After setting up your new business, one of the first things you look for are employees. These employees have to be competent, capable, and able to juggle multiple roles, as is the norm for small businesses. However, it is difficult to compete with larger companies for such talent, as they are able to offer much more benefits, including a higher salary.
Of course, it is not impossible. Startups can hire talented workers too. The key is simply to understand what job-seekers are typically looking for, in order to draw them to your company. Without further ado, here are some strategies for attracting talents to work for you.
How Can New Or Smaller Organisations Attract And Retain Top Talent?
Develop a Strong Employer Brand Strategy
Before going for any interview, or even applying for the job, job-seekers research the company. They go to the company’s website, search up reviews, look them up on social media. They want to see what the company is about: their value proposition, purpose, and impact. Hence, it is crucial to build a strong employer brand. This brand needs to accurately reflect your SME’s values, mission, and unique selling point. Your culture, accomplishments and employee testimonials (if any) should also be featured.
To do this, you need to use various channels, such as your company website, social media platforms, and professional networks. By highlighting what your company is all about, you can not only legitimise your business, but also attract employees whose values and goals align with that of your company.
Showcase Growth Opportunities
Top talent seeks opportunities for growth and advancement. You need to provide a clear career progression path in your SME, with opportunities for promotion and increased responsibilities. Emphasise the potential for your employees to take on challenging projects, develop new skills, and make a significant impact on the company. You can also implement performance evaluations and development plans. Through this, you show that you support your employees, and will provide them with the necessary resources to advance in their careers, naturally attracting top talent.
Unfortunately, such plans require capital to come to fruition. Luckily, Poss is here to help. Poss Capital offers you access to Quik with fast, flexible loans, with your choice of tenure and no early repayment fees. With us, you can support your talent, allowing both your employees and your SME to grow together.
Emphasise Work Life Balance
Work life balance has been gaining traction in recent years, with more and more employees prioritising this, and rightly so. Therefore, promoting work life balance initiatives within your SME will greatly help in hiring top talent. You could offer flexible work arrangements like working from home in order to accommodate your employees’ personal needs. The thing about SMEs is that you are the upper management, and there are no rigid policies, processes or structures in place. Hence, encourage healthy work life integration, and create policies that promote employee well-being. This will not only attract talent, but also make them more motivated and loyal to the company.
Even So, SMEs May Lose Out
Unfortunately, even with all these factors, it is still hard to compete with bigger companies, especially since they are better able to offer all these benefits and more. Do not despair! There are alternatives to hiring full-time staff, such as hiring interns or freelancers.
Alternatives to Full-Time Talent
SMEs do not require full-time staff for every role. This especially applies to F&B businesses. Hence, hiring interns and freelancers is a good way to fill any role easily. Simply publish job posts with well written job descriptions on platforms like LinkedIn, Glints, or InternSG to find hardworking, yet motivated interns and freelancers. More often than not, they are ready to learn, and get the job done fast. In addition, you can even save costs, which is a major concern for small businesses.
Starting and running SMEs is tough. There are a million things to worry about, and hiring talent is just the tip of the iceberg. So why not take one more thing off your plate? You can reduce your capital worries by contacting Poss Capital. Speak to us for advice on business financing, and you can focus on finding the right employees for your business.