The most important asset of any company is its employees. That means that if you want your business to be as successful as possible, then you need to make sure you are attracting and hiring the best people for the job.
With the United States said to be at full employment, the balance of power is currently with the workers. More roles need filling than there are people to go into them. Candidates have much more choice when it comes to picking and choosing who they want to work for and therefore to attract the best candidates you need to be giving them a reason to apply for a role with your company.
How can you do that? Monetary reward comes into it, but there is much more than cold hard cash that can be offered to attract the best candidates.
Have clearly defined values
Some candidates might be attracted to work for a particular company because they share the ethos of that business. If an individual believes firmly in green values and attempting to save the planet, then they might see a big attraction in working for Hasbro, Nike or one of the other top 10 greenest companies in America.
By giving your company a clearly defined set of values, whether they be to improve social mobility or provide excellent customer service, you’ll be saying “this is what we do, and this is what we stand for.” It’s a great way to attract top candidates who share those values, and it can give you an edge when it comes to the recruitment process over rival businesses who don’t appear to stand for anything other than making money.
Build a good reputation
Your company’s reputation alone can often be enough to attract the best candidates. Who doesn’t want to show off the fact that they work for a high-flying Silicon Valley business? It’s one of the reasons why Google are so inundated with applications for every vacancy. Working for the search engine giant is seen as cool and trendy and something to shout home about.
On the flip side, a company such as the Weinstein Company would once have been seen as a desirable employee, but their name has been destroyed by the multiple claims of sexual assault lodged against Harvey Weinstein. Who in the right mind would want to work for a business with a reputation like that?
By building a good reputation in your local area and industry, you can expect to be an attractive proposition for the best candidates on name alone. That’s a powerful attribute to have when it comes to the hiring process.
Offer a generous relocation package
Technology connects the modern world like never before, and that means that there is a whole new labor market open to your small business when it comes to hiring. Whereas in the past, you might have been restricted to advertising through a news outlet in your local area, the internet means that potentially anyone in the world could view and apply for your job.
That means that a business based in New York could find themselves in the situation that the best applicant for the role they are advertising lives in San Francisco. That doesn’t have to be an insurmountable hurdle to employing the outstanding candidate – as long as you put up a good relocation package.
To get the best, you sometimes need to pay. By offering a generous relocation sum, your business will suddenly appear attractive to outstanding candidates from all over the country, widening the talent pool of applications. This article has more about relocation policies.
Pay big bonuses for success
Bonuses now make up a significant portion of employees’ annual take home and the more you are willing to offer for success, the better candidates you are likely to attract. Nobody is suggesting that you start throwing around sums of money like the $12 million bonus that Tim Cook received from Apple in 2018, but showing that you are willing to award your workforce for their efforts financially is one way to ensure that the best applicants – those who know they will reap the rewards – are interested.
Bonuses can take many forms, whether it be a percentage share of annual profits, a lump sum for hitting certain targets or even signing on bonus to reward an employee for choosing to work for your business. Previously restricted to the world of sport, these are becoming more common across various industries now as companies compete to attract the best candidates.
Offer other perks
Bonuses don’t just have to come in the form of money. Many businesses now offer a whole host of perks to their employees, which can range from something as simple as a beer fridge in the office for Friday afternoons to season tickets for your local sports team that are shared among the workforce.
Dental insurance, gym membership, the opportunity to travel – there are lots of little added extras you can use to attract the best employees that can be tailor-made to your business and don’t have to cost the world either.
Ensure there is a path for career progression
The best candidates will often be the ones who have the most drive and desire to continually better themselves. That means that one of the opportunities they are going to be looking for is a clear path for career progression.
That can come from the opportunity to increase their pay in their current role or the chance to pick up further qualifications with your business and move through the ranks, building seniority and getting the chance to make a real mark on the company.
Nobody wants to come into a new role and know that is as far as they are going, either with that company or in their career. If you are a business that is willing to spend the time and money needed to help your employees grow, then the best candidates will see the potential of an exciting mutually beneficial relationship.