Write 7-page single space using the executive summary below, and reference the attached materials. You may have attachments in the addendum (create a salary grid from a reputable job, or a job classification family table. You may use APA or MLA format for citation. TURNITIN IS USED FOR PLAGIARISM.
Today’s technology world has opened the door for many businesses to digitalize their business model and operate in new markets with almost no boundaries. We have also known companies with capital market exceeding billions and even few have reached the trillion-dollar market. While this is great for business opportunities and job creations, it has also added pressure on the small companies in the market. One of the pressures that small companies with less than 50 employees can face is the challenge of designing a job requirements that is enriched enough to recruit and retain highly talented employees.
· Challenges of recruiting and retaining talent employees for companies with fewer than 50 positions and have less budget than companies with hundreds of thousands of employees.
· How can companies maintain equity and support engagement with limited budget and still compete with larger companies?
· How can companies improve engagement during difficult times?
There many stakeholders involved in this business challenge. They include but not limited to the following:
· Business owners who have less than 50 employees in their business.
· Local community where those business operate.
· External vendor and source that those companies deal with.
The research will depend on past practice from some of the small business companies that overcome those challenges and turned their business into a much bigger and efficient business. It will also take into consideration laws regulating small business as well as overall laws regulating the human resource field and employees and companies’ rights. More importantly, market research is going to be a key player in the research methodology for this paper.
Top human resource journals such as the following:
· Human Resource Management Journal
· International Journal of Human Resource
In order to help small companies overcome this challenge, companies can apply the following recommendations. However, more alternatives can be presented in the final paper as we go more with market research.
· Be the company that people want to work for, attracting culture-fit, like-minded candidates.
· Make it appealing and easy for prospective candidates to engage with your hiring decision makers.
· Encourage social networking conversations touting company events, product launches, service offerings.
Each of those alternatives would be reviewed, and any obstacles will be taken into consideration in order to ease the steps on the companies to implement those alternatives
A final recommendation will be made as to which of the alternatives can best fit different business models. Small business companies may have different business model and each may need a different alternative to better recruit and retain employees with small budget while competing with larger companies who attract those employees with better compensations packages.