4. Mid-market and emerging enterprises need to reimagine employee value proposition to support growth. One way is to improve management broadly—so that the experience of working is better for both leaders and followers. Respondents identify communication, emotional intelligence, and critical thinking as the leadership skills in shortest supply. Among the solutions they say they need are: more executive coaching and more learning and development (L&D). Second, they need to address culture and talent issues directly. One way can be to enhance DE&I efforts, which benefits them by enlarging talent pools and increasing engagement. This is a companion to enhanced career pathing, L&D, succession planning, and other programs to give people a view of, and agency in, their own personal and professional development. Finally, it is critically important to build functional capability in finance and HR so that these functions go beyond the basics of accounting and compliance to address the larger questions of use and development of capital and human capital.
“The surging demand for talent has changed the compensation approach for many companies.
“For the middle market, this means identifying core functions and, quite possibly, identifying partners that can add capability in areas smaller companies just cannot afford—cybersecurity, FP&A, sophisticated benefits planning, and the like, to make the most of the slim resources Middle Market companies are likely to have and maximize return on knowledge.” — Thomas A. Stewart, Chief Knowledge Officer, AchieveNEXT
‘Throwing money at it’ is usually the quickest way
companies react, but it doesn't address long-term challenges. In the medium term, companies can modernize pay and benefits packages and roll out more advanced retention programs, like career pathing. Ultimately, success will come to companies that combine those changes with a long-term, strategic approach to culture, compensation, and career.”
Rebecca Messina Compensations Services Manager, Insperity
6 I 2021-2022 Mid-Market Talent Acquisition, Executive Compensation and Culture Study — Powered by Insperity
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