As the economic recovery continues, small businesses have big plans for 2021. With an optimistic outlook toward growth, business owners are evaluating their workforce needs and setting recruitment goals for the months to come.
One certain truth is emerging as a considerable challenge—a lack of appealing applicants. The current talent shortage may seem familiar. Finding and attracting star employees was a challenge for small businesses before the pandemic, but the circumstances surrounding the current shortage is unlike any others in recent memory.
Successfully recruiting top talent is a significant performance driver for businesses in 2021, and financial advisors should be aware of clients’ increased emphasis on human capital. With that in mind, consultants can point to a few steps that can apply to small and medium-sized business (SMB) owners when it comes to hiring success.
Lead With Culture
Corporate culture is as influential as ever in the pandemic-era workplace. Remote or hybrid working resulted in fewer touch-points between colleagues and, for some companies, a diminished feeling of togetherness. In 2020, savvy managers learned how to maintain and foster culture through virtual gatherings and remote perks, including happy hours and teambuilding activities.
As the workplace continues to evolve, so does the way employees feel about work. An established workplace culture that communicates company values can help attract applicants. Job descriptions should detail the organization's mission and include any unique perks or volunteer efforts that show the culture in action. Doing so can demonstrate to job seekers that these values are more than window-dressing and are taken seriously by the organization.
Focus On Flexibility
As the pandemic continues to evolve, some job seekers may have reservations about returning to an in-person workplace. One of the significant benefits of hiring as a small or medium-sized employer is having more flexibility to lead with care and concern. This can help cultivate the type of resilient organization that attracts talent. For example, SMBs may be able to adapt their work schedules, offer remote work or tailor their benefits or perks to fit the needs of their employees. Business owners who champion this adaptability can make their organization more appealing to a deeper pool of talent.
Lean Into Digital
Digital tools have been increasingly essential to business during the pandemic, and recruiting efforts should look to leverage technology as well. The traditional phone interview screening can still be of value, but other options exist to vet potential candidates. Video interviews have become essential, either in the preliminary phase or in lieu of an in-person meeting. Having candidates send in recorded audio or video answers to pre-set questions, in place of live interactions, can save valuable time and money and allow managers to screen a greater number of candidates.
Consider Unconventional Applicants
When talented workers are at a premium, keeping an open mind about unconventional job candidates can uncover hidden gems. New graduates and "boomerang" employees—returning employees with a history at the company—are two alternative job seekers that many larger companies may overlook. Professionals switching careers also have the potential to be a good target for small businesses. Companies that are open to welcoming non-traditional applicants can not only source talented workers but build a team of employees who feel valued and are primed for growth.
Recruitment is a crucial component of business development, and the remainder of 2021 should see growth across numerous sectors. Bringing the right people on board can help drive growth and open up new possibilities for financial consultants and their clients alike. In the post-pandemic economy, SMBs need to focus on what makes them unique in order to stand out from the crowd and hire the best and brightest.
Jill Chapman is senior performance consultant with Insperity, a leading provider of human resources and business performance solutions.