www.fueloilnews.com | FUEL OIL NEWS | SEPTEMBER 2016 43
BUSINESS OWNERS:
STAFFING IS TOP CHALLENGE
Small business owners report that hiring and retaining talent is
their most significant business challenge, according to a quarterly
survey by Vistage Worldwide.
Vistage, a global organization that assembles and facilitates
private advisory boards for CEOs, conducts a quarterly survey cov-
ering a variety of small business topics. More than one-third of the
1,300 respondents cite staffing as the most significant issue they are
currently facing, including identifying qualified candidates, hiring,
retaining valuable staff members, and training. Additionally, CEOs
note that their companies' biggest barrier to innovation is talent,
pointing to a common theme, and the importance of having a
talent management and acquisition strategy in place.
"Talent is key to the success of any organization, especially
in small business," said Michael Molina, chief human resources
officer of Vistage Worldwide. "Having processes in place to recruit
top talent, transparent communication with employees, and a
program for the CEO's growth and development are critical to
keeping an organization moving in the right direction."
In the second quarter of 2016 CEO optimism in the economy
declined across the board to its lowest level in three years. Political
uncertainty during times of presidential elections has influ-
enced confidence in the past, with a low point following the 2012
presidential election. With half of survey respondents planning
to increase their firms' total number of employees in the next 12
months, other notable findings include:
83% note that their team is made up of multiple generations,
from college interns through employees nearing retirement. And
half of respondents are planning to hire recent college grads.
Due to the influx of millennial workers, nearly two-thirds of
companies have adapted their management style in the past five
years, and 57% of respondents now offer different benefit packages
or perks to attract young talent.
Although 82% of CEOs conduct performance reviews of
their employees, 60% of CEOs do not have a system in place for a
self-review within their company.
The biggest barrier to innovation for 30% of small-business
CEOs is finding employees with the right talent and skills.
83% of CEOs encourage all their employees to use their
vacation days, although about half expect employees to check and
respond to email while on vacation.
To review more survey results visit: http://www.vistage.com/
press-center/vistage-ceo-survey/.
