The Impact of HR for Small Business Growth
In today’s competitive market, SMBs face numerous challenges, including complex compliance laws, a shrinking talent pool, and limited resources. Despite these hurdles, prioritizing HR best practices can be a game-changer. Our 2024 survey data reveals a clear correlation between the application of these HR best practices and business growth.
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The report underscores the importance of HR as a strategic business discipline. Fast-Growth SMBs—those that reported significant growth last year—consistently applied HR best practices more frequently than Zero-Growth businesses across all HR categories. These categories include:
- Recruiting & Hiring
- Benefits
- Onboarding
- Development
- Compliance
- Retention
- Performance Management
- Post Employment
