August 11, 2016 Business Coaching News 0

One of the biggest concerns for CEO and

business owners on a global scale is the lack of talent available in the marketplace.

According to a global survey by PWC, 63% of CEO’s and business owners cite that the acquisition of relevant skills is a “serious concern.”

In the last few years, recruiting and outsourcing has grown in popularity. What began as a quick-fix strategy to help cash-strapped companies steer their way through the recession, recruiting outside contractors and outsourcing work has now become a permanent solution for many companies.

The sharing economy model could prove to be a pivotal strategy for the survival of many companies – even if it may appear counter-productive. Business to business transactions are being moulded into collaborative projects and websites that enable companies to hire professional freelancers for competitive rates is easing financial restraints.

Cost is the most obvious benefit for companies that need talent with proven skills to perform tasks effectively and satisfactorily. But it is not just the financial cost of hiring additional resources that companies have to consider. The greater costs come by not taking advantage of outsourcing avenues.

Delaying the decision to recruit or even outsource can far outweigh the apparent cost of making the decision now! Why? Well, look at the decision as an investment and then what is the potential ROI (return on the investment). The decision does become easier. Still need convincing? Contact us now and find out how we can help you!

Overworked staff

There are a considerable number of studies that have reached the conclusion that overworking employees is bad for business. Working longer hours does not necessarily mean employees will deliver more productivity – and quality will certainly suffer.

When employees are overworked, they are also burdened by stress which is detrimental to their health. Startling statistics reveal that employee absenteeism due to stress related illness cost the UK economy over £100bn a year.

Not only will companies suffer a loss of compulsory wages paid to absent employees, but overworked staff also have low morale which impacts on reduced productivity.

Recruiting qualified personnel or outsourcing work to specialists enables you to avoid these pitfalls and at the same time maintain the quality you expect.

Damaged company reputation

CEO’s know that the success of their company relies on the capabilities of their employees. This is why recruiting the best talent is such a crucial requirement. In 1997, Mckinsey & Company coined the corporate recruitment drive “the war for talent.”

But what if your company has a damaged reputation for not treating staff well or promoting a culture that creates an environment people can thrive in.

Surveys have discovered that leading corporations will always be able to find talent to fill positions, but companies with a bad reputation have more difficulty hiring the best – unless they are paid significantly more than the average wage for the same position. And we’re talking an uplift of 53% in salary here.

It is often the case that as individuals, we have to look at situations from a different perspective in order to achieve the best results. This is arguably truer for CEO’s.

Consulting a Business coach can help ease the burden CEO’s and business owners find themselves under. Professional coaches help to provide a different perspective opening up the many options that exist and show you how to recognise solutions that provide the best one for your business – even if the solution appears counter-productive at first glance.