Small businesses and start-ups owned by women and minorities can face some steep hurdles in the marketplace – sometimes shockingly so. Consider this: according to a White House fact sheet, fewer than 3% of companies that receive venture capital funding have a female CEO. Fortunately, small businesses helmed by women, minorities and other disenfranchised groups do have potential access to some resources to help overcome intrinsic disadvantages like that venture capital funding issue.
We recently wrote about the impacts of HR outsourcing (HRO) on employees, noting that employee turnover was 10 to 14 percentage points lower for companies that used professional employer organization (PEO) services versus comparable companies that did not. That strongly suggests that the HRO relationship benefits employees, but do employees understand the value of what they’re receiving?
Recruitment is a keen challenge for small businesses in today’s employment marketplace. According to The Conference Board, we’re facing a 15-year period of tight labor market conditions. That has translated into nearly a third (29%) of business owners that are dealing with positions they cannot fill right now, according to the National Federation of Independent Businesses; that’s the highest number since April 2006.
Figuring out how much to pay your people is always a delicate balancing act. First, you want to offer enough that you attract the best and earn their loyalty; for example, PayScale’s 2015 Compensation Best Practices Report found that “seeking higher pay elsewhere” was one of the two top reasons employees might leave a company.
Game mechanics, or gamification, is very popular in business circles right now. It’s easy to dismiss as just the latest business fad, particularly given that the name itself seems to suggest something light-weight.
Would it surprise you that many people find work less stressful than home life? "When we looked at the difference between home and work in terms of their cortisol levels — that biological marker of stress — we found that people's cortisol levels were significantly lower at work than they were at home," researcher Sarah Damaske told NPR.
We’ve previously advised small businesses to evaluate whether “that startup mentality [is] what your small business needs.” Ultimately, we advised business owners to attune their approach to running their business to the needs of their business. But what does that mean at different stages of a small business’s growth, and how can small businesses use HR to help power their growth? Today we’ll look at those questions.
The startup approach to small business is taking the world by storm, but is it the right way to approach your business? Startups are defined by their flexibility, their ability to adapt fast and adopt innovative, visionary business strategies. That sounds great, right? Hold on.