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Top five threats facing your business

To help businesses create the environment for success the Chamber is holding a special workshop
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NEWS RELEASE
CHAMBER OF COMMERCE
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“The changes presented in Bill 148 and minimum wage have had dramatic unintended consequences and the Ontario government’s sweeping reforms have been too quick, all of our employers have been affected. Now we need to support them with the tools that keep them alive. And it almost always comes down to people, how you get the right people and keep them” –Rory Ring, CEO Sault Ste. Marie Chamber of Commerce

To help our businesses create the environment for people success the Chamber is holding a special workshop by Chamber Member, Express Employment Professionals. One great workshop with four presentation times to fit your schedule, presented at the Millworks, 83 Huron Street, in the Machine Shop.

Wednesday, May 23       Session #1: 7:45 – 9:30 a.m., Session #2: 11:45 – 1:30 p.m., Session #3: 4:45 – 6:30 p.m.

Thursday, May 24           Session #4: 7:45 – 9:30 a.m.

WHAT ARE THE TOP 5 THREATS FACING YOUR BUSINESS

Success in business hinges on the ability to anticipate, respond, and adapt to threats. The old economy was made up of large companies facing limited competition in stable markets with significant barriers to competition. The new economy is about economic dynamism and competition, embodied by the fast-growing, entrepreneurial spirit.

This dynamic workshop will be presented by Express Employment Professionals at 4 select times to accommodate employer and employee schedules. In this short workshop you will identify the 5 threats and how to avoid or deal with them.

INABILITY TO INNOVATE

If you can’t hire and retain top talent, you will not survive today. In the new economy, your workforce is critical to increase productivity, foster innovation, and survive.

  • 77% of full-time employees are open to or actively looking for new opportunities.
  • 52% of turnover occurs within the first year of employment.
  • The number one cause of turnover is the lack of skills required to perform the job.

LOSING YOUR COMPETITIVE ADVANTAGE

Employee engagement is the critical differentiator for businesses in today’s competitive marketplace. Workers who are passionate about their jobs are more engaged and more likely to generate value for their companies.

  • Globally, four out of 10 workers are disengaged.
  • In the U.S. and Canada, 54% are not engaged, and 18% are actively disengaged.
  • Only 41% of employees know what their company stands for and what sets it apart from the competition.

HIGH COSTS OF RECKLESS HIRING

Speed and agility are important in today’s talent war, but adding new employees, if done carelessly, could significantly hurt your company’s bottom line. As more employees are voluntarily leaving the workplace, managers are scrambling to fill their places. But, untrained hiring managers may be doing more harm than good.

  • 34% of employees with less than two years on the job expect to leave within a year.
  • 43% of bad hiring decisions are attributed to filling the job quickly.
  • 53% of resumes and job applications are falsified.

POOR LEADERSHIP AND COMMUNICATION

Studies have shown that up to half of all high-performers are actively looking for new jobs. The potential impact to a company would be devastating, but simple acts such as better communication and well trained leaders could rescue businesses from facing this situation.

  • Only 45% of organizations effectively communicate to their employees how their actions affect the customer.
  • Only 28% of companies believe they have adequate leadership depth.
  • 40% of employees are not being held accountable for results, and 20% of managers do not deal with poor performers.

REGULATORY NIGHTMARES

It’s not hard for even the most meticulous companies to get lost in the seemingly endless stream of new legislation, policy changes, and red tape. On average, regulatory agencies enact more than 3,500 new regulations per year.

  • In one year, federal regulations can cost businesses over $1.8 trillion.
  • In an effort to recover lost payroll tax revenues, the government has begun aggressively auditing businesses’ wage and hour practices
  • Immigration and customs enforcement has recently increased, issuing some employers fines of more than $1 million.

Are you prepared to respond to these top five threats facing businesses in a new economic environment?  Whether you suffer from one or all five this is a must attend workshop for our members, if you are not a member call now and become a high preforming business.

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