The Challenge: You have a small or medium business, so you often lose top recruits to big name companies. Let’s face it; you can’t exactly offer the same salary and incentive package the big companies offer, right?
Your company might not have all the bells and whistles, but you can still hire top talent. It just takes a little creativity. Here’s what you can do to increase hiring and retention of good recruits:
Spread the word about your success
You can attract good candidates by giving them something to hope for, or at least something to relate to. No, I don’t suggest you publish how you spent thousands on last month’s marketing campaign. Spread the news about company updates, recent promotions, acquisitions and events instead.
Sign up for a Linkedin account, or put out a press release about what’s happening in your company. Was someone just promoted? Did you open a new branch? News about growth, changes and anything marginally interesting will make your company look good in the eyes of job seekers. They will see your business as a growing and exciting place to be.
Be proud of the company’s beginnings
How did you start the company? Was it a mom and pop operation before it expanded? Did you start out with just 10 customers? Whatever it is, tell people about it. People relate to stories more than they relate to numbers. Having 5000 branches is impressive, but hearing a story of how one small operation became a success can leave a more lasting impression.
It’s the human side of business, which attracts talented and dedicated candidates; it can make them feel as if they need to be part of something significant rather than just another paper pusher.
Pay above average or have a flexible incentive package
Ultimately, the deciding factor for many applicants is the salary. It’s not just the dollar amount though- it’s the whole package. You don’t have to pay twice more than your competitors, just a bit more than they do is enough.
In some cases, you can offer pretty much the same rate but still get the top employees. How? Give other benefits and perks, of course! Hiring and retention experts know it’s not just the high rate employees are after. The seasoned professionals scrutinize every bit of their package, so try to include some of the following benefits:
- Flexible schedule
- Work at home options
- Health and wellness program
- Bonuses and commission for good work
- Stock options
- More vacation leaves or sick leave
- Parking slot
As you can see, the secret of good hiring and retention of worth candidates isn’t limited to offering the highest pay. If you’re creative enough, you can get good candidates without spending money upfront or every payday.
Consider these tips next time you have an opening in your company. You know that you won’t attract better employees by doing the same old hiring and retention procedure, right? Don’t let the big companies have all the good ones, step up your game!
© 2013 Incedo Group, LLC
