4 Tips for Hiring Employees in a Competitive Labor Market

Finding the right workers is a matter of making smart choices.

With a low unemployment rate and many companies still trying to hire to meet the post-pandemic demand, employees have their pick of positions. Unfortunately, if you are a small business owner, this can make it difficult to find workers.

The good news is, if you're running a company and need some help, these tips could make it easier for you to expand your staff -- even in this competitive market.

1. Make sure you're offering a competitive salary and benefits package

While there are a lot of things you can do to try to attract candidates, none of them are likely to work if the salary you are offering is too low. The bottom line is, you need to make sure the pay you are offering -- and the benefits package -- is in line with the market. Otherwise, getting quality workers is not going to be possible for you.

The good news is, it's easy to calculate the prevailing wage using data from the Bureau of Labor Statistics and other online sites. You can also check job listings posted by others in your industry to see what type of wages and benefits are being offered so you can make sure you're competitive.

2. Leverage your network

It can be a lot easier to find good employees if they are referred by people you already have connections with. If you have current staff members, let them know you're hiring and ask them to reach out to others they know. You can also reach out to people you may have worked with in the past or join networking sites like LinkedIn to see if you can get referrals from people you're connected with.

3. Focus on a positive company culture

If you want employees to come work with you when they have their choice of employers, you need to create a welcoming environment. That means focusing on creating a company culture that respects your staff, provides opportunities for advancement, and offers a good work-life balance.

If your business develops a reputation as a great place to work that really cares about members of its team, it will be much easier for you to attract and hire skilled workers.

4. Offer non-monetary benefits employees value

Finally, it can be especially important to offer non-monetary benefits -- especially if you want to make sure you don't end up having to pay a salary larger than you're comfortable with. Doing simple things like offering work from home or flexible hours can make a huge difference, as can offering things like staff training programs to provide internal promotion opportunities.

The bottom line is, you do need to make sure you're paying a competitive wage -- but beyond that, you can find plenty of no-cost ways to hire candidates that can help your business grow. It's all about thinking of what you'd like to see in an employer and offering that type of welcoming environment to potential staff members. If you can do that, finding workers should be easier, even during these competitive times.