Houston expert: How to celebrate National Entrepreneurship Month by recruiting, retaining talent

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In honor of National Entrepreneurship Month, let's look at the impact of small businesses and tips on recruiting. Photo by krakenimages on Unsplash

As November marks National Entrepreneurship Month and Small Business Saturday awaits Nov. 25, it is the perfect time to acknowledge and celebrate the contributions of small businesses to the U.S. economy.

According to the U.S. Small Business Administration, small businesses with 500 or fewer employees have accounted for two thirds of employment growth in the past quarter century. Further research from the Small Business Administration shows Texas alone is home to 3.1 million small businesses, making up 99.8 percent of Texas businesses overall and 44.5 percent of Texas employees.

The numbers are particularly impressive considering the unique business challenges entrepreneurs and small businesses have faced. In a tight labor market, competition for talent remains fierce, and small businesses and startups especially must rely on recruiting strong candidates to generate results. Yet entrepreneurs are often passionately focused on their product or service, which can obscure the finer details of their people management strategy.

Fortunately, there is a way for entrepreneurs to succeed both as business and people leaders. By providing learning and development opportunities, competitive compensation plans and an exceptional workplace culture, they can create an engaged workforce that shares their vision that can be competitive and even win the fight for top talent.

Learning and development opportunities

Especially for a small business, ongoing professional learning and development (L&D) is essential for teams to stay competitive. A robust L&D program also expands the talent pool by creating the possibility of hiring promising candidates who need to acquire additional skills for the role. L&D opportunities can also improve retention. According to 2022 research from McKinsey, lack of career development and advancement opportunities is one of the biggest factors driving employee attrition.

Leaders should assess the needs of their teams to determine the most important areas for L&D. These areas should help employees to develop core competencies necessary for business success, such as teamwork, problem solving and leadership. Offering a variety of options is best practice so employees can develop a wide range of skills, as is leveraging learning opportunities that exist through the normal course of work, like job shadowing and cross training. Tapping into existing experience and knowledge via in-house talent is another resource that can help promote learning and development through mentoring and collaboration.

Compensation and benefits

Working at a small business or startup offers many benefits to professionals in search of a fast-paced environment. However, compensation remains a critical piece of the puzzle for entrepreneurs who want to recruit and retain top talent. A 2022 survey from LinkedIn revealed 89 percent of employees said salary range was the most helpful element in a job description when deciding whether to apply.

While businesses need not disclose their salary bands in a job application, except as required by law, competitive compensation is an important factor for successful recruitment. Small businesses should research the market rate for each position in their organization and conduct a pay audit to understand whether current employees are being compensated fairly. Organizations with positive results should consider mentioning “competitive compensation and benefits package” in job ads or on their website.

For leaders who discover their pay is noncompetitive in their industry, it may be time to reevaluate budgets and create a plan to align salaries with the market averages. Salary growth does not need to happen overnight but can be a part of the bigger picture of recruiting and retaining talent. Leaders can also communicate the total compensation when factoring in the overall value of employer contributions provided in addition to salary, including things like bonuses, paid benefits and 401k contributions, wellness perks, etc.

Organizational culture

Company culture is a foundational element to recruiting and retaining top-tier talent. Research from Gallup found employees who feel connected to their organization's culture are 55 percent less likely to watch for job openings or actively seek out a new role.

As many founders know well, tight-knit teams can work with greater agility than larger organizations. However, on a cultural level, small business and startups face unique culture challenges due to their size. Small organizations’ culture is heavily influenced by the behaviors of leaders, who are highly visible to their employees. When conflicts arise between two employees, the entire team may be drawn in. Employees can also feel under scrutiny if micromanagement is experienced in their workplace.

To build a strong culture, leaders need to have open conversations and gather feedback, including through anonymous survey data. On a small team, the anonymity of company culture surveys becomes even more critical. Employees may feel concerned that management will easily recognize their voice, so survey results should be handled with the utmost discretion and accessible only to essential personnel. When sharing results publicly, leaders should withhold any specific comments or responses in favor of broader statistics about the entire group or identified patterns in the feedback. It is important for leaders to focus on the learnings and awareness the feedback can offer, as opposed to spending time wondering or trying to identify who said what. Even well intended interest around the source of feedback can lead to feelings of breached trust or, in extreme cases, instances of retaliation.

Trust is an essential component, and these steps will help employees in a small business feel comfortable sharing their honest thoughts. Provided management provides open communication and acts on employee survey feedback, employees will also feel heard and that their employer truly cares for their wellbeing.

This month, entrepreneurs across the country should take a moment from their busy schedules to celebrate their successes. National Entrepreneurship Month is an opportunity to recognize the importance of small businesses to the economy. It is also a chance to strengthen small businesses and bolster their ability to compete for talent through building a robust culture and supporting employees.

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Karen Leal is performance specialist with Houston-based Insperity, a provider of human resources offering a suite of scalable HR solutions available in the marketplace.

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UH research team receives grant to fight aggressive pediatric cancer

cancer research

Researchers at the University of Houston have received a $3.2 million grant from the National Institutes of Health to help find innovative ways to treat Rhabdomyosarcoma, or RMS.

According to a statement from the university, RMS is a malignant soft tissue sarcoma that has a higher incidence in young children and is responsible for 8 percent of pediatric cancer cases with a relatively low survival rate.

One way UH is working on the issue is by studying how and why RMS cells, which are found most often in muscle tissue, divide uncontrollably without ever maturing into normal muscle cells. The researchers aim to tackle a target inside RMS cells known as TAK1, which plays a key role in regulating cell growth.

“By targeting TAK1, we aim to stop the cancer at its source and help the cells develop normally,” Ashok Kumar, the Else and Philip Hargrove Endowed Professor of Drug Discovery at the UH College of Pharmacy and director of the Institute of Muscle Biology and Cachexia, said in a news release. “This approach could lead to new and better treatments for RMS.”

According to UH, preliminary results demonstrated that TAK1 is highly activated in embryonal RMS cells, which are found in younger children; alveolar RMS cells, which are found in older children and teens; and human RMS samples. This suggests that the protein plays a major role in the development of this form of cancer.

The team still aims to uncover how the protein helps RMS cancer grow and plans to evaluate how blocking TAK1 can be used as a therapeutic.

“Blocking TAK1, either by changing the genes (genetic approaches) or using drugs (pharmacological approaches), can stop certain harmful behaviors in cancer cells,” Kumar added. “This was tested both in lab-grown cells and in living models, showing that TAK1 is a key target to control RMS cancer’s spread and aggressiveness, and inhibits tumor formation.”

Texas A&M expands innovative Dog Aging Project via $7 million grant

pet project

The Texas A&M College of Veterinary Medicine and Biomedical Sciences has received a $7 million grant from the National Institutes of Health to support its Dog Aging Project.

The DAP is a research project that was launched in 2019 by Texas A&M and the University of Washington School of Medicine and has enrolled over 50,000 dogs to date, according to a release. The program studies various breeds of companion dogs and studies the effects of aging to help develop a better understanding of what can lead to an expanded, healthy canine life, which can also assist with human aging knowledge.

The NIH funds will be used to expand a clinical trial studying how the drug rapamycin, also called sirolimus, can extend the lives of companion dogs.

The project, known as Test of Rapamycin In Aging Dogs (TRIAD), is the third DAP clinical trial involving the drug rapamycin. The drug has previously been used as an immunosuppressant during organ transplants in humans. Past DAP studies reported that the drug appears to improve cardiac function in dogs.

“Rapamycin works by modifying the cells’ energy balance and energy handling,” Dr. Kate Creevy, DAP chief veterinary officer and a professor in the VMBS’ Department of Small Animal Clinical Sciences, said in a news release. "It seems to mimic the effects that happen in people or animals who do intermittent fasting. There is a lot of interest in intermittent fasting as a technique that can improve health, particularly healthy aging, and some of the pharmaceutical effects of rapamycin make the same changes at the cellular level.”

So far, 170 dogs are in the trial at 20 sites, with the goal of expanding to 580 dogs enrolled in multiple cities across the country. Dogs must be over 7 years old and in good general health to participate. They should also weigh at least 44 pounds. Owners are required to bring their dogs to one of TRIAD’s participating clinical sites every six months for three years. The Texas clinical sites are in College Station and North Texas.

“Dogs experience many of the age-related cognitive, sensory, neuropathologic and mobility changes that are common in older humans,” Dr. May Reed, a geriatrician at the University of Washington School of Medicine and another primary investigator in the study, said in the release. “The possibility that rapamycin might delay any of the alterations that contribute to cognitive impairment and functional decline is very exciting and has huge translational potential.”

“We get to learn how to support both dog and human aging at the same time. Our research is also powered by owners’ commitments to the health of their dogs, and that’s what makes our work both possible and meaningful,” Creevy added. “We’re very grateful to them.”

Houston unicorn startup named North American Company of the Year

top honor

Houston-based geothermal energy startup Fervo Energy has been named North American Company of the Year by research and consulting firm Cleantech Group.

Fervo appears on this year’s Global Cleantech 100, Cleantech Group’s annual list of the world’s most innovative and promising cleantech companies

Houston companies Syzygy Plasmonics and Vaulted Deep also made the Global Cleantech 100 list this year.

“These innovators give us reasons to be optimistic about the future. Their groundbreaking work demonstrates that progress toward net-zero remains possible and inspires us to double down on the challenge of addressing climate change,” says Richard Youngman, CEO of Cleantech Group.

Fervo was honored during a Jan. 27 awards dinner at Cleantech Forum North America, an event hosted by Cleantech Group. Co-founder and CEO Tim Latimer accepted the North American Company of the Year award on behalf of Fervo.

“We have always been honored to be part of the Global Cleantech 100,” Latimer says in a LinkedIn post. “Being recognized for the fourth consecutive year and named the ‘North American Company of the Year’ is a testament to our relentless pursuit of innovation in the energy sector. The demand for clean, firm power has never been more urgent, and we are proud to lead the way.”

Founded in 2017, Fervo is now a unicorn, meaning its valuation as a private company has surpassed $1 billion. The startup’s valuation is estimated at $1.4 billion. According to PitchBook data, the company raised $634 million in VC funding in Q4. Read more here.

This article originally appeared on our sister site, Energy Capital.

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