Workforce Efficiency

Essay by jgc04bUniversity, Bachelor'sA+, September 2009

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There is a new driver in the success of business. It’s skilled people, and it is skilled people that provide for a more efficient workforce. More than processes, systems, machines and products, it is human capital that is driving the financial performance of the business sector. In today’s knowledge and service based economy, the members of your organization with specialized skills and knowledge, or your talent, is often the only thing that sets you apart from your competitors. Companies that want to dominate their industries must attract the best and the brightest workers to retain that competitive edge, which essentially comes from being more efficient than your competitors. Competitive edge isn’t the only reason to attract new talent though, recent studies have shown that by 2008 we will hit a workforce shortage. That is when the average members of the baby boom era turn 62 and reach the retirement age.

Long before you are looking to hire, you must create a database of candidates to target. Attend trade meetings and job fairs to meet potential job applicants. One of the easiest ways is to just ask your employees to recommend people. Next you need to engage them. Find out what they are looking for or what they feel is lacking from there current job and try to entice them to come to your company. Then make a deal. Do your homework to determine the appropriate compensation. If you cant afford the hefty price tag to bring someone in, consider offering other perks such as equity or profit sharing. Money is usually not enough. Use a ballpark financial incentive to get them hooked and then use the assets of the rest of your organization to bring them in. These include culture, learning and advancement opportunities.

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