2012-11-15 00:00:00Starting a BusinessEnglishhttps://quickbooks.intuit.com/in/resources/in_qrc/uploads/2017/05/10711179_s1.jpghttps://quickbooks.intuit.com/in/resources/starting-a-business/attracting-retaining-talent-start-up/Make your Start-up a Talent-magnet

Make your Start-up a Talent-magnet

2 min read

How difficult can attracting talent for your small business be? It should be a piece of cake right? After all, you have enthusiasm, a crystal clear vision and some great ideas. It is natural for you to assume that most people would wait in line to join your entrepreneurship. Unfortunately, the reality might be just the opposite! Hiring and retaining talent is area filled with challenges; however, it is crucial for your business growth. As ReadWriteWeb’s report titled, The Talent Wars suggests, “hiring and keeping the best talent is without doubt the key ingredient to your success.” True, as a start-up, your goal should not just be to recruit, but to retain good and competitive employees. Just how do you convince professionals and freshers alike, that your business is here to stay and make a difference? Here are a few pointers to help you attract and retain the right kind of talent for your start-up: • Highlight the fact that you are a small business; hence relationships between leadership and employees are closer. • People look at a start-up as they like being part of something new, they like working in a jovial and transparent environment – a set up where their work and effort is valued. If you can convince candidates you offer this, you will be a more attractive employer. Make the potential candidate feel at home by telling him that as you are a start-up entrepreneur, you treat employees as an extension of your family. • A start-up is often bound to offer greater flexibility to employees in matters of dress code, number of hours of work, etc. when compared to large enterprises. For example: You could point out that employees have the flexibility of working from home for a specified number of days every year. This will certainly strike a chord with women and more experienced candidates, who may have to juggle professional and personal obligations. If you are recruiting a senior professional from a reputed firm, then offer him/her equity in exchange for the risk. • In the case of freshers or entry level candidates, showcase the opportunities and tremendous potential for growth your business has over others. Young individuals need to be convinced that they can and will make a notable difference. Make your employees feel empowered. • Salary packages and overall compensations should be reasonable and fair. Research compiled by Gist shows that 44 per cent of start-ups struggle with providing candidates with compensation packages that meet their needs. Offer experienced and seasoned professionals a pay scale better than the industry average if possible. Try and use any extra money in your budget to give away some compensation perks that set your company apart from competitors. • Always be on the lookout for potential employees even if you have filled all current positions. This will help you interest people and by the time you have an opening, they will want to join you. • Keep your existing employees satisfied and motivated. Your current employees become your brand ambassadors. A satisfied employee could potentially bring you quality job applicants through word of mouth, thus saving you time, effort and money. As a start-up, if you play your cards right and go about this task of attracting and retaining talent with meticulous dedication, the subsequent progress your business will attain, will be worth a million!

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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