Setting up a new business is no small feat, but once the foundation is laid, the next crucial step is hiring a competent and versatile team. However, small and medium-sized enterprises (SMEs) may face challenges in competing with larger corporations in certain aspects of employer value proposition (EVP), such as salary offerings. Nevertheless, there are effective strategies to attract top talent and foster a vibrant workforce. Explore the key approaches below to empower SMEs in talent attraction.
How Can New or Smaller Businesses Attract And Retain Top Talent?
1. Develop A Robust Employer Brand Strategy
Before potential employees even apply for the job, they conduct thorough research on the company. To make a lasting impression, SMEs should continuously ensure their employer branding is top-notch. Leveraging the company website, social media channels, and professional networks such as LinkedIn Singapore is crucial for showcasing the business’s values, mission, and unique selling points.
Platforms such as MyCareersFuture, JobStreet Singapore, and JobsBank are not only popular for job searchers but also for scrutinising prospective employers. Highlighting culture, achievements, and employee testimonials reinforces the EVP and attracts candidates whose values align.
For instance, well-known companies like Google or Microsoft offer highly sought-after internships. The Google Singapore internship provides undergraduates with an opportunity to impress during their internship stint, potentially leading to a full-time position based on exemplary performance.
2. Showcase Growth Opportunities
Top talents are drawn to organisations offering clear opportunities for career development, advancement, and increased responsibilities. SMEs can establish a well-defined career path, emphasising promotion prospects, increased responsibilities, and the job benefits that come with it. Implementing performance evaluations and development plans demonstrates a commitment to providing constructive feedback and resources for career advancement. Documenting these on job listings is vital to attracting the right talents.
Additionally, encouraging employees to utilise SkillsFuture credits for continuous upskilling and learning through the various learning institutions enhances career development. This approach not only attracts talent but also contributes to a skilled workforce.
3. Emphasise Work Life Balance
The significance of work life balance has soared since the remote working days of the Covid-19 pandemic. Employers can leverage this by promoting work life balance initiatives such as 4 day work week arrangement or a hybrid working arrangement.
A previous article on the pros and cons of a 4 day work week can help your business decide whether this working arrangement is suitable. Implementing policies to promote better work life balance is also less complicated for SMEs, contributing to a motivated and loyal workforce.
Alternatives To Full-Time Talent For SMEs
In the competitive business landscape, talent attraction for startups can be challenging, especially against larger corporations. However, SMEs can explore viable alternatives, such as hiring interns, a popular choice increasingly sought after by undergraduates. Platforms such as InternSG and Glints provide avenues to connect with and hire interns and freelancers for specific business needs. This approach not only fills roles efficiently but also allows employers to scout for potential full-time employees.
Internships also offer the potential to convert students into full-time employees based on performance. It is essential to weigh the advantages of hiring part-time staff versus full-time employees, offering flexibility and adept management of various leave requests, including annual leave, medical leave, and sick leave. This approach minimises disruptions in workflow and ensures a seamless operational rhythm for the business.
Business Financing Advice For SMEs
Running a business involves finding the right talent and fit. Ensuring a high EVP, managing schedule changes due to annual leave or medical leave requests, and cultivating work life balance initiatives are challenges that employers also face. Private lenders such as Poss Capital provide flexible business loans for startups. This allows for diverting more working capital toward talent acquisition and business growth. Contact us today to learn more.
In conclusion, empowering SMEs to attract and retain top talent involves a multi-faceted approach. This includes encompassing robust employer branding, showcasing growth opportunities, emphasising work life balance, exploring alternative talent sources, and securing financial resources for effective talent acquisition.
