Managing Your Most Important Business Asset – People
People are the core of any business. However, managing them can be just as difficult (or even more so) than managing the business itself. People are, after all, only human — complicated creatures with rich emotional lives and a host of competing motivations.
Small business owners have to balance the other parts of the business with the various aspects of human resource management. These include recruitment, hiring and retention, training and development, performance, payroll and benefits, cultivating a healthy workplace culture, and intra-organisational communication.
It’s difficult, but if you get it right, that’s when the business can really take off.
An Evolving Employment Landscape
The rise of freelancing and the ‘gig economy’ is also changing the employment landscape, adding even more complexity to the challenge of human resource management for small business owners.
Singapore’s Ministry of Manpower has estimated that self-employed residents make up 8.4% of the workforce, having risen to over 220,000 — an increase of some 20,000 between 2017 and 2018. This is a large number, but still a far cry from other nations. In America, for example, an estimated 36% of workers (57 million) are part of the gig economy.
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The figure in Singapore will continue to grow, as we expect some 73,000 more jobs in this sector to be created by 2030.
Three Key Areas for Succeeding at Human Resource Management
Success in human resource management is no simple task. But as the Pareto Principle states, 20% of tasks are responsible for 80% of the results. So, focus your energy toward these two key areas.
1 Employee Retention
Interestingly, financial incentives are being taken over by other, more important factors to the Singaporean employee when it comes to things they look for in a job.
These factors include:
confidence in the company’s senior leadership team,
sufficient support from a manager regarding work-related issues,
career development supported by training,
and opportunities to try new things.