During BDC Small Business Week, I tuned into a webinar, "Let’s talk solutions for today’s business challenges," where Pierre Cléroux, BDC Chief Economist, and other experts dissected Canada’s economic terrain and the hurdles small and medium businesses (SMBs) are up against.

Mr. Cléroux explained how the Bank of Canada's tactic of maintaining elevated interest rates to temper inflation is yielding results, with inflation inching closer to the target. However, stumbling blocks like surging food inflation and escalated mortgage interest costs linger. The forecast for the upcoming 24 months hints at persisting high interest rates, slowed consumer spending, a sluggish housing market, and an economic slowdown - but not a recession. Robust industrial production and a low unemployment rate provide a glimmer of optimism.

A focal point of the panel discussion was the talent shortage issue fuelled by a retiring workforce and fewer people entering the job market. This has become a growth bottleneck for many businesses.

Here are some actionable steps the panel shared to mitigate these challenges:

• Invest in Technology and Automation: Leverage technology to streamline operations, reduce mundane tasks, and pave the way for meaningful work, thus becoming a magnet for potential talent.
• Develop a People Strategy: Cultivate a nurturing company culture, offer growth avenues, and devise creative compensation models to enhance talent attraction and retention.
• Expand Your Talent Pool: Broaden your hiring scope to include freelancers, consultants, or less experienced individuals, mitigating the talent shortage while fostering a diverse and innovative work environment.

The panel's consensus was clear: gearing up for growth in a competitive milieu demands a mix of technology adoption, creative compensation, and an expanded talent pool. Merely waiting for the economy to get better is not a viable strategy. Instead, businesses should foster a conducive environment where employees flourish and contribute to growth.

Interestingly, 56% of attendees acknowledged the need for changes to attract and retain employees in the near future, with 26% eyeing the creation of an appealing company culture as a solution.

‍

If you resonate with the 26%, here are some pragmatic marketing steps to magnetize talent and bolster your company brand:

• Flaunt Your Culture: If your company prides itself on a vibrant culture, show it. Share snippets of your daily work environment on platforms like LinkedIn to entice like-minded talent.
• Competitive Benefits and Unique Perks: Ensure your benefits are competitive. Spice them up with unique perks that echo your brand’s personality, making your company a desirable place to work.
• Embrace Flexibility: If feasible, offer flexible working arrangements. The modern workforce values a balance between work and personal life.
• Celebrate Employee Achievements: Empower employees to share their milestones and the impact they're making. A referral program rewarding employees for introducing new talent can also serve as a potent talent magnet.
• Maintain a Positive Online Brand Presence: Actively monitor and respond to online feedback about your company. A proactive stance in managing your online reputation is pivotal in building trust with prospective employees and customers.
• Realistic Job Descriptions: Craft clear and realistic job descriptions that reflect the actual requirements of the role and showcase your company’s personality.
• Streamlined Application Process: Ensure that your application process is modern, user-friendly, and doesn’t require hours to complete.
• Personalized Interview Process: Create a streamlined and personalized interview process that respects candidates’ time and doesn’t entail numerous rounds of interviews or hours of unpaid work.

The tactics to allure talent mirror the skills used to promote/sell products and services. Building trust in your brand, whether for attracting customers or top-tier talent, hinges on a well-curated narrative and a demonstrated value proposition.

‍