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In today's extremely tight labor market, small-company employers must approach hiring just as they approach selling. To lure able and enthusiastic candidates, the author writes, a CEO should consider such steps as contacting reluctant candidates personally, offering equity compensation to augment salaries, and sending welcoming gifts like fruit baskets. Of particular note is a discussion of factors the author says "count" in the sales-whoops!-the hiring process.
A growing economy constantly creates new job opportunities in new sectors, but also displaces and even destroys existing jobs. The workforce in an entrepreneurial economy must always evolve as well. Government efforts to protect jobs are often misguided, hindering growth and new job creation. Pro-growth workforce rules should instead focus on developing worker skills, allowing maximum hiring and layoff flexibility, and focus adjustment efforts on getting displaced workers into new jobs as soon as possible. Small firms employ half of all private sector employees and create 60-80 percent of net new jobs in the U.S., according to the SBA. Labor rules are one of the largest barriers to entrepreneurial ventures. The World Bank’s cross-country comparison of labor regulations shows lower job creation where workplace rules are more rigid. Labor rules must move beyond the early 20th century framework of management versus labor and encourage new firm formation as well as a dynamic, not static, worker.
In this Collection overview article, this entrepreneur and director argues boards of directors are critical success factors in fast-growing companies. This expert debunks a set of common misconceptions many entrepreneurs have about boards and outlines why an entrepreneur should build one.
For entrepreneurs running growth companies, one major challenge is providing affordable health care coverage for employees. Most important, costs continue to rise for many key prescription drugs. This article provides practical strategies entrepreneurs can use to provide prescription drug coverage for their teams and help lower their companies' overall health care costs.
Pairing with charities enables entrepreneurial companies to offer a morale-boosting perk to employees while enhancing traditional marketing strategies, says the founder of a consultancy that facilitates such sponsorships.
When Michele McGeoy sold her first software start-up, she thought she was doing the best thing for her stakeholders. But, a few years later the new owners resold the company out of state, leaving her and her employees out of work. Having lost control by giving up ownership, McGeoy found a better solution for her next venture: She empowered employees by making them stakeholders and created a culture that promotes healthy growth.
Unless you have a strong team at the top, you and your company will struggle under the weight of growth. Knowing how to select, manage and lead a Top Team is one of the secrets to growth.
When key leaders are ready to move on to new challenges or even retirement, their legacy can be greatly diminished without good succession planning.
When it comes to compensation, the issue is not what you can pay, but what you can offer to the people you need to grow.
While effectual boards of directors can strengthen a growing company, this author asserts ineffectual boards can just as easily cripple a company's growth. Entrepreneurs should follow proven and concrete procedures for developing and operating strong boards of directors.
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