2016-07-07 00:00:00Starting a BusinessEnglishhttps://quickbooks.intuit.com/in/resources/in_qrc/uploads/2017/05/Article-7-188065235.jpgHow Small Businesses Can Attract Top Talent

How Small Businesses Can Attract Top Talent

3 min read

For small companies, competing with global organizations on pay is impossible. They must therefore find other means of attract top talent in a competitive market. Small and medium-sized businesses (SMBs) often struggle with finding the right employees for their business. Good employees form the backbone of any successful company. This is even truer for SMBs since fewer employees play a greater role in the day-to-day running of the business. However, recruiting suitable candidates who can multitask efficiently requires adequate incentive for them to join. For SMBs, paying high salaries may not be an option to attract top talent, but there are other ways to recruit them.

Harness the power of existing employees

Word of mouth is an extremely effective marketing tool. In order to attract top talent, market your company through your existing employee network. Talented and motivated job-hunters seek the company of other successful professionals. So when hiring, use your existing star employees to entice potential employees. Speak to your employees and ask them what they like about working for the organization. Then share their feedback and anecdotes with the candidate you are interviewing.

Create the right office environment

Of course, in order to use the example of happy employees, it is necessary to have them in your organization. Full-time employees typically spend six to eight (sometimes more) hours in an office, five days a week. For people who spend so much time together in one space, it is necessary that they enjoy their time there. Providing enough personal space and ensuring a suitably equipped work area with everything they might need to do their job well plays an important role in keeping employees satisfied. Sufficient lighting is also important, as it can have considerable impact on employee productivity. It is also important to promote inquisitiveness and camaraderie in the company. No employee enjoys working in an office where he spends hours sitting right beside a colleague about whom he knows little beyond a name. Regular team building exercises, occasional office lunches and periodic brainstorms are all good ways of ensuring a cheerful office atmosphere.

Use dynamic recruitment methods

While traditional recruitment happens inside an employer’s office where respondents to a job advertisement are called up for an interview, the approach to recruitment is slowly changing. Increasingly, employers meet potential employees at industry conferences, business networking events or in social situations. Some companies use other unique methods such as gamification, creating open-ended job posts or hiring on a trial basis. Employees hired through these methods would already have proved themselves to be open-minded and willing to learn, which is a battle half-won for employers.

Indirect monetary benefits

As mentioned before, small businesses may be unable to hire talent on the basis of high salaries. However, there are other ways to incentivize potential employees to join your company. Having an Employee Stock Option Plan (ESOP) is one such method. ESOPs award a small share of ownership in the company to the employees. This serves as a great way to recruit driven individuals who find satisfaction in getting rewarded for dedication because the harder they work, the better the company does and the greater their share of returns. Similarly, providing milestone-based incentives can also be an attractive benefit to attract top talent. Milestone rewards communicate the company’s values and aims in a personal way, providing ambitious individuals with a goal that they will find attractive and naturally gravitate towards. To attract top talent, recruiting the best talent is a matter of knowing where to look and providing the right incentives, even if they aren’t necessarily monetary. SMEs that take the time to familiarize themselves with these techniques may also find themselves with happier, more productive employees.

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.

Related Articles

Changes in GST rules introduced by GST council on 6th October

The Goods and Services Tax (GST) in India evokes mixed responses amongst…

Read more

What You Need to Know About Online Business Lending

As children, our exasperated parents would often dismiss our pleas for new…

Read more

Freelancer to Small Business: From working independently to being your own boss

India has over 15 million freelancers that are part of the 40…

Read more