Can flexible work arrangements help SMEs compete for talent?

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Flexible work arrangements can aid SMEs in talent acquisition by offering tailored packages.

A survey indicates that 85% of hiring staff in small and medium-sized enterprises (SMEs) find it difficult to compete with multinational corporations (MNCs) for new talent. The report suggests that SMEs can leverage their advantages by providing customized employee packages that include flexible working arrangements and a hands-on working culture to attract potential hires. This approach aims to address the challenges faced by SMEs in the current hiring landscape, where rising living costs are also driving jobseekers to seek higher wages.
SMEs face significant competition from MNCs for talent.

The recruitment firm Employment Hero's survey found that a substantial 85% of hiring personnel within SMEs struggle to contend with MNCs when seeking to recruit new employees. This disparity in the hiring market is a key concern for businesses of this size.
Rising living costs contribute to increased hiring expenses.

A significant factor contributing to the higher cost of hiring, as identified by 52% of respondents, is the demand from jobseekers for increased wages. This is directly linked to the escalating cost of living, putting pressure on employers.
Labour shortages and recruitment costs also impact hiring.

Beyond wage demands, labour shortages were cited by 37% of respondents as a reason for increased hiring costs. Additionally, 32% pointed to the expenses associated with job postings and fees paid to recruitment agencies as contributing factors.
Tailored packages and flexible work are recommended strategies.

To counter these challenges, the report proposes that SMEs should capitalize on their inherent strengths. Offering bespoke employee packages, which include adaptable working arrangements and a more personal, hands-on work environment, is suggested as a method to enhance their appeal to job candidates.

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Can flexible work arrangements help SMEs compete for talent?

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