5 ways to maximize your small business hiring advantage
Many small businesses seem to be constantly perched on the edge of profitability, and recessions, downturns, and other market hiccups can be especially scary to owners. However, they also have some specific small business hiring advantages, with a bigger talent pool of job candidates to choose from.
In fact, says David Russo, author of 17 Rules Successful Companies Use to Attract and Keep Top Talent and Principal and CEO of Eno River Associates, many small- and medium-sized businesses have big opportunities even in a tumultuous economic climate, and can maximize their chances of success by simply by doing a few things well.
One of those things is focusing on your talent: both the people who work for you and how you hire them. In doing so, says Russo, your small business can see dynamic change and forge new growth. So how do small businesses leverage their advantages in today’s hiring market? Here are five recommendations to keep in mind:
1. Who you hire is critical
Seems simple, right? But so many small businesses often simply hire someone they know through an informal network of family and friends. This often means they hire someone they thought would be great — but in short order, they’re looking to get rid of them. And what seemed like an easy fix makes work, and life, more complicated.
2. Take time to fill the job
Don’t rush to judgment. It’s OK to leave the posting open long enough for you to do the proper due diligence and bring the right someone in. Know what outcome you want for the job, your company’s environment, and the temperament you need to suit your corporate culture. And remember, the best fit is as or more important than the most skills.
3. Stay competitive
Are you short-changing your company by short-changing your employees? Be sure your compensation is fair enough to diminish other offers that candidates might be given that have a few more perks or dollars. While small businesses may be able to sell hires on a vision, vision doesn’t pay the bills.
4. Hire for growth and goals
Small businesses often overlook their biggest advantage when hiring employees: the ability to provide a real opportunity for growth — not just management or supervisory — but experiences that help employees grow and develop. Small firms that aren’t bogged down by large company infrastructure can do just that.
In order to really sell growth opportunities, though, you really need know what your company wants to be when it grows up, and tell the world. Identify your goals: something out there to defeat or do best. Whatever that might be, make it your small business’s Holy Grail. As James Collins coined in his book, Built to Last, create a BHAG — a big hairy audacious goal — and give prospective employees something to dream about.
5. Be trustworthy
No small business is perfect; so be you instead. Make sure your behavior is genuine and show current employees that you care and that you’re paying attention. Prospective employees will be able to see that when the interview or read online reviews. And that care will tell people that they count — that what they DO counts — and create a trust that will spill over into your company’s reputation and hiring process. That’s the magic.
Maximize your advantages when hiring employees at your small business
Recognizing that your small business has a hiring advantage is one thing — putting it to use hiring new employees is another. Luckily, you’ve got resources to help you find and hire top talent. Sign up for Monster Hiring Solutions to receive expert recruiting advice, the latest in hiring trends, and more.