Attracting top talent is a perennial issue for companies. This is especially true for small businesses as they compete for talent with their more established competitors. Finding a perfect candidate is another challenge that small businesses have to face. According to the latest survey data from SCORE, 63.4% of business owners face challenges in recruiting the right talent. They spend the majority of time across various stages of hiring but end up with disappointing results. However, this issue can be solved by applying proven techniques to find talent.
Need to Attract the Top Talent
In today’s competitive market space, it is important to strive hard to sustain and grow. Hence, SMB businesses need to hire the best talent from the industry who can contribute to their business growth. It has been discovered that small businesses offer significant opportunities to their employees, right from accelerated career growth to access to a wide network of clients. Still, they have to struggle to find the right candidate.
7 Ways to Find and Retain Top Talent
According to research, 84% of SMBs strive hard to find and hire a potential candidate. While larger organizations rely on their name to hire talent, SMBs need to up their game by standing out from the already established businesses. Here are 7 ways that can significantly help small and mid-sized businesses.
- Offer Competitive Compensation
Offering a competitive salary package is the key to any successful business because it has a team of loyal people. Companies that offer good compensation attract top talent. When people are paid well, they are more likely to stick to the company for a longer period. They feel invested in the firm and hence, they put in their best work. SMBs need to grow faster and hence, they need experts who can contribute to brand success.
- Highlight Employee-Centric Culture
It is crucial for SMBs to adopt a culture where people are at the core of everything. A culture that inspires innovation and empowerment attracts people and makes them stay longer. In an employee-centric company, all employees are encouraged to connect with customers, peers, and leadership regardless of their level. A report by Deloitte shows that 83% of leaders think that passionate workers who are engaged can add more value to the business. Foster an environment that emphasizes collaboration, communication, and respect for others at all levels. Respectful treatment serves as the most important driver of satisfaction in the workplace.
- Accelerated Growth Opportunity
It has been observed that 73% of SMBs face the challenge of competing with well-known brands. Small businesses are less complicated and new employees who are hungry for growth are easily attracted to such companies. Another advantage is that it offers more freedom to handle a variety of projects. It brings along more flexibility to learn and grow because of the proximity to the leadership team. For top performers, a small company serves as the perfect playground for fast growth.
- Tweak the Role to Utilize Full Potential
It is easy for a small company to differentiate itself by enabling people to decide their roles. There will be primary responsibilities that the organization will determine at the time of hiring. According to a study, 75% of SMB owners were unsure about the role, even after the interview. However, individuals get excited when their other skills are also utilized. To increase employee engagement and productivity, you need to allow the candidates to tweak their roles, which may bring unexpected outcomes by using their talent.
- Encourage Innovative Approach
SMBs can easily foster innovations in a way that big organizations find hard to duplicate. Encourage innovative thinking and welcome new ideas that help new talent feel more satisfied in terms of their role. Most employees like to work in a vibrant workplace where ideas are exchanged because it makes them feel engaged. It is always good to encourage open access to senior leadership as it enhances their ability to shape strategy. This will lead to good word-of-mouth publicity that help you attract the best talent.
- Flexibility in Hiring Talent
There may be few hard-to-fill positions in SMBs. It becomes important to offer flexibility to attract the top talent. Obviously, you may have bonuses, vacation time, or other benefits but flexibility is important in the post-Covid era. A global survey revealed that 54% of employees look for flexibility. In a competitive market, your organization must know the pulse of what professionals want. By offering them flexibility, you help them get what they are seeking.
- Leveraging the Social Media
Social media is a powerful tool, which candidates use to research prospective employers. It is equally useful to place your requirement. Once you decide to post about a job opening, make sure to highlight your USPs and what makes you stand apart from your competitors. 77% of talent acquisition leaders in SMBs shared that their employer brand plays a significant role in attracting the top talent. Show the potential candidate that you have a business environment where they want to be a part of it and enjoy working every single day.
5 Cs to Find Top Talent
Attracting top talent is an art that comes with experience. However, if you are a passionate leader but have not spent decades in the industry, you can still identify the talent by using the five Cs.
- Competence—Look for the core competence and potential to grow in a candidate. It includes technical skills, soft skills, and education which pave the way to a strong career foundation.
- Collaboration—In today’s competitive business environment, it is vital to work with a collaborative approach. If a candidate possesses the ability to work well with clients and colleagues, it is good for the organization as well.
- Communication—Communication does not necessarily mean being fluent in a language, rather it refers to the skills to listen and express one’s views with conviction while being courteous.
- Culture— Having a smart person on your team is important but you cannot ignore values. Honesty, transparency, and integrity are the elements that can help an employee to become a perfect fit for the company culture.
- Commitment—The work approach is different in every company. Study your market to offer solutions that lead to a stronger candidate commitment. It involves the drive to stay focused on the corporate mission, which is a win-win for both.
The Final Word
Competing against big brands for top talent comes as a challenge for SMBs. If SMBs focus on playing up unique strengths, they can overcome them. Big companies cannot offer their employees an opportunity that can make a direct impact on the company. Top talent is attracted to companies that are innovative and encourage ideas. Optimar Consulting helps you build a global workforce. We assist companies to create a team from scratch and they get quality talent that big brands look forContact Us