As the economy continues to grow at an ideal rate, many small business owners (SBOs) will find themselves fully immersed in the growth cycle in 2017. Employing high quality employees will be essential to sustain and support that growth.
However, with unemployment at its lowest since 2008, and over half of all businesses planning to hire in 2017, finding the right talent is becoming increasingly difficult.
As a result, hiring and retaining top talent will be one of the biggest challenges SBOs face this year.
So, how can you stand out from large competitors, and ensure your company is able to sustain and support future growth?
1. Strategize methods for attracting potential candidates.
Use various methods to find and reach applicants. To improve your chances of finding top talent, add variety to your recruitment sourcing. Post job ads on local websites and publications; utilize targeted social media campaigns; recruit on college campuses, through networking efforts, etc,
Don't downplay the importance of the job description. Equally as important as a detailed cover letter for job seekers, is developing and advertising the perfect job description. A job description should be viewed as an introduction to potential employees, one that can either drive further interest or propel great candidates away.
Implement an effective Employee Referral Program (ERP). ERPs offer a quick, low-cost and high-quality way of finding staff. And unlike other methods, they offer access to passive job seekers – qualified people who, under the right circumstances, may be good candidates for open positions.
2. Develop strategies for acquiring top talent.
Maximize the candidate experience through the job application process. Talent acquisition has become a seller's market, making it increasingly important to have an efficient application process. Today's job seekers know their worth and are aware of the competitive landscape. If one employer takes too long to respond or makes it difficult to apply, they'll quickly pass it up for another job opening.
Develop a consistent, thorough interviewing process. All businesses should have an efficient and effective interviewing process that includes, among many steps, a thorough screening process. Focus on 3 main items when screening potential candidates: verifying the validity of their resume, testing for role fit as well as cultural fit.
Don’t be afraid to hire an independent contractor vs. an employee. Hiring employees is both expensive and time consuming. As an alternative, you can hire an independent contractor or freelancer to fill a temporary need, or on a trial basis to see how you like having assistance.
3. Focus on retaining high performing employees long-term.
Seek Employee Feedback. Regular communication creates an energizing, healthy work environment. Collecting feedback from employees provides insight into how workers think of the company they represent, giving clues as to the cause(s) of employee turnover, and ways to improve employee retention.
Offer a compelling benefits package. Benefits provide additional value to employees, and encourage them to stick around long-term. Offering a compelling benefits package helps reduce employee turnover. potentially boosting revenue. Utilize employee feedback to determine which benefits will prove most effective.
Invest within your organization. The younger generation of workers sees career change as constant. In fact, nearly half of millennials expect to change jobs every 1-3 years. To retain quality employees, create significant growth opportunities for existing employees, and promote from within before seeking new applicants.
About Stingray Advisory Group LLC: Stingray Advisory Group LLC is based in Grand Rapids, Michigan and a proud Local First member. By creating dynamic customized solutions for business growth, we empower businesses and entrepreneurs with the tools to further their development. To learn more or schedule a consultation, visit www.stingrayadvisorygroup.com. Follow us today on Facebook, LinkedIN, Google+ and Twitter for more helpful tips!
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