10 tips to hire staff & manage employees for your small business

A major concern for any small business is how to hire the best talents in the market. In today's world, the best talents are looking to work for market leaders. As a result, most of them are joining well-established companies and leading MNCs. Not only that, some of the best talents of the market are leaving the job and starting their startups.

The market analysts are also predicting that future demographic patterns will lead to a shortage of high-quality workers. So, small-scale industry employment may suffer in the coming days due to a shortage of an efficient workforce.

So, as a startup owner, what strategy should you follow to recruit the best talents in the market? Find out the 10 point strategy that you should adopt to hire the best employees. These strategies not only maximise the chances of recruiting the best talents of the market and but in turn, also ensures rapid growth for your company.

The 10 Point Strategy To Hire the Best People for Your Small Business

1. Try to match the average compensation of the market for the best employees

When planning a position, small companies often make one common mistake to calculate their wages based on their budget rather than on the reality of their business. Doing so makes it harder to hire workers at all, let alone retain high-quality staff. If the starting pay is typically 40000 per month for a marketing executive in your city, why would anyone join your 25000 per month job? So, you need to do a proper market study before rolling out offers to potential employees.

2. Focus on the advantage of working with a small company

Make the business more appealing to prospective employees by offering benefits such as flexible hours and work from home opportunities. Some small businesses provide some unique perks, such as able to carry a pet to work, babysitting and childcare facilities, etc.

3. Offer a bonus program for efficient workers.

Employees see an employee benefits package as a requirement, not a benefit. As a result, jobs providing benefits will still outweigh those with no benefits. On top of that, if you're trying to retain high-quality workers, the business needs to provide high-quality benefits, which means at least providing life, medical, and dental coverage to employees. Contact any prominent insurance company if you don't have an employee benefits plan for your small company.

One of the advantages of belonging to industry associations such as the ICC or FICCI is that they have tie-ups with different insurance companies for more affordable insurance. So, check first with the insurance organisations with whom you have the tie-up to see if you have the best possible deal. This will help you to offer better employee compensation packages to potential employees.

4. Explore all options for the perks

As a small business, you might not be able to provide the benefits that large businesses or MNCs are able to offer their employees. However, you can offer some unique perks to your employees. Many major corporations, for example, provide on-site fitness services, such as a fully equipped gym. As a small business owner, you may not be able to include these facilities in your office building, but you might give vouchers to workers to use nearby gymnasium or club facilities.

Some firms also give workers discounts for neighbouring malls or shops. You should speak to the neighbours, suppliers, and distributors about how the discount schemes can be offered to the employees. In addition to pumping money back into the local economy, you will also help other small businesses in your area to prosper. And it is possible that the workers would enjoy saving a few extra bucks.

5. Provide the top quality of life and perfect work-life balance to your worker

Many employees are equally concerned about the quality of life they have along with how much money a career will provide them. In an area with fantastic outdoor spots, picnic spots, trekking, golf, or other enticing features, you are fortunate enough to play it while you're hiring someone.

That being said, for all your staff, make sure to foster a very nice work-life balance. This will ensure a better working climate for your workers. It would also encourage workers to come to work. Another advantage of this benefit is that it increases efficiency, thus reducing absenteeism-related costs and poor work conduct.

6. Design an attractive incentive policy for the employees

Prospective employees will look forward to working for you if you offer great compensation programs along with rewards for good workers. Whether it's an annually paid picnic or a scheme where workers can avail of special employee discounts, employee incentive programs can increase the chances of hiring people you want to hire. An incentive also helps you retain your best performers.

7. Show them the growth they can achieve with your company.

Most workers are not searching for work where they have to do the same thing till retirement. They're looking for places that provide opportunities for growth. What's the role you're promising to offer a new employee? Are you offering them to learn new skills and technologies? Does your company provide a well-visioned growth for all employees? Whatever it is, when you're trying to hire someone, make sure you get potential options on the table.

8. Signing bonus

A well-planned signing bonus is one of the most critical factors to hire the best employee you want. This also prevents them from joining your competition when competition for employees is fierce in the market.

Bear in mind two important points if you want to do this. The signing bonus needs to be big enough to matter, and a certain period of employment should be necessary to avail of the signing bonus. Otherwise, when individuals sign up, they may take the money and leave you, causing a loss for your business.

After all, your workers are part of the success of your company, so why not share it with them? There's no better way of giving workers a stake in a business's success by making them a part of the company's profit.

Benefit-sharing schemes can be a strong motivation for people looking for rapid growth in their careers and compensations to join your organisations.

Although it may not be ideal for every organisation, you should still try to find opportunities to help the workers get a share from the benefit of the company and feel like a valued member of the team. You should design a strategy, create trust, set up a record-keeping system, and ensure you have a written plan that employees can be offered after a certain stage has been achieved. Small businesses can set up profit sharing that could be in the form of monthly incentives for efficient employees.

10. Widen your advertisement's reach

It's no longer enough to publish an advertisement in your daily newspaper. When you use the media for publishing your advertisements, the chances of attracting the workers you want will be much higher. You should place advertising on work portals and various online sites for better reach.

Advertise the vacancies in other cities or towns. You can also explore social media and can use Facebook and Twitter for ads. You can also use LinkedIn to promote your business and hire the best employee for your business.

And don't forget to get your employees involved in the employee recruiting search. You may, for instance, offer signing incentives to those who refer a new employee successfully.

Final Words

There are skilled individuals who can do what you want to achieve for your business. You only need to draw them to the positions provided by your small company. Developing a recruiting strategy for workers based on the above tips will give you a greater opportunity to hire high-quality employees you are looking for and retain them for a longer period.

Also read:

1) How to manage the staff & maintain sales?
2) Hiring and Managing People Wisely: HR Mantras For Small Businesses
3) What are the keys to success when operating a small scale business?
4) What type of permissions are required before starting any business?
5) OkStaff: Your Own App To Manage Staff, Businesses & Salaries!