How Small Businesses Can Secure Talent Despite Low Unemployment Rates
The US is facing rather unique circumstances in the talent recruitment landscape.
The Bureau of Labor Statistics (BLS) reports that the country’s unemployment rate continues to fall at an alarming rate. In fact, the BLS Household Survey Data reveals that as of July 2018, the unemployment rate has dropped to 3.9%, a considerable decline from 4.3% in July 2017.
Meanwhile, the economy has been growing steadily for 94 consecutive months since the economic rebound from the 2008 recession.
What does this mean for employers across the country?
Keeping AND Hiring top talent is now more difficult than ever.
Companies across industries are realizing that skilled and talented workers now come at a steeper price than expected. As these employees are committed elsewhere, they are able to demand above-industry-rate compensation packages for the sought-after skills they possess.
But coughing up the cash isn’t always the viable solution, especially for small to medium-sized businesses.
So, upstart firms and on-the-rise ventures may choose to settle for an affordable but less talented workforce or they can apply the following strategies and acquire valuable individuals who can make their company as competitive as can be.
Here, we give you three different approaches to secure the best people on your side.
Provide Flexible Work Arrangements
With the advancement of mobile technology and the Internet, the idea of working in a physical office space can seem a little outdated. That’s why it’s no surprise that many of today’s workers put a premium on flexibility in their work schedule.
The reason behind this is straightforward.
Forbes reports that workers are attracted to this kind of employer-employee set-up because they believe it will give them more freedom and even boost their productivity.
But, whether it is a work-from-home or flexible-work-hours situation, it is imperative for the employer to clearly define the principles and policies that make the arrangement sustainable, effective, and efficient.
Offer a Title or Responsibility Increase
If you are unable to attract candidates based on compensation alone, then go after them based on their other needs. Presenting a candidate with the opportunity to go up a level, or even two, in title cost you nothing financially but can represent a feeling of increased significance to the candidate.
Additionally, offering candidates the opportunity to work on higher-level projects that make them feel more empowered, important, trusted and valued is a great way to attract top performers to your team. The best candidates in the market are looking for opportunities to grow their skill set, give it to them.
Providing a new challenge is often enough to get a candidates interest and gain their involvement on your team.
Small businesses can maximize the talents of competent employees through outsourcing. It’s the perfect cost-effective avenue to seek top-tier workers without the pricey benefits and salary packages.
Another Forbes report points out that the benefits of outsourcing include incurring lower labor costs and even having access to a larger talent pool. To make the most out of this, employers must bridge the communication gaps, preserve company culture, and stay organized to remain in control of processes and workflows.
This is the time to be more competitive than ever. A top employee can make your company shine in the darkest time.