At Summit Financial Resources, we understand the competitive advantages of having a talented and motivated team. For small business owners, there is tremendous pressure to make the right hiring decisions since each new employee impacts the company culture and productivity far more than at a large firm.
While today’s competitive job market makes it tough for small businesses to attract top talent, having a plan is key to assembling a great team. As with every aspect of running your business, a hiring strategy will help you set goals, focus on the process, and avoid making costly mistakes. Consider incorporating the following tips into your approach to recruiting the best people for your business.
Understand who the best employees are for your business.
Attracting the right talent means attracting the right people for your organization. The best way to determine this is to identify the traits and competencies that the most successful people in your organization have in common.
When recruiting new employees, don’t focus solely on whether they have the appropriate skills. Work to get a sense of a candidate’s personality to determine if they are a good fit with your current team. In the long run, it pays to invest the time and effort in choosing new hires who can not only do the job well, but who are willing and able to develop lasting relationships with your firm.
Create and sell an attractive culture.
One of the most effective ways to attract top talent is to create a positive and stable work culture. You want your company to be a place where employees genuinely want to work and engage with your brand identity. There are numerous ways to achieve this, but arguably, the most important way is demonstrating that you respect your staff and can be trusted to nurture their talents and reward their efforts.
Developing a culture of trust creates happy employees who will be happy to spread the word and refer others to your firm. Your employees are likely to recommend only people they think will be a good match, and these candidates will have a more accurate picture of the company.
Cash in on the value of your strong company culture by selling it to prospective job candidates. Communicate what you’re doing to retain your employees, and ensure that your brand embodies the best aspects of your culture. Word of mouth is a powerful marketing tool, and you want to make sure that when people talk about your company, they focus on what a great place it is to work.
Think of your talent search as an ad campaign.
When it comes to talent acquisition, the most sought-after prospects will be interviewing your company as well as being interviewed by you. You will need to develop a job description that’s clear, accurate, and focused on what you have to offer.
Emphasize that you are searching for not only a particular skill set, but that your business is a great place to work. Showcase what is unique and exciting about your company, whether you explain how you’re disrupting an industry or share examples of recent media coverage. Make sure you point out the opportunities for training and progression and sell the culture of your company. Even if your ability to pay a high salary is limited, many top performers will be attracted to a job if they know they will be inspired, mentored, and rewarded in the long run.
Strategically target candidates through social.
While traditional recruitment sites are a viable option for attracting job applicants, they may not always be the most strategic way to connect with the best talent. LinkedIn, Twitter, and Facebook have become powerful tools for expanding your search, while at the same time helping you target a specific set of prospects with desirable skills.
Make the most of what social media has to offer. Update news on your website regularly, post engaging content, build connections, and actively engage in conversations on a variety of social platforms. An effective social media strategy can attract the right talent by conveying the transparency and credibility they are looking for in an employer.
Polish your interview process.
Many companies put considerable effort into attracting qualified candidates only to lose them with a poorly planned interviewing process. Remember that the best candidates will have plenty of opportunities to choose from, so you will need to put your best foot forward.
Convey the high potential of your company. Be clear about your expectations. Find out what each candidate is hoping to get from the job and emphasize the aspects of your business that will most appeal to them. Be open about the hurdles you believe will impact them the most in the role. The best employees will welcome challenges and look forward to finding solutions.
Use your expertise to sell the position. As a small-business owner, you’ve probably done the job for which you’re hiring. Finally, put your best people in front of the candidates you want. They will promote your company through their words and actions.
Recruiting the right people to your business is just as critical as managing finances and generating sales. Employees who are happy and value the work that they do will be the key to helping your company grow.
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Summit Financial Resources specializes in working capital financing for small to medium-sized businesses that need increased cash flow. We provide working capital financing through invoice factoring, asset-based lending, inventory lending, and equipment financing.