Surviving in a rapid-growth industry is a challenge, but the rewards are irresistible. Training becomes a key challenge when your business grows more rapidly than the talent pool can upgrade its skills.
Here are three tips to help you understand and address this challenge:
1. Unclear regulations and rules
Sometimes, an industry or technology takes off so fast that regulatory bodies have very little time to play catch-up. Social media is one clear example: It’s ability to influence the behavior of large groups of people is something that has never before existed in the history of mankind. As a group, we’re all still working to wrap our heads around social media and how it impacts our culture and society.
Industries that grow rapidly often go through a chaotic period as stakeholders determine which direction they want to move in. Finding guidance can be a challenge. Depending on the nature of your business, you may want to consult with local governments and business organizations to determine how best to proceed when the rules aren’t clear.
2. Skills gap
As new technologies emerge and become standard, employers may find it difficult to identify professionals with relevant skills. Indeed, some technology may be so cutting edge that only a few experts in the whole country have the knowledge necessary to make a difference.
Training Magazine reported that companies facing a skills gap need to use external benchmarks to determine if the gap is specific to their organization or if it is an industry-wide challenge. If it’s the former challenge, company leaders will have to take a concerted effort to pinpoint and address recruitment challenges. If it’s the latter, the organization will likely have to develop training materials to satisfy its need for niche talent.
3. Brand confusion
Companies in fast-growing industries face a lot of competition. For consumers, a saturated market can be confusing – especially in today’s world of eclectic company names. For job seekers, a confusing brand may not look like a good employer. Imagine a time traveler attempting to make sense of Google, Yahoo and Bing. That’s what modern consumers feel like when looking at today’s emerging companies.
Here’s an example: Let’s say it’s your job to choose accounting software for your firm. Do you choose Nexonia, Zoho or Replicon? What about Tallie, Fyle or Rydoo? You would have to research each brand carefully before making a purchasing decision.
To mitigate brand confusion, your organization’s marketing efforts need to be clear, consistent and easy to understand. End users should be able to instantly determine what your brand does and how it delivers value.
A transparent, easy-to-identify brand may also attract top talent away from the competition.
To summarize, your organization can compete in a high-growth industry if it:
- Seeks guidance when regulations become murky.
- Pays attention to industry benchmarks.
- Creates a training strategy for new employees.
- Develops a brand that is recognizable and transparent.