For small businesses trying to fill open positions, finding qualified applicants can pose a major challenge. Sure, your company might not have the large contracts that a large corporation can offer, but as a business leader, you know how important people are to accomplish the mission of the organization.
In an article published by SCORE, Sara Pollock, head of marketing at ClearCompany, suggests six ways small businesses can get a leg up when recruiting talent.
1. Increase compensation
If your budget allows, put more money toward higher salaries. The truth is, more money attracts more high-quality talent.
2. Bolster insurance and health benefits
Pollock says many employees will accept a lower salary if they can receive a robust insurance or benefits package instead. Health insurance, she says, is often viewed “in terms of its potential value versus its expected value.”
3. Offer perks
Perks such as a company car, reimbursement for gas or travel time, and catered lunches make work life more enjoyable and provide employees with incentives to work harder.
4. Promote work-life balance
Recent studies have found that people enjoy working from home, close to home or from a remote location. Make the option of flexible work locations available to employees and emphasize that opportunity to applicants.
5. Create meaning
As a small business owner, you can sell applicants on the great impact they will have on the company and its greater goals. Many professionals, Pollock says, desire the opportunity to work at a small company where “they can more readily see the immediate benefits of their work.” Emphasize the impact of the applicant’s work, specifically within the role you are hoping to fill.
6. Provide equity
Early employees at a new small business may have the opportunity to receive a profit-share or equity in the company in exchange for accepting a reduced salary. If this opportunity applies to your company, you can attract employees who believe in your business model and are able to accept a reduced salary now, knowing they can own a portion of the company later.