraints, limited time, and competition from larger firms are common obstacles to overcome. The solution? Focus on “quick wins” like:
- Peer recognition programs
- Team-building activities
- Streamlined hiring processes
- Flexible work arrangements
WEBINAR: Building a Thriving Workforce with Frank Cox
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