The entrepreneurial segment is booming in the US, attracting thousands of newbies every year. After a slowdown amid the pandemic, the markets picked pace in 2022 and never looked back. As of 2023, the US witnessed a record-breaking 5.5 million new business applications.

The sheer number of employers and employees in the startup domain is impressive, but it does not make finding the best fit any easier. As an entrepreneur, you may struggle to build a team that drives your business toward success. Effective human resource management is vital for the success and sustainability of a business in the competitive market.

Unfortunately, most entrepreneurs fail to consider this aspect of operations when launching a startup. In this article, we will share the HR best practices to help new businesses start on the right note and thrive in a dynamic market.

Begin with Strategic Workforce Planning

Forbes defines workforce planning as leveraging data to ensure that your workforce aligns with the needs, goals, and strategic plans of your business. However, according to a Gartner survey, only 33% of organizations have an effective workforce plan. It is even more challenging to implement for a new business owner who hardly knows anything about HR management.

Let us consider the example of the real estate segment to explain the concept. For new real estate ventures, workforce planning means forecasting staffing requirements according to project pipelines, market trends, and growth projections.

To make it simpler, you should understand the skill sets necessary for various roles to recruit, train, and retain talent effectively. You may consider outsourcing more complex functions such as alternative asset management rather than hiring in-house.

Working with seasoned asset management experts can bring a wealth of knowledge to a startup. Moreover, they offer diversity in real estate strategies, giving an extra advantage to new players. Business owners opting for such partnerships can focus on core growth initiatives rather than worrying about the day-to-day management of their properties.

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