Where Has All the Talent Gone? Tips on How to Keep Your Business Running

In recent years, it has become easier than ever to start your own company and become your own boss. In fact, according to estimates , over 600,000 new businesses are started each year. However, another staggering number is the fact that only half of these businesses make it past their fourth year of operation. Although statistics differ across different industries, most often, failure is due to incompetence and lack of experience – but what makes a startup strong enough to get through this critical period? Well, it is widely known that the most important asset any business can have is its employees. So, let’s see how to attract and retain those precious individuals that have what you need in order for your business to succeed.

The skills gap
For a business to work out, you need individuals who are properly qualified. And this could prove to be a problem in some industries. A survey conducted in the Czech Republic found that, despite high unemployment rates, employers were having a hard time finding the right individuals with the appropriate qualifications – about a third of the surveyed ones claimed this. This can happen if there is a mismatch between the qualification structure and the needs of the companies. One way to fill this skills gap is by expanding your talent pool.

Remote workforce
Expanding your talent pool to a worldwide level is more than possible today. With the development of technology and the fact that the internet is so integrated into our lives that we cannot imagine going a day without it, you can make a part of your workforce take advantage of these possibilities and work remotely. For some industries, this option is more viable than for others; however, every business can outsource at least some of their basic tasks to telecommuters. Turning to this option not only broadens your choice of employees in the hiring process, but it is also cost-effective seeing as how you won’t be paying for extra office space, office supplies and so on. All the money saved this way can go into developing your business further or simply keeping it afloat.

Foreign workforce
The second option when it comes to expanding your talent pool beyond the borders of your country is hiring a foreign workforce. Since the world has become so connected in recent years, it is more and more common for young and talented individuals to seek career opportunities outside of their country of residence. For you, this could mean that you can acquire some outstanding individuals on your team who not only might possess skills you cannot find locally but will also contribute to making your workforce more diverse and culturally colorful. The views, ideas and the different thinking of individuals coming from different parts of the world and creating a team in your company can really bring a positive change and a unique flair to your business, so there’s no reason not to hire a foreign workforce.
For instance, just in 2016-17, Australia saw 45,800 people arriving on permanent skill visas to build a career away from their home country. However, if you too want to hire foreign workers, make sure all the paperwork is properly done so as not to accidentally get in trouble; your candidates are going to need good immigration solicitors from Sydney immigration solicitors from Sydney to help them out with acquiring the right kind of visas – it is your responsibility as the employer to make sure they are allowed to work in Australia.

Keeping the talent
Once you have your talented individuals on your team, your work is still far from done. It is also your job to keep your employees happy and satisfied so that they don’t abandon you in search of better workplaces. The key factors to keeping them happy would be: a great work environment (don’t skimp on making your office as comfortable as possible and providing them with appropriate equipment so that they can efficiently do their job), appreciation (be it in the form of bonuses, occasional gift cards, or simply praise) and room for improvement (invest in your employees, send them on seminars and courses, and show them there is always room for advancement in your company if they work hard enough).

Your employees should be a vital part of your company if you are to keep your business up and running for a long time. Therefore, both the process of choosing them and your efforts of keeping them should be impeccable. Today, there are more than a few opportunities to expand your talent pool farther than it was possible only a couple of decades ago, so make use of the aforementioned techniques if your company is in need of fresh talent not available in your location.