The demand for hiring top talent is increasing, and so is the inclination towards the employer of choice. Although millennials today don’t just go for a big paycheck, they look forward to the overall growth and huge perks, which are easily available in a large organisation. Hence, the recruitment struggle is real for small businesses. With less working capital and small-scale functions, they are sometimes not able to offer the benefits of big businesses.
However, with the right strategy and methods, these obstacles can be eliminated. Let’s see how.
How to Attract Talent Without the Perks of a Big Business?
With the job market becoming extremely competitive and recruiting strategy becoming highly complicated, the first thing that you need to sort is capital raising. Every small business struggles for proper cash flow because of delayed invoices. This obviously impacts every business operation such as hampering the ability to accept new projects and dispatching incentives on time. Hence, it is first advisable to deal with overdue payments and then implement some of these strategies:
1. New Opportunities
Provide your employees with new opportunities and help them grow personally. For instance, you can allow your employees to go for clients or industry conferences, pitch new clients, and come up with new ideas. You can also support their efforts for personal growth such as by allowing them extra time to attend training.
2. Flexible Work Timings
To be honest, no one needs to sit in the office for 10 hours. Most people have the ability and are able to complete their work a lot earlier. If you have such employees, be flexible with office timings and allow them to leave early. This will help your employees maintain a work-life balance.
3. Creative Environment
Creativity in the workplace will not only encourage your employees but will also build your brand value. Hence, you need to constantly motivate your employees to be innovative, no matter if they have to work beyond the scope of their job description.
4. No-Bar on Vacation
While you would naturally hesitate with implementing this step because your employees might misuse the privilege, the perks are simply worth it. As the size of your team increases, you will definitely have to revisit this policy. But, with a small team, you can trust your team and allow them any number of vacations they want.
5. Be Transparent
Most of the times, many employees have no clue whether the startup they are working for is actually generating profits or not. To remove this ambiguity, you can share your successes with the whole team; this doesn’t necessarily have to include financial data.
6. Pay Salaries on Time
In today’s day and age, people connect with each other over digital modes and potential employees talk to current ones. It is not possible to keep your employees happy if you are always scrapping for money and have a poor track record of delayed salaries. It is given that every business will face cash crunches but identifying the avenue to address that is important. A business can always utilise one of the multiple alternative financing solutions available in the market such as invoice discounting to keep things running smoothly. Not only can you maintain a good track record, but your cash flow too will improve.
Let Your Employees Become A Part of The Company
Let your employees become a part of your organisation by allowing them to share their future vision for the organisation. Empower everyone to contribute and come up with new, exciting ideas.
And as far as invoice discounting is concerned, you can visit KredX for enhanced support and a reliable transaction to keep your business running smoothly. KredX is India’s leading invoice discounting platform connecting credit-worthy businesses with individual and institutional investors for quick access to working capital. You can find more info here.