The SME Challenge in OECD Economies: Finding the Right People

Hiring the Right Person in LondonFor Small- and Medium-sized Enterprises or SMEs, creating jobs and finding the right people who can make a difference is a critical part of the hiring process. Unlike large companies, where you can expect attrition rates explode almost ballistically, SMEs can’t afford to lose people nor hire the wrong ones.

KennedyPearce Consulting Ltd reiterates, “The General Conference of the International Labour Organization, having been convened at Geneva by the Governing Body of the International Labour Office, and having met in its Eighty-sixth Session on 2 June 1998, and recognizes the need for the pursuit of the economic, social, and spiritual well-being and development of individuals, families, communities and nations…Noting that small and medium-sized enterprises, as a critical factor in economic growth and development, are increasingly responsible for the creation of the majority of jobs throughout the world, and can help create an environment for innovation and entrepreneurship.”

The Challenge at Hand

High-productivity SME sectors under the Organization for Economic Cooperation and Development (OECD) have the constant need for talents who can fit in the opportunities they open daily. But, the major impediment to acquiring and retaining people is the fact that the traditional hiring process doesn’t apply anymore to the current structure of the economy.This is because one skillset or technical aptitude isn’t enough to fill the modern work requirements across all industries.

Employment Survivability

According to the World Development Report on Jobs, “Worldwide, 600 million jobs are needed over the next 15 years to keep employment rates at their current level. Governments, non-governmental organizations and donors spend large amounts of money for targeted programs and broader policies to enhance employment creation and the creation of new firms.” And because most SMEs require culturized and experienced workers to keep the micro-structure of their organization functional, meeting the 600 million job requirements for the next decade is becoming more unattainable.

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Role of Recruitment Firms

As previously discussed, the traditional hiring system doesn’t apply anymore due to the increased workload requirement in most financial, entrepreneurial, and business support services. That’s why it’s important to consider outsourcing the process to recruitment firms who are well aware of these changes. Not only would a dedicated hiring process help align your business’ values and objective to the right prospective employee. They’re also likely to collaborate better and contribute to the ongoing success of the firm.

With the difficulties in getting quality hires today, it’s best to have the right partner who can do the job well.