How SMBs can embrace Digital Transformation to Revolutionise Talent Management
Small to mid-size businesses (SMBs) are the lifeblood of the British economy. They generate over £2 trillion each year – around half of the private sector turnover – and represent a staggering 61% of the country’s workforce, equivalent to 16.3 million people. SMBs are more than just a melting pot for innovation – they also promote sustainable improvement, and foster organic growth. The key to unlocking new success for these mid-market companies lies in talent management and investment, whether that be in attracting new talent, or in retaining and enhancing the current workforce.
Cornerstone are proud to say that small or mid-sized businesses make up 50% of our customer base. Our experience in supporting SMBs – and witnessing their incredible achievements as a result – has shaped our newest mission: to assist in accelerating the growth of SMBs everywhere, by equipping companies with our talent management software and content, so that they can invest in attracting, developing, and retaining the best talent in their respective industries.
Talent investment enables limitless potential
The latest research from the World Economic Forum’s Future of Jobs report predicts that 85 million jobs will be displaced between now and 2025, but that 97 million new – but different – roles could be created, thanks to the rapid evolution of machines and algorithms. At the heart of this widespread transformation is a focus on skills; in a digital era, there has never been a more important time to invest in human talent, so that SMBs can:
- Maintain an agile workforce
- Accelerate workforce growth
- Attract disruptor talent
- Optimise acquisition integration
- Be investment ready
We can look to one of Cornerstone’s existing customers by way of example. When the organisation – originally a casino – opened business lines to create their parent company, this signalled a need for new learning opportunities that could be delivered on-demand. With Cornerstone’s help, the company digitised its talent management journey through the implementation of a new learning management system (LMS), which is instantly accessible 24/7. Every employee now has the opportunity to autonomously reskill, upskill, or even multiskill, allowing them to reshape their career journey and explore opportunities at other businesses within the parent company. As a result, the business has experienced an incredible level of talent retention.
Invest now in Talent to grow and develop
For SMBs that are looking to grow and develop, there is no right answer as to when to invest in talent software and content, as every business experiences growth differently. Typically, the best answer is always sooner, rather than later – digital transformation has been around for a long time, and it’s here to stay. Ideally, a company should be continuously prioritising investment into new and existing talent, in order for it – and its employees – to grow, develop, and succeed. In Cornerstone's recent EMEA HR Trends 2023 Report, it was mentioned that when companies create learning programmes that employees value, it substantially increases the employee demand for development resources, resulting in a virtuous cycle. After all, learning is human nature.
Another Cornerstone customer – a legal research and data analytics company – is a great example of prioritising learning and development in order to drive growth.This business faced limitations with the size of its team, and the number of projects that were being worked on simultaneously. Working with Cornerstone, the company aligned learning modules to run alongside existing day-to-day tasks. The ease of use, and the ability to find relevant material, supported the upskilling of employees. This has enabled the business to move forward with its implementation of its own academy, a 12 month programme that will help recruit and onboard new talent.
SMBs are the future of growing economies
SMBs are not just the lifeblood of the British economy – they are its future. With a multitude of businesses in a variety of industries, the challenge lies in scaling up, and companies now have the power of technology to help drive growth like never before. As a thriving household name in the talent management software space, Cornerstone are as ready as ever to help advance SMBs to new and unprecedented heights.
Visit the Cornerstone website to find out how small to mid-size businesses have embraced digital transformation.
Want to keep learning? Explore our products, customer stories, and the latest industry insights.
Ethics in human resources: 6 guidelines for HR teams
Today's human resources professionals manage more moral, ethical and legal responsibilities than ever before. Beyond compensation and benefits, HR teams are now tasked with challenges like fostering workforce diversity, addressing inequality issues and setting standards around workplace conduct.
Your holistic guide to talent success
The 2023 Talent Health Index: Your holistic guide to talent success, a new report led by the Cornerstone People Research Lab, provides you with a comprehensive view of the state of talent programs across organizations worldwide. The study found that most organizations are falling behind with their talent health initiatives, but they don’t have to stay that way. With the 2023 Talent Health Index, you can better understand what a successful talent program looks like and what steps you can take to redefine your talent strategy and unlock your organization’s full potential.