Back in 2013, the U.S. Labor Workforce saw a huge decline in the number of workers employed and those that were actively seeking employment. Several factors have been attributed to this such as the aging American population, the weak economy, and the increasing number of workers going on disability insurance. Then, there was the sudden rise of small business survival rate by up to 80%.
There are approximately 30 million small and mid-sized businesses (SMB) all over the US competing for top talent to help improve their business. Sure, the small business can’t beat luxurious salary packages, neverending benefits of health plans, study programs, opulent workspace and the allure of joining a prestigious large corporation. However, there are tricks you can use to compensate for these benefits and attract quality workers to join your business. Competition in the SMB world is tough but these tips will definitely help you win valuable talents for your small business.
Tip 1: Differentiate Your Business
Most employees will leave their current job in exchange for a unique opportunity from a different company, so use this to your advantage. Don’t give them false hopes or the promise of golden opportunities. Instead, show them why joining your small business is better for their careers.
People seeking new career opportunities will often look online. Make your business information easily accessible online and list it on various websites so that job seekers can learn more about what makes your company unique.
- Use social media such as Facebook, Twitter, and Instagram to make a dedicated page for your business. Keep in mind that this is not your personal account so only list information, pictures or text contents in accordance with your business.
- Make sure that your company is listed on major business websites such as Google Business, Yellowpages, and LinkedIn. All of these websites are free and you only need to acquire subscription for advanced options.
- Have a presence on sites like Glassdoor, which collects employee reviews, interview questions, and information from other employees from your company. Scroll down to the bottom of the page and click “Get a Free Employer Account and fill in all necessary information.
Tip 2: Be Competitive
It is very likely that you are by no means as financially capable as larger businesses. Salary is a major factor for many employees who are seeking new job opportunities. Before scouting new talent, make sure that you can afford the ideal pay for the listed position. Be competitive and always check current rates for similar job listings. It is wise to use tools and read advertisements from other SMBs to determine what is acceptable and what is not for base salaries.
- Go to Bureau of Labor Statistics (BLS) website and search current wage rates based on region, state and listed job position. You can also use the employment tool to increase your knowledge of workers’ pay compensation. On the top left corner of the website, click the “Data Tools” tab and scroll down until you reach the “employment” section.
- Calculate the median wage rates to know the highest and lowest pay for that position. Again, you can use the above tools from BLS to check current salaries. Additionally, you have to weigh the value of the position. To do this, check the job description and gauge everything from duties and responsibilities to expected skills, background and experience.
Tip 3: Add Some Perks
If you can’t provide higher employee pay, rethink your benefits and add some perks that are usually not offered by other companies. It doesn’t have to include financial benefits. Giving your employees free lunch every week, flexible schedules, and paid vacation days are usually enough to keep them happy. Remember that attracting them to join your small business is tricky, but keeping them satisfied goes a long way. Some additional perks may include:
- Give extra time off at the holidays. Plan your holiday schedule at least six months in advance and carefully consider your workload during for the season. If your business is at its peak during the holidays, you can give extra time off during the new year. But if your business is low during holidays, you might consider your employees time off then.
- You don’t necessarily have to follow government-mandated employee rules when it comes to the number of allowed leave credits. Extending maternity and paternity leave is a huge thing for those with families. Flexibility or added time off for other family emergencies and issues also brings a new sense of purpose and revitalized work attitude.
- Minor perks combined can have a huge impact, such as free gym memberships, free spa services on weekends, equipped pantry, paid weekend getaways, free foods and drinks every Monday are appealing for many employees.
Tip 4: Define Your Mission
Younger job seekers, the millennials, are the largest workforce today. Most of them want to be part of something meaningful, and they want to make a difference in people’s lives and the community. Presenting the purpose of your small business loud and clear is key to attract new talent for this population. Job seekers want to know how their work matters and how they will impart great cause by joining your company. So, find out a few things on your own:
- Do your own research to find out why employees stay and why they leave their jobs. Use that valuable information and apply it to your own goals. Check your mission and make sure that you have a genuine purpose and objectives, remaining consistent and heartfelt.
- Introduce your mission into your job descriptions. Not all job seekers will read company goals, mission, and objectives during their search when they are included separately, but all of them will take time to analyze everything that is written on the job description. If you could weave your mission naturally into the job description, they will feel a sense of purpose and meaning, more than just the position.
Glassdoor is giving more helpful advice: here you can download the free How to Write Great Job Descriptions template.
Tip 5: Define A Path for Employee Goals
Employees want to know the future of their career before saying yes to a company. Employees recognize that they won’t be CEO right away, but they are keen on improving their skills and ultimately climbing up on the company ladder. Building your organizational structure and showing your employees where they can go and leading the way on how to get there is always challenging – but it always pays off in the end. You can do this with the following:
- Show your employees that you have the right resources for professional development. Tap into organizations in your area and organize career-oriented activities. It doesn’t have to be in the same industry, but make sure everything is applicable to your workers.
- Share real-life stories about employee success and career advancement. Keep in mind that employees leave due to lack of opportunity, so be the company that provides not just paychecks but opportunities as well.