Hiring for a small business is a challenge in the best and worst of times. The 1990's were a period of skilled labor shortages for companies of all sizes. Top performing employees were often recruited on a regular basis and given huge signing bonuses. The larger businesses in each sector dominated the talent pool game.
In the last three years, the tables have quickly turned. The big companies were the first to layoff and cut jobs across the board, talented or not.
The current situation has left a rising unemployment rate and an increase in qualified candidates. This is the opportunity for small business to capture a star employee. If you wait too long this door to opportunity will close. So how does one decide if the time is right to make a move?
Time To Hire Indicators
Hire only when the cash flow is positive enough to support hiring. A new employee can bring key talent and value to the organization.
Visit your competitors career section on their website. Check the job boards for hiring in your industry. If hiring for talent is on the upswing, it may be time to act.
The U.S. Department of Labor publishes long-term job outlooks. If the talent you need is in an area of long-range shortages, take action before the talent pool dries up.
Keep in tune to local market conditions by talking with professional associations. When hiring increases, act quickly and your company will not be one of the locals left without skilled employees.
When you do decide to hire a star performer, recruiting top talent rests on selling the small business advantage. Keep these following points in mind when attracting the best candidates:
Small Business Advantages For Recruiting Top Talent
Small business is slower to layoff in times of uncertainty. Big companies are the first to cut in the wake of economic crisis.
Big corporations have a culture that is often distance from the actual vision of top management. In small companies, everybody works together where the vision, integrity, and passion of the owner creates a positive, warm culture for employees.
Being a small cog in the large corporate machine makes employees feel as if their results have no impact on the organization. In small business, the results of an employee's work can be felt immediately. This quick feedback mechanism creates stronger employer-employee relationships and mentoring.
Staff in large companies, rarely feel the use of their full potential and talents. In the small firm, everyone knows and needs the full talents and contribution of each employee to succeed.
Small businesses should not be intimated by hiring top talent. In the wake of 9/11, more and more employees are looking for meaningful work that a small company can provide. And even if a small business can only pay half the salary, money is less important than an individual's values. Small business can win the talent game this time around.
