It’s not every day that we stop and enjoy milestones such as making it on the Inc. 5000 list. It’s an honor. In James Ledbetter’s (editor of Inc.) words: “If your company is on the Inc. 5000, it’s unparalleled recognition of your years of hard work and sacrifice. The lines of business may come and go, or come and stay. What doesn’t change is the way entrepreneurs create and accelerate the forces that shape our lives.” But why is it important? Why does such a list even exist?
All of it has to do with growth. Better products, faster services, more clients, higher quality, improved solutions, and win-win across the board. It’s what drives progress whether you look at the level of macro-economy or the grass roots of small businesses. This is the common denominator that Inc. uses to compile their annual Inc. 5000 list of performance among America’s top private companies. No company on this list has grown by less than 50% and for those that made the Inc. 500 list that rate is of at least 1,000%! Companies that made the list, on average, have grown sixfold since 2014. During a stretch when the economy grew around 11 percent, that’s a result most businesses can only dream of.
The private business sector has a significant responsibility to create jobs that not only benefit its members but also the entire economy. James Ledbetter reinforces that reality, stating that “Only about 12 percent of American companies achieve one-year revenue growth of 25 percent or more. Yet those are the companies that are responsible for half of all jobs created.”
Of course, growth comes with its challenges as it can rapidly lead to Icarus’ fate. It’s tempting to make calculated bets on incoming business and hiring people to deliver. Business leaders need however to be aware that a business can easily outgrow cash flow if it takes decisions based on too optimistic expectations.
Finding and Retaining Talent
By far one of the critical issues that organizations face, talent retention is only one side of the coin when it comes to people. With an official unemployment rate at its lowest in decades, finding candidates has become a headache for many businesses. Fast-growing companies will frequently need new staff especially if they do it proactively to meet demand when it comes. Within this context, many hiring managers make the mistake of rushing to fill jobs and fail to acknowledge the consequences of their decision in the long run. Growth, organizational culture and retention will all be affected in the process. In this type of economy, talented professionals will not hesitate to scrutinize each and every opportunity that they’re presented with which makes workplace culture so much more important.
This is why, SourceMatch recommends a 360 degrees hiring process that allows for an informed selection process that goes beyond a resume. At the same time, the current global economy presents many options and alternatives to the skills gap through remote work and inexpensive international expansion.
Not the least, the key enabler to fast growth is the acquisition and mastery of technology. Components such as social technologies, artificial intelligence, big data and advanced analytics, IoT, “anything” as a service, the fusion of digital and physical, digital commerce are all contributing to transparent and innovative business models. These no longer just support business functions, but have become the products and services that are provided to customers.
This technology revolution also brings a significant challenge as the speed of advancement forces organizations to find the best professionals to handle new and developing technologies. All of a sudden, technological literacy, programming, and digital communication become some of the most important skills that professionals need to bring to the interview table.
At SourceMatch we believe that finding the best talent is no easy fit, and is key to not just a business’ growth but the economy’s growth.
We are honored to be working with some of the leaders in various industries to help them achieve growth and greatness. Check our Case Studies Section.
Honored to be part of the 2018 Inc. 5000 List!
It is a privilege for SourceMatch to be part of this list. Being recognized for our work means a lot to us. Knowing what we do and helping our clients succeed in their projects is what makes us happy. When it comes to the recruiting process, we are always looking to improve and have great results by placing the best candidates where they are needed!
As an Inc. 5000 honoree, SourceMatch now shares a pedigree with Intuit, Zappos, Under Armour, Microsoft, GoPro, Timberland, Clif Bar, Patagonia, Oracle, Box, Grubhub, and dozens of other alumni that have gone on to become household names. In addition to SourceMatch, the class of 2018 includes powerhouses such as Peloton, Brooklinen, and Popsockets.
Photo credit: Bruno Nascimento on Unsplash