No business can succeed without a team of skilled, hardworking, and loyal employees. This is hugely important for consistency and long-term success, but it is also a major challenge for small businesses to attract and retain talent. The larger, more established businesses can often offer higher salaries, career progression opportunities, and the prestige of working at a larger company, so what can a smaller company do to compete? Fortunately, there are a number of things that a small business can do to both attract and retain talent that should help the business to compete and enjoy long-term success. Read on to find out more.
Offer Competitive Pay & Provide Salary Increases
While you might not be able to offer industry-leading salaries, it is important that your wages are at least competitive. In addition to this, you need to provide salary increases to keep staff happy (especially at a time when inflation is so high).
Offer Generous Benefits
It is hard for smaller businesses to match the salaries that employees can command at the bigger organizations, but you can make up for it with the benefits that you provide. You should provide a wide range of benefits that will appeal to different age groups to both attract and retain staff. A few of the best benefits to offer employees include:
- Overtime pay
- Health, dental, and vision insurance
- Flexible working
- Company-sponsored retirement plan
- Four-day week
- Early finishes on Fridays
- Birthdays off
- Gym memberships
- Free snacks at work
Provide Career Development Opportunities
You cannot expect your ambitious employees to stick around if you are not giving them the opportunity to develop their careers and advance. This is why it is so important to offer development opportunities for all of your employees, which should help you to both attract and retain talent. The key is to take the time to speak with each employee to determine what their goals are and then find ways to help them achieve this at your company. You should promote from within so that employees will stay put and know that they have the potential to climb the ladder and make more money.
Provide Flexible Work Arrangements
These days, employees value flexibility with their work arrangements. Offering a hybrid model is smart because it can provide the best of both worlds and allow staff to enjoy the benefits of remote work. Many employees have been resigning recently when companies force them back into the office full-time, so you could take advantage of this and lure top talent away from the larger companies to your business by offering flexibility.
Start an Employee Referral Program
Often, it can be hard to recruit as a small business, and this will always make it hard to achieve success. A smart way for a smaller business is to start an employee referral program, which involves your existing employees referring people in their network for open positions (for a perk). This can be effective because people will always trust recommendations from friends, and it can help to improve the reputation of your business.
Hire a Motivational Speaker
To keep hold of employees, you need to keep them happy, motivated, and engaged at work. This is not easy, and many companies are finding that their employees have lost motivation since the coronavirus pandemic and all of the knock-on effects that this has had. A great way to revitalize your workforce and improve morale is to hire a motivational speaker. A motivational speaker will know how to get through to your employees and raise their motivational levels, as well as provide specific, tailored feedback to lift their performance. Even just one session can be effective, but many companies find it beneficial to use a motivational speaker annually or even more frequently.
Reward Good Work
Rewarding good work is incredibly basic but also hugely effective at keeping staff happy. People need to be paid well and have perks, but they also need to feel valued and appreciated at work. This is why you should provide positive feedback for your employees, show your appreciation in public and offer gifts for good work. Not only will this lift morale and strengthen relationships, but it should also motivate your entire team to lift their performance levels too.
Create a Community
Finally, you want to do your best to foster a community at work. People spend a huge amount of time at work and with colleagues, so they will be a lot more likely to stick around if they enjoy working with their colleagues and feel a part of a community. This is not something that you can force, but you can encourage it with team building, social events, open communication in the workplace, and collaborative projects.
These are a few effective methods that a small business can use that should help you to both attract and retain talent, which will enable you to enjoy consistency and long-term success.