In today’s world, many small businesses are struggling to compete against large companies because most people would love to work for those organizations. The most typical scenario is that small businesses get what’s left from the applicants of big companies.
Your employees will help you make your business bigger. So it’s always best to look for top candidates as they’ll contribute to your organization more.
Hiring top talents in a company is one of the keys to its success. If you’re running a small business, one of the challenges your company faces is recruiting excellent employees.
This article will give tips on how small businesses can hire top talents and improve their company’s performance in the industry.
5 Recruitment Strategies For Small Businesses
It may sound easy to create your hiring system, but it is challenging, especially for small businesses. There are plenty of ways you can secure the best candidates.
Offer Flexible Schedules
Small businesses can attract excellent talents by offering flexitime. Most people are looking for a flexible job, especially regarding schedules. Employees use the time to search for other ways to earn money, such as freelancing, while others use it for personal growth.
Most employers think employees might not do their tasks if they don’t keep an eye on them. On the contrary, giving them flexible time allows them to increase productivity in your organization.
For instance, they have to finish 40 hours a week. Instead of making them complete it in five days, they can finish the 40 hours in four days with a 10-hour shift. They would have more free time for themselves to be used for personal growth or family.
Another example is they did 12 hours today; they can come in late the next day. Not only will it give your team more rest, but they can also make critical decisions for the company’s betterment.
Offer Competitive Compensation
Let’s be practical. We all need money to live and enjoy our lives, so job seekers consider salary before applying for the opening. If they have the skills but think they wouldn’t get the salary they deserve, they’d most likely turn away and look for another company.
Their skills are investments. They have spent countless hours studying to earn from them.
However, when it comes to compensation, salary isn’t the only thing involved. You can also add insurance, incentives, bonuses, and other perks that employees can get. Doing this will also improve your employee retention rating.
If your business is in sales, you can offer incentives if they reach their weekly or monthly target. This will make them try to sell more, increasing your sales.
Providing competitive compensation can also increase productivity in your organization. The employees will become more motivated to do their job, improving your business situation.
State Clear & Appealing Job Descriptions
Job seekers dislike unclear job descriptions. Before they consider the position available in your organization, they will read the description. If they find it very confusing, they’re more likely to give up on the job before applying.
Nobody wants to read texts that are full of jargon. So, it’s best to create straightforward job descriptions. You should include all the essential details, especially about the compensation, qualifications, and responsibilities.
Serious applicants and job seekers always want to be clear on what they are getting into. They don’t want to waste their time going through a hiring process that doesn’t give them clarity about the job description and requirements.
Job descriptions are your first move to attract top talents, so make sure that you write concise and appealing words to reach your target people.
Create a Referral Program
Small companies have more limited funds than larger ones. They would try to save costs as much as possible, including the recruitment process. You can lessen the cost of your recruitment by using referrals.
Referral programs are affordable. You don’t need to allocate a large budget to run the program because your employees will do it for you.
It’s one of the best ways to find new talents for your company and, at the same time, promote a stronger employer brand as your current employees would recommend your company as one of the best places to work.
Your current employees will help you look for the talent you need. For it to become more effective, you can offer the referrers monetary incentives for every successful referral. Giving them gift coupons or shopping vouchers will encourage them to invite the people they know to apply for the job.
Remember to keep the referral program simple and keep the referrers updated even if their referral didn’t qualify. This will boost the employer-employee relationship.
Share Equity or Ownership
Sharing equity/stocks or ownership is not a very common approach when looking for talents. However, it is very effective and can keep the key people in the company.
Candidates are not just looking for jobs; they want to ensure their future and create opportunities for themselves.
Offering them a certain amount of your company’s equity can motivate them. The percentage isn’t necessarily large. A small amount is a good start, but when the company becomes bigger, its share value also increases.
You’re also teaching them how stocks work and probably become great entrepreneurs in the future.
Build a Strong Employer Brand
Think about large companies, such as Google and Amazon. They have built their brands that many people could easily recognize as one of the biggest companies in the world.
To build your company brand, you will create a strong connection with your clients or customers as a company. Creating beautifully designed logos, attractive websites, and effective marketing strategies are some ways to establish your brand.
Creating a strong employer brand is similar to your company brand. As an employer, building relationships with current employees is beneficial in successfully recruiting the best people.
Talents want a stable job where they can work for a long time and see improvement. Aside from offering competitive compensation, invest in upskilling and professional development. You can provide them with free training and seminars. This will help you acquire high performing teams to help your business improve and become bigger.
Serious job seekers will surely love to work for your organization because they can also improve themselves and become better at what they do.
Start Succession Planning
Employees usually ask themselves what they would get if they stayed longer in a small company.
Larger companies offer various opportunities to their current employees. A small business might not be able to compete with all of those, but when you offer promotions, such as leadership, to your current employees, they would feel valuable.
Recruiting external candidates isn’t the only option for small businesses. You have your current employees to become the next key person you need. You don’t need to look elsewhere to find the right person because your employees are your excellent people source.
Always use data to back up your succession planning. It’s important to know who the right candidate is among your workforce. Using a metric performance system is the best way to identify the person.
You can check which person has been doing well and deserves a promotion.
Use Combinations of Recruiting Techniques
Small businesses shouldn’t just focus on their recruitment process; they should also consider the ways to secure top talents for their companies. Posting a job and waiting for a candidate isn’t a strategy to help your business grow.
Follow the tips above to attract more top talents. You’ll have more candidates to choose from and will be able to hire the best ones to improve your company.