Small businesses often live and die by their talent, so how do owners attract employees knowledgeable enough to keep the company alive?
It can be understandably assumed that large competitors are better suited to acquire the talent that smaller businesses envy. However, the huge companies soaking up the workforce lack some of the qualities that make community businesses so alluring. You may not be able to match the salary, as well as health, retirement and financial services, of large firms, but the small business holds other significant advantages.
In order to learn more about the talent acquisition advantages local businesses hold over large companies, take a look at the advice below:
1. Allow employees to have balance in their work and personal lives
Promoting a healthy balance between work and life is a great way to attract and retain top talent, Small Biz Club explained. Small and medium businesses hold the advantage of having the time to develop employees both as people and as workers. There are a number of ways in which this balance can be encouraged in the workplace. Some options include allowing staff to work from home, having a day when employees are welcome to bring in pets or children and setting up mid-week escapes from the typical work day.
2. Attract top talent with more responsibility
While the employees you don't want will skirt responsibility, the ones you do will seek it out. This is why marketing your business as one that will provide more hands-on tasks and a wider range of duties will attract the kind of talent that you want, according to Entrepreneur. For example, the publication cited the story of someone who interviewed at both a Fortune 500 company and a smaller business. She would have received better compensation at the larger firm, but decided to go small in order to take on a larger scope of responsibility.
3. Turn your company into a farm league
If you hire outside talent for a position that your employees have been pining for you run the risk of alienating them, according to Small Biz Club. Give prospective hires a reason to believe that they have a chance of moving up within the business, and they will be more likely to accept the job. When you've grown large enough to take on employees from outside, make sure you acquire a human resources specialist in order to ensure hiring goes smoothly.
4. Stay flexible with employees
Large companies sometimes can't allow employees the same degree of flexibility of smaller businesses. While larger enterprises can likely offer better compensation packages, scheduling could be much more rigid. As a small business owner, you will probably have the flexibility to offer prospective employees schedules adapted their personal responsibilities. Make sure individuals you interview are aware of the fact that you're able to adapt to them.
5. Offer bonus structures to employees
Try offering prospective hires a bonus package in addition to their base compensation, Small Biz Club suggested. Using bonuses you can show employees that you care, without dishing out funds just because it is nice. This motivational method to attracting talent can be carried out in a variety of ways. You could offer new hires options such as shares in the company at no cost, monetary packages for loyalty markers such as five years with the business, or simply a yearly bonus based on a variety of goals to be met.
These five tips will help you attract the talent you need and retain productive employees at the same time. For help investing in some of the potentially costly options such as bonus structures, consult with experts on a financial plan.