How your small business can navigate hiring during the "Great Resignation”

February 3, 2022

How your small business can navigate hiring during the "Great Resignation”
Business resources

The “Great Resignation” has seen millions resign in a bid to retire or find better jobs elsewhere. 

With talent shortages already representing a significant challenge to most companies, this trend has shifted the employment market strongly in favor of candidates: Professionals are now empowered to seek and expect different standards and rewards for their time and experience.

It’s not often we see such a shakeup of workplace culture across the globe and, perhaps unsurprisingly, this transition has been difficult for some businesses. 

While this may be bad news for some, small and medium businesses can benefit from the change by offering better benefits than their larger competitors.  

Here’s how…

Ask candidates directly

It’s easy to recommend that a given company offer great benefits or rewards programs. But that’s a mere generalization, isn’t it? The problem is finding out what clients actually want from their benefits. You do not want to blindly start throwing benefits at the wall to see what sticks. More isn’t always better simply because it’s more: It pays to know what your ideal employee actually wants from their employer.

The best way to craft your benefits package is through direct conversation as you hire. (Related: Here’s What You Can and Cannot Ask During a Job Interview.) Your benefits package may need to vary depending on the type of work you provide so be flexible when possible.

Are you hiring coding experts? 

Company-paid training courses to help them upskill may hook their interest. 

Need a new sales team? 

An offer of genuine flexibility that allows them to work from home is always tempting. 

In the market for local professionals for business support? 

Hybrid working, maternity or paternity leave, and financial support for local gyms and healthcare can be popular.

For a small business, also consider benefits that provide employees a greater voice in supporting the company and its direction. This empowerment builds trust and loyalty in a time when it’s needed the most.

Shout it loud

Once you define your benefits, let candidates know! A single page on your website isn’t enough here—you need to match the value of your benefits with content that makes it clear how unique and compelling your company is.

This brings you into the important territory of tone of voice. For job advertisements, consider language that highlights the perks of working for you. Job specs should explain unique benefits in the first few sentences. Interviews and calls should clearly discuss rewards and bonuses for great work.

One of the greatest advantages of this approach is it creates a sense of empowerment within your culture. Employees will feel engaged and valued. When employees feel like their company values their work and listens, turnover goes down and new talent comes in. 

It’s the difference between a place to just work and a place to thrive – and those two things are a world apart.

We’re glad to see you!

The business world isn’t without its challenges right now, but opportunity is on the horizon for small and medium-sized businesses ready to make changes and try something new. We hope today’s short article has given you food for thought. 

Need to expand your HR department or bring on new talent? Idea Financial offers up to $250,000 in business loans and business lines of credit for qualified applicants with same day approval.

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