Mid-market companies, those with annual revenues between $100 million and $3 billion did quite well in the second quarter of 2019 according to figures recently released by the U.S. Chamber of Commerce. In spite of this growth, hiring rates were down.
Why was that the case? According to the Chamber, it was due to a decrease in the number of available workers. What’s interesting in the report is that the Chamber also cited a reduction of “willing” workers and an increase in companies unwilling to pay higher wages to replace the boomers who are retiring.
One of the keys to today’s mid-market company success is the marketing manager who has strategically utilized every tool available to expand the company’s market. This must include social media.
Today’s marketing manager not only recognizes the invaluable part social media plays in maintaining and even growing a company’s share of the market but also understands the company’s customers, their interests and needs.
Companies replacing retiring marketing managers need to review and revise their job qualifications to include two major things — social media and research. A general business degree was good a couple of decades ago, but today’s graduate must be well-rounded and grounded in order to jump into and keep up with the quick pace of today’s world.
Many companies are reluctant to offer higher wages to millennial and Z-generation applicants. The latter is sometimes and more appropriately referred to as the Gen Tech, Digital Natives, or Net Gen generation.
But if an applicant has social media and research under his or her belt, the investment is worthwhile. On the positive side, these younger workers are more likely to not only be loyal but to stay longer if your company offers a culture that’s honest, transparent and nurturing.
The speed at which social media moves makes this even more imperative if you wish to keep pace. Consider those once big-name stores that are closing because they failed to recognize the change and sold merchandise the same way they had for years.
Finally, be a data junkie. A good marketing specialist will track sales, analyze your market, and keep you updated on the progress of your efforts. He/she will inform you as to what’s working and not working. What’s important is tracking all these things so you can respond and react to changes in the marketplace in a timely manner.
Remember Borders Books and Music? It was a booming enterprise in the late 80s and early 90s. They used technology to track inventory but failed to anticipate that the public would be moving to online reading. Its competitors did and are thriving. By the time Borders realized this, they were flailing and had to shut down.
Don’t be left in the dust. If your boomer marketing manager retired, it’s worth paying more to fill the position with a qualified millennial or generation Z applicant. Determine what your competition is paying and either match it or offer slightly more. Before the interview process, draft questions that challenge the applicant’s knowledge of marketing in social media. The marketing position is too vital to your future to ignore this part of your organization.