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Change is Coming: Keeping Up with Your Competition in 2017

Last updated on May 4, 2017

Just as individuals set yearly goals for self-development, also known as the‘New Year’s resolution’, the first quarter of 2017 is an excellent time for firms to reevaluate their company values and cultures. Many companies have their eyes set on improving their business strategies andboosting their overall rankings. For entrepreneurs, startup and company owners, as well as recruitment agencies, setting clear yearly goals is imperative for progress.

Many people argue that one shouldn’t wait until January to assess and plan since this can be done any time of the year. However, to some, a new year symbolises a clean slate and a perfect opportunity for a fresh start. In fact, many business experts attest that creating a New Year’s resolution energises people to start and follow through their corporate plans. For a recruiter, this is also the excellent season to review his or her reports and streamline the strategies from the past year.

Creating a Business Resolution

How does a firm make a business-related New Year’s resolution? Well, you can start by checking which habits are inefficient and destructive. For a recruitment agency, evaluate your processes and check how much time you consume per activity. Convergence Coaching co-founder Jennifer Lee Wilson calls this process “shed and grow”. So ask yourself if there is a way to spend less time on administrative work and focus more on interviewing or other person-to-person tasks.

Nowadays, it’s easy to bring recruitment online. Most candidates are already using their mobile phones and computers when sending applications. Unlike the traditional pen and paper job hunting method, online applications get processed quicker. You might want to cut down on physical transactions and start going digital. Afterall, most business processes are already done online. If you wish to keep up with your competitors, you need to revolutionise the way you do business – even simple transactions. 

Adapting to the Changing Business World

It is really easy to list down resolutions. The hard part has been and will always be the follow-through. You might have huge ideas for your company, but have you asked yourself how feasible it is? Keep in mind that setting goals need to be SMART: Specific, Measurable, Attainable, Realistic, and Timebound. Say your e-recruitment department has listed several goals – review which ones can be done in six months’ time or enumerate the resources required. This will help you scale the output better.

Additionally, resolutions should focus on adapting to the times. You could have all kinds of fresh ideas for direct recruitment, but if it doesn’t go beyond or even match what your competitors are doing, then you might want to reconsider. For instance, recruitment and retention should go side by side. Gone are the days when recruiters only focus on the one and wait for the other element to unfold. You need to identify the link between these two aspects in order to gauge them both. 

Taking Heed of Expert Advice

Experts have been predicting more “next-gen ready firms” to emerge this year. This means that more companies will be investing in technology. If your business is still stuck in the mentality of “quantity over quality” and can’t strike a neat balance of both, or if your firm wants to stay on the practical side, you might have a hard time keeping up with your competitors. The talent management system has long been changed. Because of this, selecting candidates has become more efficient and accurate.

The reason firms need to stay adaptive and relevant is because their clients are. How will you cater to someone’s digital business if your company can’t keep up with tech advancements? In a nutshell, your clients’ competitive viewpoints have become more complex. Owner and president of the Rainmaker Cos, Angie Grissom calls this the ‘value ladder’. In an accounting firm’s standpoint, price resistance decreases as loyalty increases. You need to strike the equilibrium between both value and vision.

Prepping Your Company for Change

If you are not big on creating and implementing New Year’s resolutions, we can give a few points. The main benefits of doing this yearly include: getting all employees and teams on the same page;evaluating what should be changed and what shouldn’t;keeping employees engaged, excited, and productive;assessing habits and cultures that are healthy; and improving communication and problem-solving skills.

To an HR system, the advantages above can equip you to move forward with your recruitment plans and better utilise a talent pool. Start-ups and new entrepreneurs need practical ideas to start with. Not everything you read online is worth your time and not all ideas will work for your company. That’s why you need to be smart about the article you’re reading or the next podcast you’ll be listening to. To further help you in conductinga resolutions meeting for your company, we’ve listed three useful tips: 

  1. Provide more helpful feedback

I’m sure you’re already doing this during your performance reviews and that’s awesome. The difference in giving more feedback when conducting a resolutions meeting is it summarises what happened the year prior. Not all employees have good memories. Let them remember the positive points, such as special achievements from each department, and then highlight areas that could be targeted to do even better this year. Motivate them to step up and move forward.

  1. Stay present and engaged

Don’t start with boring presentations on numbers and reports. If ever you have to, be sure you keep them on the same page. Ask a question every now and then. Encourage them to speak up and let the group know what they think. Allocate only a few minutes per question so that you won’t lose the main message of your presentation. You can also mention a few departments like recruitment or IT to talk a bit about their processes, as not all staff understand how hard their jobs are.

  1. Mentor your employees

Among the three tips, this is probably the most useful function of conducting a resolutions meeting –coaching and mentoring your employees. Every year, we need to work hard to support each team member and encourage the new ones. Building mentor-staff relationships will be extremely beneficial to your firm. You can set your coaching sessions after your meeting or during any free time within the week. The success of your company doesn’t just rely on technology but on people as well.

Improve Your Business Model

Perhaps you’re aware of the model that works with SMBs, marketing strategiesand business platforms that continue to emerge. Recruitment companies also continue to embrace change. According to author, composer and producer Michael Tyrrell, SMB owners need to make it a point to add human touch to their digital businesses. Otherwise, you’ll lose touch –literally. Point is, you don’t just go digital and adopt advanced software; you need to keep your business model human.

One major lie that people are facing today is that technology is said to be taking over human jobs. If you remove the human element in the business world, it’s like taking away the mission and vision of the firms. One cannot solely operate using the technology alone. A headhunter might need the technology to sort to his or her own set of talents, but assessing who gets which job can only be done through human interviews and careful assessment via a series of interaction and meetings.

Consider the Millennials

Another element you should take note of is the age of the workforce. As more and more people reach the age of retirement, Millenials are entering the workforce with new knowledge. This means that you need to revitalise the way you do business in order to compete on hiring the best talent. Of course, this does not necessarily mean that you just give the Millennials what they want on a silver platter. Be careful not to lose your company’s core values – these are what make your firm unique.

As part of your 2017 resolution, be more intentional in building professional relationships with your younger staff. The success of your company can only be assured as you work together. Don’t let generation and age gap hinder growth. The great thing about working with Millennials is that they are full of ideas. Their mind soars on career advancement and exploration of possibilities. These youngsters are passionate and driven, so use that to your advantage.

Lastly, don’t forget to thank your team for participating in your resolutions meeting. It’s not every day that you get to sit down and talk about what works and what doesn’t. Write down what you’ve accomplished for the day and post it for your team to see. This will ensure that the ideas you’ve discussed won’t just go to waste. A productive day is a step closer to success. It doesn’t take a genius to figure out what works best for your company – you know what does, and only you know how to do it.

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