Finding the right talent is no easy task, especially for small businesses with limited HR resources and budgets. According to our survey on top technology trends among small and midsize businesses (SMBs), 42 percent of small businesses still face challenges when it comes to hiring the right candidates.
Here are few reasons why small businesses find it difficult to hire high-quality candidates:
- Sixty-three percent of hiring managers say they can’t find suitable candidates who fit the job requirements.
- Fifty-four percent of employers say that an offer was rejected within one to four weeks of the first interview, implying that the top candidates are fielding multiple opportunities at any given time.
Let’s face it, most employees dread receiving performance feedback. This is mainly due to the following factors:
- A lack of continuous feedback; performance evaluations are usually conducted annually, while 42 percent of millennials prefer to receive feedback weekly.
- A lack of diverse feedback; performance feedback can be biased when it comes from a single stakeholder, and 57 percent of companies do not have a strategy for addressing biased performance reviews.
Businesses can use 360-degree performance evaluations to overcome these challenges and gather feedback from multiple stakeholders, including managers and peers. Feedback can be based on parameters such as communication, teamwork, self-management, technical skill sets, and more.