The average small business has 10 employees.
If you’re a new business, this shows that soon you’ll need to start thinking about hiring and building a team. Having a workforce is essential to business growth.
However, you’ll also learn that business hiring isn’t a walk in the park. From finding the right talent to keeping them at your firm, there are many challenges employers face. It’s prudent to know how to work your way around these issues; otherwise, your business could fail.
In this article, we’re sharing a couple of tips to help you recruit and retain the best employees.
Let’s get into it.
Know the Labor Needs of Your Business
You don’t hire workers just because your competitors are hiring. You hire because your business needs them.
Yet, it’s not uncommon to find employers who’re in the labor market without having a good understanding of their organization’s workforce needs. You need to know the positions your organization needs to fill and the number of workers needed for those positions.
For a solo entrepreneur, this should be easy. You can quickly tell where you need help. For example, if you’re struggling with digital marketing, it’s clear that you need to prioritize hiring a digital marketing specialist. If you’re unable to stay on top of business finances, you don’t need a small business consultant to tell you that you need a bookkeeper.
Develop a Recruiting Strategy
There are a couple of ways to approach employee recruitment.
You can do it the old-fashioned way, which means putting out job advertisements, reviewing applicant resumes, conducting interviews, and selecting those who come out on top.
If that sounds like a lot of work, the other option is to outsource to a staffing agency. You just need to tell the agency your worker needs and they will do the rest – at a fee.
Either strategy has pros and cons. Your resources and expertise will help you settle on the best strategy. As a small business, however, outsourcing is almost always the best move. It’s cheaper and you stand a great chance of getting the best employees.
Onboarding and Retaining Your Workers
It costs a small fortune to replace an employee. Experts put this figure at one to two times the annual salary of the employee being replaced.
As such, it’s prudent to take every step to maintain a high employee retention rate. This starts during the onboarding of new hires.
A positive onboarding experience not only helps new employees settle in smoothly and quickly but also creates a good impression for your firm. Using digital onboarding tools is a great way to improve the process.
Offering a safe and healthy workplace, as well as implementing workplace policies that promote fairness, equality, and openness also go a long way. You can also throw in incentives like earned wage access, which allows your employees to get a portion of the wages before payday.
Master Business Hiring and Retention
Business hiring is a critical function. Do it right, you’ll set up your company for growth and success. Do it wrong, your business could gradually grind to a halt.
With this guide, you now have the basic information to help your hire and retain employees. Put it to use and keep reading our blog for more business and workplace insights.
