Private companies look to talent, innovation to grow business

Business conditions in the United States are ripe for growth. A national economy on the rise and steady job creation have fueled expansion. In addition, firms are looking at government investment and tax breaks to facilitate better business. 

Private companies are not solely relying on outside factors to dictate the terms of their growth. A recent survey found firms are increasingly seeing talent acquisition and management as key building blocks to future success. Talent is a top priority for burgeoning businesses, and working with recruiting agencies can help organizations find the employees necessary to improve performance. 

Hiring talent, cutting costs are important
According to PricewaterhouseCooper's U.S. Trendsetter Barometer survey of 213 CEOs, leading institutions are continuously citing investment in talent as a crucial factor to driving overall business growth. Fifty-four percent of respondents said talent investment was high on the list of their growth agenda. In comparison, only 39 percent said product innovation was critical to growth, 36 cited investing in information technology (IT) and 32 said research and development (R&D)

Private employers are considering a range of new positions to improve their talent capital. Thirty-two percent said they plan to invest in IT professionals, 30 percent said engineers and 17 percent said R&D staff.

Marketing and sales was another strong point of emphasis for employers. Sixty-two percent said they would invest in improving marketing and sales representative talent during the next year and 44 percent will look to invest in business development professionals.

Still, employers remain wary of the costs of talent recruitment. Seventy-one said talent-related costs, including wage pressure and healthcare expenses, could impede growth during the next 12 months. Firms should consider working with accomplished manufacturing recruiters or technical recruiters to save on talent search labor expenses.

Meanwhile, fast-growing companies are dealing with a different kind of talent problem: There aren't enough qualified workers on the market. Sixty-nine of companies said talent shortage is a potential problem; 56 percent of all firms cited the talent shortage as an issue.

Employee skill is paramount to business growth and companies looking to hire more qualified talent can benefit from partnering with recruiting agencies that are adept at identifying top workers.