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This week, sports fans from across the nation are reeling from the news that golf legend Arnold Palmer, died on Sunday at the age of 87. Known as the “King of Golf,” Palmer held seven major championship title s and 62 PGA Tour wins. But it was more than his talent that led to his success and won Palmer the respect and admiration of fans and peers alike: Palmer was an inspiration to many for his dedication, hard work and a passion for the game.
With a limited staff size, small business owners depend heavily on the contributions of every team member. So when a new position opens up, finding a great match becomes imperative. A hiring mistake could cause problems ranging from insufficient output to workplace discord. At the same time, companies that take too long searching for the ideal applicant face risks, as well.
The U.S. is expected to grow 5 percent over the next five years, adding more than 7 million jobs by 2021, according to a recent study from CareerBuilder and Emsi.
As may be expected, however, some jobs will grow at a much faster rate than the average, while others will decline. Middle-wage jobs in particular (jobs that pay $13.84 – $21.13 per hour) will see slower growth than high- and low-wage jobs – at 3 percent overall.
Why should you care if your employees have a healthy work-life balance? Because a healthy work-life balance among employees can benefit your small business – in more ways than one. Research has shown that shown that employees who feel they have a healthy work-life balance are more productive, more satisfied in their jobs (which increases retention) and healthier (which lowers medical costs and absenteeism).
Small business owners who allow employees to use social media at work stand to benefit from their connections and promotion of the company’s brand. However, smart leaders realize that unflattering, illegal or incorrect information can soon land their businesses in hot water. An ounce of prevention is definitely worth a pound of cure when it comes to protecting your small business’s good name, so educate and guide your staff by creating a thoughtful social media policy.
Think allowing employees to use social media at work is a recipe for disaster? Before turning your small business into a Facebook-free zone, consider these possible benefits the company might reap by allowing workers to stay connected:
Increased productivity: People need short breaks during the workday to maintain energy and focus. One team member may enjoy grabbing a cup of coffee between tasks, while another may prefer checking Twitter.
Small business employers who give back to the community are not only doing good for others, they are benefiting their businesses as well. Not only does volunteering and charitable giving help to foster a sense of community and collaboration among your workers, it gives them a sense of purpose, which increases morale and helps with retention. Having a business that gives back also appeals to clients who want to partner with socially responsible organizations.
You might be your small business’s owner, but you shouldn’t be its only entrepreneur. When your employees think and act like entrepreneurs as well, the entire company benefits. A staff-wide focus on innovation, curiosity and thinking outside the box boosts everyone’s morale and engagement – and can lead your company to new heights. Fostering that entrepreneurial spirit can be an awesome retention tool as well – by providing workers the challenge they crave and fulfilling their desire to make a difference.
There may not be a Michael Jordan of recruiting, but Seth Godin, a bestselling author, speaker and entrepreneur, comes pretty close. Though his expertise is in marketing — Godin is a frequent keynote speaker and prolific blogger — much of Godin’s insight and advice apply to the recruiting industry as well. After all, what is recruiting if not another form of marketing?
You depend on your small business team for input on other vital matters, so why not consider involving them in the hiring of new employees? Because they will work alongside new hires, staff members have a vested interest in finding awesome candidates. Likewise, their intimate knowledge of company culture provides them a great sense of who might fit in well at your workplace.
More employers than ever are in agreement than the current federal minimum wage is not cutting it. According to a recent CareerBuilder survey, only 5 percent of employers said that $7.25 per hour is a fair wage, while 67 percent said they felt a minimum of $10 per hour or more was more reasonable – up from 61 percent last year.
As a leader, I try to read as much as possible and gain new perspectives on business and innovation – and I encourage my team to do the same. Over the years, I’ve read so many books on leadership, influence, management and innovation, and some have made more of an impact than others. The following books speak particularly well to small business leaders, providing fresh insight that will help small business leaders think big – and stay ahead of the competition.
Small business owners already trying to stretch limited resources may view employee training as expendable. But investing in the continuing education of your team is not only good for morale, it’s good for business. Providing staff with opportunities to learn new things keeps them engaged and demonstrates your commitment to their growth, both of which aid in retention. And the knowledge gained can make them better, more productive workers.
Following two months of better-than-expected job growth, hiring in the U.S. slowed down a bit in August, while the unemployment held steady.
According to the latest BLS employment situation report, released today, private sector employers added 151,000 and the unemployment rate remain unchanged at 4.9 percent. Average hourly earnings increased by 3 cents in August, going to $25.73 – a 2.4 percent increase from a year ago.