Overcoming The Small Business Challenge… How To Hire A Good Employee And Retain Them Long-Term!

One of the major challenges that entrepreneurs face is hiring the right employee. Small businesses face a number of challenges related to inexperience, size, and lack of resources. However, few responsibilities stretch these businesses as thin as hiring. While it may seem simple on the surface, hiring the right employees can be overwhelming and taxing on many different levels.

Do you know who dreads job interviews the most?

It’s not the prospective candidates; it’s entrepreneurs.

The hiring process can take several days of your time: reviewing resumes, sitting through interviews, checking through so many unqualified candidates to see if you’d find any useful talent for your business. When you eventually shortlist the best candidates, you only hope you can offer an attractive package to get them on board and retain them long term.

Hiring is a very important part of any business whether big or small. However, as a small business owner, you need to be extremely cautious when hiring. This is because employees can either break or build your business.

If you are operating with a total of 5-20 employees, one employee’s failure can derail the company several steps behind. They can cost you a great opportunity that would otherwise have been the stepping stone.

You cannot afford such opportunity costs as a small business owner. It is enough that you are struggling to get into the market and ascertain your position as a transformation leader in your industry.

So how do you hire a good employee for your small business? It requires a combination of skills and strategies.

1. Be exclusive.

A lot of small business ads are incredibly vague in terms of what qualifications candidates must have, what the job duties are, what days and hours will be worked, and what wages and benefits will be paid. You can save yourself a lot of time by pre-qualifying candidates through exclusive hiring ads that are specific in what it takes to be hired at your firm, as well as what the day-to-day work entails. Approach your employee hunt the same way you would approach a customer-centric marketing campaign: through excellent direct targeting.

2. Introduce The Business To The Candidates

Once you have a pool of prospects, arrange for a “walking interview” in which you take candidates on a tour of the working environments. Ask questions relevant to the job and to candidates’ experiences, expectations, dedication, and long-term goals. Don’t act like an overlord; rather, behave as though you’re seeking a partner to help you operate and grow your business. Take the time to find real references, not the neighbor your candidates grew up with or an old schoolmate, but people who can honestly attest to their work ethic and potential.

3. Be Creative With Your Offers

As a small business, you might not be able to offer expensive packages like established companies. However, you can add some creativity to your offers like talking to amenities such as hospitals and transporters near your business to offer your employees discounts. You could also get your employees coupons to use local facilities such as the gym, library, and laundry mart. The employees will appreciate saving some money for these services. Ensure that you promote a great work-life balance for all your employees. This will provide a healthy work environment for the employees both old and new. Proportionally, it will increase their productivity and loyalty to their jobs.

4. Provide Opportunities for Growth

Employees love when a position offers them a chance to advance themselves career-wise. Offer them an opportunity to develop new skills. You can also promise to groom them for a better position, by trusting them with more responsibilities. Offer career mentorship to your employees. Present all possible future prospects on the table during recruitment.

5. Create an Employee Compensation Plan

Have a plan for rewarding top-performing employees. This program will motivate your employees to work extra hard. It will also give potential employees something to look forward to if they choose to come work for your company. It is also a great way to bait the employees you wish to hire.

Moreover, helping your employees take part in the business’s profit make them feel like a valuable part of the team.

6. Ask Your Employees To Refer A Candidate For The Vacant Position

Employees also are a great resource for finding good potential employees. Most times it’s easier for them to convince their candidates who they know are qualified for the job to join the team. You can also give them incentives when they refer a good fit for a position in the company.

7. Advertise With Recruiting Companies/Agencies

Recruiting companies or agencies can reduce the stress and pressure surrounding hiring and recruiting. They are also great for putting your organization out there for more people to discover the company. Recruiting companies always have a lot of traffic from job seekers on a daily. But you’ll still have to work with them to get the right employee for your job.

Once you’ve picked a candidate, before you make a job offer, ask him specifically what it will take to have him employed with you long-term. Tell him to be honest with his expectations. As long as he does a good job for you, you’ll know what kind of rewards he is seeking and you can make adjustments accordingly.

This doesn’t mean you should go out of your way to satisfy your employees’ requests all the time; but, if you set clear expectations for both parties, you may build a long-term, mutually fulfilling employee-boss relationship.

And, as you grow your team and get the right people to work for your company, risks are put to a minimum and growth is sure to come your way. Investing in a recruitment process that works for your company keeps your business on the right track. This allows you to work on the most important things you need to focus on while building your business.

Next week, on SuccessDigest Marketplace Advertisers’ Catalog, we’ll be solving another major business challenge: How to Raise Funds for Your Small Business.

Till then, I invite your comments and questions2 and if there are topics that you would like us to discuss, kindly send them via email to [email protected] and we will treat them!