The statistics on the number of small businesses that fail are quite abysmal. This means that you need to work extremely hard to stay within the small percentage that survives past a 10-year anniversary.
Hiring big talent can give small business owners an edge from the start as this will improve the productivity and profitability of the company.
Investopedia advises focusing on a management team first as this will help your startup to deal with one of the most common causes of small business failure.
However, experienced managers, and top-quality professionals in general, are often beyond a small company’s budget. Therefore, you’ll have to use a variety of tricks to attract these experts and win their loyalty.
3 Tricks to Attract Big Talent for Small Business (That Have Nothing to Do with Salary)
1. Make your company a welcoming and friendly place to work
Check out the Business Insider’s top 50 list of the best place to work from the employee’s point of view. You’ll see that the culture that puts people first and friendly work environment are among the main reasons why employees love their companies. That’s the thing you can create at no cost to your small business’s budget as it’s all in the attitude.
Make sure to advertise this friendly setup where everyone will be able to grow and express themselves when building up your brand. Take a page from the LiveIntener’s book and create a blog for your team so prospective employees can learn about the amazing people and cause they could join by working with you.
2. Offer benefits
Great benefits are another popular reason that makes people choose jobs that don’t offer the highest salaries. And in the modern world, benefits can be even more valuable than actual money, especially when they include a good health insurance.
As a small business, you are unlikely to afford benefits, but you can use a Professional Employers Organization (PEO) to do this. This will also give you a chance to cut taxes as people will be officially employed by the organization.
However, as there are over 700 PEOs in the US, you’ll need to choose extremely carefully. PEO Spectrum recommends starting by setting exact goals. What kind of professionals, and how many of them, exactly does your business need to succeed? What do these people want in terms of benefits? As PEOs benefits are extremely diverse, you need to research your targeted talent group thoroughly so you can develop the most appealing employment package.
3. Involve your current employees in the recruitment process
If you already have some big talent, use the power of networking to attract more professionals through these people. Ask them outright if they know someone looking for a job or interested in switching to your amazing company.
If not, have them share your recruitment ads through their social media channels. You should also ask them to share those ads in groups or forums they frequent. A recruitment offer coming from a trusted member of one’s online group or a friend will make a better impression on any prospective candidates than a regular advertisement.