(Getty Images)
There has never been a more competitive hiring market in history, making it difficult for small businesses to onboard new employees, who often choose to work for bigger companies. To compete with big companies for top talent, you need to take steps to make your small business more attractive to potential hires. Before we dive into tips on how to compete with big companies for top talent, however, let’s look at what makes big companies and enterprises so attractive.
When you're first building your talent pool, it can seem like your hiring options are quite limited.
Today's hiring market is becoming increasingly competitive, especially for small businesses. Top talent is more sought after than ever, and small businesses are finding it challenging to compete with big corporations for these individuals.
Why is it so difficult for small businesses to compete?
- Big companies have a reputation in the marketplace.
- Big companies have the financial resources to attract top talent.
- Big companies have the infrastructure to provide training and development.
The good news is that there are several steps you can take as a small business owner to attract the talent you need.
5 steps for attracting and retaining top talent in your industry
If you're ready to start competing for top talent, these five steps will help you make a strong impression on potential hires:
1. Build a strong employer brand
One of the most significant advantages larger companies and enterprises have when hiring top talent is their name and brand reputation. Many top talents seek out these brands simply for the opportunity to be part of a successful organization.
As a small business owner, it may seem like there is no way to compete with these established brands. However, if you work on building your brand reputation and becoming known as an employer that prioritizes its employees, then you'll find that there are many top-notch candidates out there who would prefer working and growing with a small business.
2. Highlight opportunities for advancement
Another excellent way to attract top talent in your industry is to highlight and advertise all opportunities for advancement within your small business.
One advantage that small businesses usually have over larger corporations is ample room for advancement within the brand. In many cases, larger corporations tend to simply hire the talent they need when a new position becomes available rather than promoting a current employee. For companies with the resources to make new hires, this strategy is often considered more cost-effective than investing in training existing talent.
As a small business owner, you'll want to make the most of the team you build, which often means creating plenty of room for advancement within the company. When you’re trying to attract new talent, make sure you highlight these opportunities and whether or not you're willing to train them for these advanced positions internally.
3. Offer flexible working conditions
In today's digital world, many top talents are looking for a flexible work environment. Some of the best employees are often the ones that have the option to work from home.
As a small business owner, you may not have the resources to offer a full-time work environment for all of your staff members. However, if you can provide flexible work hours, offer telecommuting options, and offer additional flexibility, you will be much more appealing to top talent.
4. Encourage employee feedback
One underutilized way to attract top talent is to encourage employee feedback. This is especially useful if you are still building your employer reputation.
After you've collected employee feedback, you can use this information on websites like Monster, Glassdoor, and others to showcase the type of employer you are.
Just remember, when collecting employee feedback, it’s equally important to act on the feedback provided in order to create an environment and brand that your employees are proud to represent. This will go a long way in helping you attract and retain top talent from within your industry.
5. Seek out less "traditional" talent
This tip may seem a bit unconventional, but it's a very effective way to attract talent. When seeking out new talent to join your budding team, you sometimes need to think outside the box.
Just because a candidate only lists a limited number of qualifications on their resume, it doesn't necessarily mean that is the extent of their skillset. For example, a top local graduate who is skilled at creative writing may have the potential to become an outstanding marketing professional with the right guidance.
So, when hiring for your small business, make sure you are thinking outside the box and considering talents who don't quite fit the standard mold.
Grow your brand with more tips from the BBB
Growing your small business can be challenging if you don't have the right resources at your side.
Instead of flying blind, let the BBB help you grow your brand so you can attract the top talent in your industry.
Check out the BBB blog for more guidance to help you grow with confidence.