Small businesses would love to be able to offer their employees a higher salary without going out of business, but this is not always possible. That doesn’t mean that they can’t find creative ways to attract top talent without increasing salaries. With the Great Resignation occurring across America, it is more critical now than ever to find creative ways to attract the best talent locally. Here are the top 7 ways local businesses in the Ohio Valley are finding success in an increasingly competitive market while avoiding increases in wages.
Offering opportunities for advancement beyond entry-level positions, with the goal being to groom employees for management positions within the company as opposed to hiring from the outside when a management position opens up. Working for a small business as opposed to a large corporation can provide employees with more opportunities to grow and learn from the experience. You can use this as an incentive for top talent considering jobs at larger corporations.
Improving benefits, including offering vacation time, health insurance, and retirement planning. We strongly advise surveying your current workforce and determining what other benefits they would appreciate being offered. This will help determine which benefits employees value the most.
Providing flexible hours for employees of all skill levels. Offering flexible schedules to match the needs of employees who have children or other commitments that may prevent them from being able to work traditional hours. Technology has made it possible to implement more flexible work hours without being out of touch with co-workers. For example, employees can still participate in meetings and complete assignments at home, if necessary.
Be creative when marketing your business to potential employees. It is no longer enough to offer a competitive salary and benefits package; you must highlight the ways that working for your company will make the employees’ lives better in other ways long-term as well. Emphasize how your company is different from others in the area. This might include perks not offered by others or connections in the community that can help your company grow.
Offer education and opportunities for professional development. Offer additional training for employees who are interested in gaining new skills related to the areas of work, including classes at community colleges. Provide opportunities for professional development such as attending seminars or trainings related to their field of work. Employees who regularly attend professional development seminars are more likely to stay with the company over time. One other thing to consider is offering internal job-shadowing experiences where employees can shadow a manager in another department to learn more about that role.
Lead by example. If you demonstrate an interest in helping employees attain personal and professional goals, it can help to encourage higher morale for the entire team. Be proactive when it comes to developing employee skills, and listen to their feedback about what skills they want to learn in the future. Be as transparent as possible with existing and prospective employees on decisions being made that could impact their position or the direction of the company.
Keep an open door policy. One of the main benefits of working in a small company is that you have access to managers who can help employees with their problems as issues come up. You can even have an open-door policy where employees are invited to come speak to you anytime they have an issue or question.
It can be difficult to attract top talent without offering higher salaries, but by implementing some of the strategies mentioned above, small businesses can increase their chances of hiring qualified applicants and building a strong team. To improve your retention strategy for new hires, view our attract and retain new hires blog.