In today’s job climate, every business is competing against deep-pocketed corporations in a time when unemployment is at a 17-year low. So, what does that mean for smaller businesses looking to recruit top talent? It’s time to get creative.
Almost two-thirds of fast-growing companies say that finding and retaining good, qualified employees is their biggest obstacle for several reasons. Those include:
- Having little money to work with when it comes to making competitive offers to qualified candidates.
- Lacking a wide-spread, publicly recognized brand that qualified candidates might be drawn to.
- Facing shallow referral networks.
All of this means that with fewer incentives to offer, luring day-one-ready employees can be quite challenging. Most smaller companies simply can’t afford to spend the extra six months or more to train a new, inexperienced hire.
Unfortunately, the downside of this is that some businesses have coped with these challenges by lowering their sights by weakening their credential and college requirements. While in some cases this may be a necessary move to attract new hires, it can also backfire, as it may signal to top candidates that they’re overqualified for the position. That’s why smaller businesses need to get creative. So, what’s the solution?
Smaller businesses (of fewer than 500 employees) have the advantage of being able to lure top talent from big companies. Most employees are already disposed in favor of smaller businesses, as most job seekers prefer small to midsize companies over larger ones. Top talent is often willing to make the jump because they are seeking:
That close-knit, family vibe
Access to and mentorship from leaders
More opportunity to learn and expand their abilities
A more in-depth view of and role within the business
A noticeable impact on how their job affects the business
At the end of the day, top candidates are looking for these impressive value propositions that only smaller businesses can offer. So, don’t be afraid to keep reaching for the best.