Family Firms & Talent Search Struggle
17th June 2014 David Twiddle
Why do mid-market and family owned businesses struggle to find the talent they need?
Talent is what drives a business forward. However, many private and family business owners fail to acknowledge the important role talent management plays in the success of their company. Fast-growing businesses need to pay particular attention to their talent if they want to succeed.
While already established big-name businesses in your sector will draw in the talent with ease, if you’re in the mid-market you’ll have to do more to get your voice heard and find the right people to fill difficult and challenging roles.
Tomorrow’s Talent Today
Twiddle & Co. understands the issues faced by fast growing businesses. Our effective recruitment techniques are designed to locate and persuade talented people to fill those crucial vacant roles in your business. In this article, we take a look at the challenges faced by mid-market businesses when they’re searching for new talent.
1 - A small pool to draw from
Mid-market firms that are on the lookout for specialists might not seem at first glance to have a great deal of choice. When you begin reaching salaries in the £40-70,000 range, your pool of qualified, talented candidates shrinks significantly. Many of the individuals in this salary range who would be a good fit for your role won’t be looking for a job. Only a very small percentage of potential candidates will be actively looking for a new role.
Some will be looking only occasionally, while some won’t be willing to move at all. However, a significant chunk of the workforce in this salary bracket will be happy in their current role, but would be willing to move if they received the right offer. It is this group of candidates that Twiddle & Co. aims to rouse. Our approach to recruitment is proactive – instead of waiting for candidates to come to us, we seek them out for you. A standard job advert on a listings website won’t work.
2 - Determining motivation
Individuals in the salary range we mentioned above aren’t solely motivated by money. While they’ve already advanced several rungs up the career ladder, they’re interested in furthering their careers. This means that they often head for large, distinguished organisations where there are plenty of opportunities for advancement and prestige.
By definition, these larger companies should be able to offer the career development they crave, simply because of their household name. Fast-growing companies may offer more attractive opportunities, but it is unlikely that the top talent will be aware of them.
3 - Selling the role
To get talented individuals on-board, you’ll therefore need to give a convincing sales pitch to potential candidates. Fast-growing mid-market businesses need to be able to tell their story so far, and communicate what their goals are for the future. They need to be able to sell the role – with more passion and detail than a short job advert can communicate. By initiating a conversation with individuals, you’re much more likely to win them over. The traditional method of advertising for candidates isn’t going to provide you with this platform.
Instead, an active recruitment process – headhunting – gives mid-market companies a real chance to explain their vision for the company. Mid-management recruitment doesn’t have to be difficult if you’re able to understand the motivations of your sector’s top talent. Instead of letting individuals find you, Twiddle & Co. finds the individuals for you.