Five Elements of Fast-Growth Businesses in 2018

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Our 2018 EMEA Employment Background Screening Benchmark Report found that 71% of companies are looking to grow their workforce this year, compared with 57% last year. For those that are growing, many are doing so aggressively, with 30% planning on growing more than 6% in the next 12 months.

What is it that sets these fast-growth businesses apart?

1. Managing Costs

Fast-growth businesses are becoming less concerned about managing costs and are instead focusing on areas such as the candidate experience and finding and developing talent. Recent research from AVADO, a global leader in professional learning, found that over 60% of UK workers claimed they would switch employers to secure more regular training opportunities (Read the full article on HR Grapevine). Keeping new hires engaged and developing their careers will help to reduce recruitment costs and staff turnover.

2. Risk Management

Focused more on risk management and rising to regulatory changes, such as the General Data Protection Regulation (GDPR), fast-growth businesses understand the penalties associated with non-compliance of the GDPR which can reach €20 million or 4% of global annual revenue (whichever is higher). It’s no surprise that compliance and risk mitigation are more important than ever.

3. Positive About Screening

These businesses recognise the benefits of screening, including improved security, regulatory compliance and bringing in a better-quality hire. By routinely assessing the risks that employees may pose to the business and to each other, company-wide pre-hire background screenings and regular rescreening of current employees demonstrates that you value the safety of your staff.

4. Corporate Culture

Creating a positive corporate culture and maximising their employee engagement, fast-growth companies know the process begins with onboarding. UK Working Lives, a new Chartered Institute of Personnel and Development (“CIPD”) survey which assesses seven dimensions of job quality, revealed that 64% are satisfied with their job overall. However, middle managers and those at lower levels faced significant challenges with stress and lack of support (Read the full article on HR Magazine). Addressing these challenges and working to improve employee engagement could help your business grow in 2018.

5. Investing in Themselves

Lastly, fast-growth companies are more likely to invest in the following areas:

• Employer brand

• Corporate culture

• Developing leaders

• Staff retention

• Candidate experience

• HR technology

Will you be a fast-growth company in 2018 and beyond? With focus on a few key areas, your company—and your people—will be better for it.

Download our 2018 EMEA Employment Screening Benchmark Report for more HR industry insights.

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HireRight is here to help guide you through the biggest screening challenges so you can focus on what’s important to you; attracting top talent. HireRight provides employment background screening services to organisations of any size, in every industry, and nearly anywhere.

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The HireRight Blog is provided for informational purposes only and should not be construed as legal advice. Any statutes or laws cited in this article should be read in their entirety. If you or your customers have questions concerning compliance and obligations under United States or International laws or regulations, we suggest that you address these directly with your legal department or outside counsel.

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