Small Business Owners Don’t Have to Settle when Hiring
According to a Chase survey on Small Business Outlook, one in ten small business owners claimed to be “extremely concerned” with attracting qualified talent to work in their businesses, with commonly cited steps to combat the deficiency being offering higher wages to targeted talent, offering non-financial compensation such as flexibility in hours or a larger stake in the company, and settling for lowered skill sets. It is this last strategy that is troubling, since smaller businesses often rely on hiring the right talent proportionally much more than larger businesses, which may have the effect of any individual employee diluted by the presence of staff with overlapping or redundant functions.
Business owners can create strategies to vie for the talent that they need. Instead of accepting talent that may not be qualified, business owners should create strategies for bringing on the employees that they are really seeking. When it comes to things that small businesses can compete on with larger corporations, salary might not be one of the areas that they can directly go toe to toe on. Instead, there is a plethora of other areas that can directly influence how appealing a prospective hire finds a small business position.
Equity and part ownership. One extremely powerful motivator for high level talent to come on board a business is the allure of an actual stake in the operation that they are joining. Whether it is simply equity, or an invitation to become a part owner of the business, if you are looking for a top level manager with a large amount of experience, then this type of compensation can greatly enhance the appeal of a position if increased pay is not an option.
Flexible working options. Working from a remote location can be an enticement for stronger candidates, especially high level employees who have commitments such as family or lifestyle considerations that might make them leery of a corporate style job with strictly defined schedules and office hours. Managing remote employees can be a challenge that small business owners are not used to, but when it comes to bringing on a high level worker, they may not need as much management as a normal employee anyway.
Creative direction. Often, the kicker for an experienced professional when it comes to evaluating the attractiveness of one job over the other is how much creative control they will be granted when performing their role. While you may not be able to add to salary, and may be loathe to relinquish equity or a ownership stake in your business, at the very least granting expanded creative control can be an enticement for a more seasoned employee to come on board.
Photo Credit to COD Newsroom on Flickr