Are you a small business owner? Learn and explore the 14 ways small business owners can attract and Keep Talents. Read along with me.
In attracting and keeping talent, you can’t afford to be late. However, many small businesses don’t know how to attract and keep the talent they need.
So what is the best way for small business owners to attract and keep employees? Here are fourteen simple ways you can do that. Which I split into 14 ways to attract talents and 10 ways to keep talents.
About Attracting and keeping Talents
Talent is the single most key determinant of the success of any business. It is one of the key differentiating factors between a small business employee with an average salary and a highly paid entrepreneur.
The key to attracting, developing, and keeping talent is to understand what motivates them, how they learn, and how to use their strengths – both positive and negative.
As a small business owner, you need employees who can keep your business growing. However, you also need to attract top talent. In this article, I will offer my recommendations on how you can help your team grow in 2022.
How to Attract Talents or Employees for your Small Business
Even small business owners can attract and keep talent. Here is how:
- Harmonizing the going rate for the position
- Create and offer a strong benefit program
- Develop and offer referral incentives
- Use social media platforms
1. Harmonizing the going rate for the position
Talent is the gasoline that fuels your small business. You need to attract, develop, and keep the best talent possible. Keeping up with today’s fast-paced environment requires a new way of thinking and acting.
One of the 14 ways small business owners can attract and keep talents is by matching the going salary rate for their job position.
If the average salary rate of an accountant is #50,000 per month where you operate, you can’t offer them #45,000 and expect to have top skilled and talented accountants knocking on your door.
2. Create and offer a strong benefit program
Talent is one of the most abundant resources for a small business to tap into. While there are many ways you can attract talent, attracting and retaining talent can be as challenging as finding it in the first place. But small business owners can create and offer a strong benefit to keep them knocking.
Employees expect and need strong benefits programs from their employers to keep them going. Know the employee types and the rate for each cadre. If you, as a business owner, want to attract and keep talent, try to offer as many employee benefits as you can.
Some examples of common benefit programs to offer are:
- Paid maternity and paternity leave
- Paid time off and sick days
- Health benefits through HMO, dental care, vision, and life insurance
- Retirement benefits
- Childcare benefits
- Gym and fitness reimbursements
- Logistics support fare and many more.
Sometimes, not all these employee benefits will be affordable for small businesses. If that is the case for you, look for a smaller benefit you can offer and employees within your niche would appreciate and need the most. Always remember to advertise the benefits you offer on your job descriptions.
3. Develop and offer referral incentives
Talent is the foundation of your small business. It is an incredibly important part of why you started your small business, and it’s also why people continue to work with you (even when they want to leave).
But attracting and retaining talent is like building an airplane — it takes skill, experience and patience to get it right. So how can you attract talented people to your small business? Another way that I have found successful in my experience as a consultant, consultant coach & trainer and author is through offering incentives.
Offer a referral incentive for successful hires. If you are trying to hire your first employee and you don’t have an existing referral feature, you can still offer an incentive and advertise them online. Your own network might see it and send candidates your way or even employees seeing them and knocking on your door.
4. Using Social Media platform
Talent is at the heart of the success of any business. However, attracting and retaining talented employees within a small business can be done through social media. It requires carefully measuring and using social media to show why your company is a great place to work.
Moreso, to get talented individuals who can help solve your business challenges,
Be sure to update your profiles on networks like Facebook, LinkedIn and Instagram to show off your business’s brand and the culture you have created that they will benefit from.
You can also take part in hiring talents by searching for hashtags like #financejobs or #accountantjobs.
10 Tips on How to Keep Talents
Small businesses can attract and keep top talent, but most small scale business owners don’t know-how. There are several ways you can engage and retain your employees.
- Provide more opportunities for career advancement
- Create performance and positive based culture
- Develop a positive work environment
- Start a compensation reward program
- Create a strategy that solves dysfunctional culture
- Respect and appreciate your talents and other employees
- Provide a consistent feedback
- Praise them always
- Inspire them through more education and Growth
- Create a self- Motivating Culture.
1. Provide more opportunities for career advancement
When you want to grow your business, retaining the highest caliber of staff is critical. You can do this by introducing professional or career growth and development opportunities.
As a business owner, you are probably at the mercy of how talented your employees are outside of being skilled at their craft.
2. Create performance and positive based culture
Retaining the right kinds of people on board starts with crafting a culture where people are engaged, happy, and rewarded for doing great things.
This is difficult but it is definitely possible… if you know what works for your company and its customers.
3. Develop a positive work environment
Investing in developing a positive culture can go a long way towards retaining the best employees in your business.
Strive to make your work environment suitable for all workers to keep them for a long time.
4. Start a compensation reward program
Works are often attracted to businesses that have a compensation reward program. This helps motivate them and get them to bring out the best in them.
When talents are working for you, see that you always make them happy by paying overtime or other bonuses to boost their morale.
5. Create a strategy that tackles and solves dysfunctional culture
A dysfunctional work culture that destroys businesses. But when employees see that your business has a channel and program that addresses the toxic and inefficiency arising from a multitude of work issues and other leadership positions in the office, they would like to stay.
6. Respect and appreciate your talents and other employees
Respecting your employees and their boundaries can help retain them. A stressful and infringe on privacy is a no-go area for most people. Just get the basic information you want from them.
Lack of rest and appreciation can not only hurt the well-being of you and your employees, but it can damage your business’s mission.
7. Provide a consistent feedback
Talent management is essential to your company’s success. It’s difficult to attract and keep the right talent in place when your headcount can feel unpredictable and employees don’t always communicate well within their own department.
Consistent feedback will help you boost employee productivity, increase employee engagement and loyalty, and reduce employee turnover and the cost of replacing human capital.
8. Praise them always
Praising your employees will make them bring out the best in them. Avoiding blame and forgiving mistakes can go a long way in growing your small business.
Try always to emphasize the meaningfulness of the employee’s work and praise them where they are getting it right.
9. Inspire them through more education and growth
Inspiring your employees through bringing in more hands and educated people in your niche to train them will make them see reasons to stay.
Show that there is a path for growth through education by taking serious interest in where your employees want to build their careers and passion.
10. Create a self- Motivating Culture
Stringent culture can stifle growth and lead to the downfall of the business. Allowing employees to exercise and practice a self-motivating culture will lead to the growth of the business.
How do you Motivate Employees to Retain them?
The 7 ways to motivate and retain the talents in your organization include:
- Challenge them weekly on tasks and projects
- Reward them all for attitude and skills
- Give them outside projects to build more careers and also make money
- Make your work space a leading place to work
- Pay your talents well
- Give your talents the ability to make their own decisions and manage certain things
- Communicate with your employees effectively
Talent acquisition is one of the most key aspects of a small business. You find that many of your problems can be solved by using creative tactics to obtain employees and retain them.
When you manage both correctly, it will be easier to increase your revenue and reach goals in an efficient manner. The primary action required is to avoid creating a “culture” where people don’t want to work for you anymore.