As the economic recovery gears up, small business owners increasingly need to hire and retain the best talent available in their industry. The challenge for small- and medium-sized business owners is how to compete with large corporations that offer competitive compensation and benefits packages. The key is appealing to top-notch talent in a historically deep candidate pool -- and company culture can help small businesses stand out.
It has been proven that when small business owners concentrate on culture, identify what motivates employees and enjoy getting the job done, top-notch talent will follow.
Below are a few ideas for how small businesses can complete for top-notch talent:
Shape a winning company culture
Company culture means more than state-of-the-art facilities and amenities like free snacks. Company culture is an experience that will become part of the employee identity. Culture embodies many aspects of the organization including opportunities for advancement, company leadership and values. These details and more can shape a company's culture.
Small business owners also should try to look beyond the job description to identify like-minded individuals who align with the company's values. Employees who are strongly aligned with the company's mission can foster a positive workplace and a team that is happy, engaged, productive and committed. Top performers will be much more inclined to join the team and stay for longer tenures when given an opportunity to develop and advance in an uplifting environment.
Get attention with uncommon benefits
Agility is a tremendous advantage that small businesses have over their larger counterparts in the competition for top talent. Benefits unique to small businesses include accessible senior leadership and quick timelines for advancement. These and other advantages to small businesses can tip talent in their favor in lieu of the potential competition's higher salary.
Today, more traditional benefits have progressed to include mental, physical and emotional health and wellbeing. Small businesses can consider creating or updating an Employee Assistance Program (EAP). Through an EAP, employers can offer unique benefits such as online therapy sessions or meditation apps. Additional offerings can include telemedicine services, expanded sick-leave, financial wellness programs or childcare assistance. Even more generous programs include online fitness subscriptions, free food delivery, streaming services memberships or reimbursement for remote-work expenses such as home office supplies.
Look for skills from other industries
As the post-pandemic economic landscape continues to evolve, talent acquisition is evolving with it. If recruiting for a new position, small business owners may find highly qualified individuals who may be seeking a career change or looking to tap into a new industry. It is important for small business owners to be open to experience across industries, which can bring new depth to a team.
Competing for top-notch talent is one of the many challenges for small businesses. By evaluating company culture and how it impacts employees at their core, small business owners will be on par to compete with large corporations for the ideal candidate. And once on board, quality employees will want to stay.
Jill Chapman is a senior performance consultant with Insperity, a leading provider of human resources and business performance solutions.