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Concerns of midsize business owners.

Midsized Business Owners Stressed About Finding and Keeping Top Talent

 

Although midsized businesses added 63,000 jobs in April, some continue to consider talent – finding it, nurturing it, and keeping it – among their biggest concerns.

According to the fourth annual ADP Midsized Business Owners Study, nearly half of respondents are extremely or very concerned about the quality of the available workforce, and less than 20 percent are completely confident they have the right tools to find, grow and retain talent.

The research found that:

  • Only 15 percent of the people who responded are completely confident they have effective tools to find the best talent. Many say they lack the ability to post to multiple job boards in a single action, and lack tools to find and track passive job seekers. They also report difficulty finding internal talent for open positions.
  • Only 16 percent of the people who responded are completely confident they have effective tools to keep and grow the best talent. Respondents cite the need for tools to help create and maintain development plans for employees, and to align goals to compensation decisions.
  • Only 18 percent of the people who responded are completely confident they have the tools needed to effectively manage their workforce.

Concerns over employee engagement also rose significantly in the latest survey, with 41 percent of midsized employers reporting they’re extremely or very concerned about it.

What’s surprising is that while the vast majority of employers surveyed believe employee engagement is important to an organization’s success, only slightly more than half feel they currently have a good, repeatable process to facilitate engagement.

The strategies rated most important in promoting engagement include managing performance and compensation, and setting goals.

When it comes to talent management, a relatively small number of midsized business owners believe they’re managing their workforces poorly. But only slightly more than half say their organization is doing “extremely” or “very” well at it.

Despite some uncertainty in their management abilities, 42 percent of midsized business owners said they increased their employee headcount in the past year and nearly the same amount plan to continue the trend this year, with plans to hire an average of 21 employees.

While only 16 percent of businesses plan to expand globally in the next two years, up slightly from the previous year, employers are more confident that their organization has the tools and information needed to manage a global workforce.

For more details on the study, visit here to download the action paper.

This article was contributed by Tom Perrotti, President of ADP’s Major Account Services and ADP Canada organizations.

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