Trained talents are one of the top requirements for hiring companies. So how hard is it for you to find the trained people for SMSF now?
When hiring potential candidates, companies prioritize certain qualities like relevant experience, technical skills, education, and soft skills like communication and teamwork abilities. Employers also look for enthusiasm, creativity, problem-solving abilities, and a willingness to learn and adapt. A good cultural fit and an alignment with the company’s values are also vital criteria for hiring. Companies also pay attention to a candidate’s work ethics, reliability, and commitment towards their profession. Apart from businesses evaluating the candidate’s overall potential to thrive in the role and the organization, according to research, trained talents are under high demand for hiring companies.
As for finding trained people for SMSF, it may vary depending on the specific job market and competition. However, it can be challenging to find suitable candidates due to the complexity and specialized knowledge required for SMSF roles. As such, companies are spending a lot more on hiring, training and retaining professionals with relevant experience in the field.
Hiring companies often struggle to recruit trained talents because of various reasons.
- Trained talents are in high demand, and these businesses have to compete to attract them, which can be challenging.
- The supply of trained talent may be low in certain industries or geographic locations.
- Some companies have strict requirements for their open positions, which limits the pool of potential hires.
- Some trained talents may prefer to work for established companies or may have other employment options available.
What can be done?
Here are a few steps to help navigate the challenges hiring companies face:
- Clear Employer brand and company culture: Developing a clear employer brand and showcasing company culture are essential for attracting top candidates. By defining what makes your company unique and highlighting its core values and mission, you can create a compelling brand that resonates with potential employees. A positive company culture, demonstrated through practices such as flexible work arrangements, employee recognition programs, and opportunities for growth and development, can be a powerful draw for top talent. By investing in your employer brand and culture, you can create a strong reputation that will attract the best candidates and help retain top employees.
- Bridge skill gaps: One way to address skill gaps is to establish partnerships with educational institutions and provide training programs. This can involve working closely with universities and vocational schools to develop courses and curriculum that align with industry needs. Customized training programs can also be offered to employees to enhance their skills and knowledge. By working together with educational institutions, companies can ensure that their workforce is equipped with the most up-to-date skills and remain competitive in the fast-paced business environment.
- Referral system: A successful referral system can be established by first identifying top-performing employees and incentivizing them to refer suitable candidates from their own networks. This can be done through monetary rewards or non-monetary incentives such as recognition and networking opportunities. Communication channels should be established to make referring candidates easy and accessible, and the referral process should be streamlined to reduce friction. Regular feedback and updates to referrers can keep them engaged and motivated. Lastly, creating a positive work culture and employer brand can encourage employees to actively participate in the referral program and attract more high-quality referrals.
- Attractive Compensation and benefits: Retaining employees is crucial to the success of any organization. One effective strategy is to offer competitive compensation packages and attractive benefits. This can include a combination of salary, bonuses, health insurance, retirement plans, paid time off, and other perks. By providing employees with a comprehensive and attractive benefits package, organizations can attract top talent and encourage current staff to remain with the company. Investing in employee retention can ultimately lead to increased productivity, better customer satisfaction, and stronger financial performance.
- Positive employer reputation and active engagement with the team: To maintain a positive employer reputation, it is crucial to provide a supportive work environment where employees feel valued and respected. This can be achieved through offering competitive benefits, opportunities for growth and development, and fostering a culture of open communication and collaboration. It is also important to actively engage with employees by seeking their feedback and suggestions, recognizing their contributions, and addressing any concerns they may have in a timely and effective manner. By investing in employee satisfaction and creating a positive workplace culture, companies can build a reputation as an employer of choice and attract and retain top talent.
It isn’t rare for businesses to have adopted some of these steps. Regardless of industry, finding trained talents with suitable experience remains a challenge. For instance, businesses may be ready to offer competitive salaries and other benefits, however the pool of potential candidates with the necessary skills and experience is still limited.
For businesses looking to build a team with trained talents with agility and flexibility, outsourcing offers a cost-effective means to scale and get started quicker. Set up a call with our friendly team to learn about customisations and offers.
Outsourcing unlocks access to global talents with necessary experience and skills while saving costs on hiring and capital expenditure towards expansion. With your team at AccSource, undergoes specific training and development programs aside from the formal degree and other qualifications, to upskill for diligent SMSF compliance work.