Many small- and medium-sized enterprises (SMEs) are realising that their employees are the heart and soul of their businesses - especially as competition intensifies.
According to Jason Fitzsimmons, assistant professor at U21 Global, a Singapore-based educational institute offering online professional and degree programmes, talent management is one of the most challenging but essential human resource issues in the modern business world, and is a key part of succession planning even for a small company.
'Talent management involves attracting and maintaining skilled and competent employees to satisfy current business needs and also the future needs of the business, so that the firm can nurture and develop employees with the knowledge and skills that will be required as the firm grows,' Professor Fitzsimmons said.
Large multinational companies are perceived by job seekers as preferred employers that stand a better chance of acquiring the top staff, leaving SMEs with the rest. However, many job seekers are now beginning to recognise that SMEs have a lot to offer, such as less hierarchy in organisational structure, and more opportunities to take on different roles for wider exposure to different functions.
Professor Fitzsimmons said that a smaller employee base meant that SMEs needed to ensure that they had the right people with the right skill sets and capabilities to align with its growth and ensure that employees could reach their potential in the firm.
'While these companies grow more rapidly it is important to consider future skill requirements of the company to ensure that there are sufficient processes in place to manage the individual's personal development.'
