You'd think that in today's healthy job market, finding qualified candidates for open positions would be a snap. But actually, the fact that there's so much competition is making it harder for companies to attract the right talent -- especially small businesses, which might feel more pressure to fill open slots sooner. The good news is that many companies are taking steps to accommodate today's hiring climate by changing the way they entice and source candidates. Here are a few notable adjustments small businesses are making, according to Bank of America.
1. Giving workers more flexibility (25%)
Most working Americans today are struggling to maintain a decent work-life balance. By offering workers more flexibility, small businesses can attract candidates who value the opportunity to excel professionally without compromising their personal lives. That flexibility can take on a variety of forms, from letting employees set their own hours to approving telecommuting arrangements for roles that don't need to be office-based.
2. Using social media (23%)
Like it or not, social media plays a big role in not just our personal lives, but our professional lives as well. As such, a growing number of small businesses are getting with the times and establishing a presence on social media. Many are even listing jobs on their profiles, which is an easy, no-cost way to widen the applicant pool.
3. Offering higher salaries (17%)
One challenge many small businesses face is having limited financial resources -- something that puts them at a disadvantage next to larger operations with more generous hiring budgets. Still, smaller companies are re-evaluating their compensation strategies and positioning themselves to offer more attractive salaries to qualified candidates.
4. Emphasizing community impact or charity (12%)
Employees across all industries want to feel like they're part of something meaningful, with younger workers being especially drawn to social impact. That's why more small businesses are putting a greater emphasis on helping their communities and engaging in charitable activity. Some are even dedicating personnel to overseeing community impact.
5. Using outside recruiters (9%)
Because recruiters charge a fee for their services, many small businesses with limited wiggle room in their budgets prefer to stay away from them. But because competition is fierce in the hiring world, a growing number are biting the bullet and seeking outside help. Using recruiters can help free up internal resources for smaller operations, thereby making the hiring process less disruptive to their general workflow.
6. Offering referral fees (8%)
Small businesses today are so desperate for quality job candidates that they're willing to put some money behind it. A growing percentage are paying referral fees to folks who source viable candidates -- including internal employees who recruit on their companies' behalf.
When it comes to hiring in today's market, small businesses have their work cut out for them. If your company has been struggling to find the right candidates, it pays to consider utilizing some of the tactics we've discussed. If anything, you might streamline the recruiting process so that you're able to focus on what you do best -- running a business.