How to attract & retain the best talent in a New Business

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Most people looking for jobs would prefer to work for big companies because it’s a big brand and two because of the great benefits and perks. Well, this continues to be a threat to startups new business who can’t match such offers offered by big companies in the market. The big question is it possible for startups to hire and retain the best talent in the market? The answer is a simple yes! Well, some employees actually tend to look for more than perks before signing that contract. We have compiled some simple steps to help you attract and retain fired-up employees as a new business. 

Conduct Job fairs 

They say good things come in twos. Hosting a job fair is not only an opportunity to attract new talent but also a chance to market yourself. By sharing about your company, the public gets a gist of your product and services, which is a good thing for your new Business. Additionally, hands-on learning and interaction with different companies and people could attract potential employees. 

Be different!

This is one of hardest things to do but also the best for your startup. Being different means moving away from conventional work standards and creating something unique. Regardless of the nature of work, it is essential as an employer not to pressurize your employees but give them reasons to love working for you. Think of break rooms, nursing spaces for working moms, Zumba rooms in the office. You can double this with work at home schedules, mid-week off, etc. Surprisingly, most talented employees are looking for companies that offer a balanced work environment and doesn’t affect their personal lives. Additionally, you can retain gifted employees because work is not monotonous.

Allow referrals from your employees

Another way to attract talent is by creating an employee referral system. It is not only the best way to skip thousands of applications but also the most cost-effective and efficient way of bringing new people on board. Doubling the referral participation with an incentive motivates your employees to only refer skilled and talented people. No one wants to refer a poor or lazy candidate because it reflects poorly on them. Other than cost-cutting and getting skilled talent, employee referrals lead to engagement which promotes retention

Scout for talent on different platforms

To get the best in the market for new business, you have to put in the work. Social media, for example, is a great tool to get what you are looking for. A platform like LinkedIn connects employers to employees. You can also organize online talent hunt programs to get the right skills. I.e., you can ask your followers to participate in a competition to test their creative skills. Another good platform to scout for talent is attending events or meetups for a specific profession. I.e., looking for a communication expert in a communication conference

Invest in onboarding

When you think of onboarding, think of it as a tool for talent acquisition, productivity retention, and improved company culture. Have you ever experienced an employee refuses to sign a contract after probation? Well, it could be because of the bad onboarding experience. Remember, employees, interact with other employees. Their experience in your company will determine if you can attract new talent. No one wants to join a company with bad practices and culture. Good onboarding practices reduce anxiety, promote a positive attitude, sense of inclusion, and promote efficiency and productivity. Inculcating employee onboarding best practices saves you money through employee retention. Hiring regularly is an expensive budget that you should avoid. Your employees become loyal once they are immersed in your organizations’ culture. 

Perks are good

I know we said that employees are looking for something more than money. This doesn’t mean a few perks and benefits are not appreciated. As a new business, you can try and find simple ways to motivate your employees, add positivity, and retain the flow of energy.

Examples of benefits you can offer are:

  • Cab facilities after office work
  • Mid and end year bonuses and allowances
  • Paid time off
  • Performance bonuses

 

Provide job autonomy

Micromanaging is a threat to employee retention. It lowers your employee’s self-esteem and confidence in their ability to do their work. On the other hand, providing job autonomy makes them feel valued and respected. Trust fosters commitment and loyalty to the organization.

Don’t take too long to make that call  

Sometimes you lose your chance of hiring a skilled employee because you took so long to make that offer. After you have interviewed and found the potential candidate, you might want to speed up the process. Some companies take months to call back. In the end, the prospective candidate might find another job or lose interest in the company. 

Wrap up

As you can see, hiring and retaining talent goes beyond monetary benefits. It is more about transforming your work into a safe haven for your employees. As we have also seen, going to the right places and employing the right recruitment strategies will get you the skills you are looking for.

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