One of the biggest investments your business will make is in its people. With the economy slowly improving, the demand for sourcing talented individuals will increase. How can you position your company to land the best personnel?
Use your employees’ connections. This is one of the most cost effective strategies and one with the least amount of turnover that employers use to find the right people. Not only are internal references more reliable, but the candidate will have been given information on your company that cannot be learned through internet research or during the interview process. This eliminates any surprises about company culture, working conditions, or the people that already work there. Referral programs represent about 27% of all hiring and have proven to increase retention, boost overall morale, keep costs down, and streamline the search process.
Become Involved in the Community
Sponsor an event or local sports team. Participate in projects that improve the way of life of people in your area. Just about anything that takes people out of the office and into the public eye can have a positive effect on your brand and how your business is perceived. It will also help to make invaluable connections and find networking opportunities.
Attend Career Events
Candidates who take the time to attend career fairs and other similar events are undoubtedly more motivated than someone who just sits in front of their computer looking for work. These people are ready to go and can have a lot of enthusiasm.
Volunteer as a Mentor
There are programs that exist in career development that are always looking for people in likewise industries to become involved to help those looking for a job. By utilizing these kinds of resources, you are elevating awareness of your business. Your level of involvement can be something as simple as contributing to online newsletters or other communication from the viewpoint of an “industry insider.” The outcome of this approach is two-fold: You will simultaneously be promoting your company while expanding access to a larger talent pool.
Use Social Media
Your business needs to have a social media presence. Having your employees create individual accounts on sites like LinkedIn increases awareness of your company and what you offer. Traditionally, employers don’t like their people using social media like Facebook during office hours. However, at the same time they can be reaching out to prospective hires. One of the first things someone sees on a Facebook page is where they work. Let it be displayed proudly and have it link to information about your business.
The difference between hiring and losing a candidate to another company may be attributed to your benefit programs and employee perks. These items will add to the overall proposed value of your company to future employees.
At a minimum, most companies should offer some form of medical, dental, and life insurance. Avenues of opportunity are being created so that small businesses can pool their risk with other small employers or to participate in exchanges that can make the cost of health benefits cheaper. This also could include flexible spending plans for medical and dependent care.
A 401k plan can be relatively inexpensive to manage year to year and any employer contributions are tax deductible. A profit sharing program can also be linked to retirement benefits, which will give an employee a stake in the company performance and overall success.
If a certain kind of talent pool is in particular demand, you may want to consider offering a signing bonus. A survey conducted in 2011 found that 54% of employers are using this method to gain an advantage on their competition. This may also be a negotiating tool if the annual salary being offered is average or less than average.
Studies have shown that working more than 40 hours a week actually makes employees less productive in the long-term and result in higher burnout rates. As it stands today, email and mobile devices create an expectation of always being on-call. What was once time spent with family can be easily interrupted. Since employees are expected to be more flexible with the idea of being contacted at all hours, employers should be more flexible as well in regards to family life.
Look For Recognition as a ‘Best Employer’
Find out what publications and organizations are awarding businesses in your area with Best Employer awards and sign up to be in the running. This can give incredible visibility to your company and make the concept of being employed by you something that people will compete for.