How to attract and retain top talent for your small business

The best companies attract and retain top talent. Finding the best people takes time, but it is an investment that can save you money in the long run. The more effort you put into finding the right people, the less likely that they will move on when another opportunity arises. Use these strategies to attract and retain top talent.

Give yourself time

When filling a crucial role after someone has left or adding a new position to your business, it’s tempting to get it filled as quickly as possible. But you cannot afford to take shortcuts; otherwise, you risk hiring someone who is not a good fit for the position.

Make sure your small business has a hiring process in place. That means carefully reviewing applications, speaking with any other managers or supervisors, setting up interviews and going through a screening process. Typically, it’s also a good idea to complete reference and background checks. If you rush the process, you may have a wrong hire on your hands.

Offer competitive compensation

You are more likely to keep an employee around if you offer them a competitive package from the start. It is very difficult to make up a salary deficit down the road. And by that time a key employee may leave for greener pastures.

You should understand what a competitive salary represents for the position. Government data can provide details about thousands of positions. You can generate localized reports too, what will give you a good indication for how much a job prospect should be paid.

Beyond salary, there may be a list of benefits that can make a difference in attracting top talent. Consider offering health and dental benefits and other perks.

Evaluate skills and cultural fit

It simply isn't enough to interview potential employees. It’s a good idea to have other team members or supervisors meet with them too. You need to have your managers meet with them too. You must assess their skills to determine whether they have what it takes to perform their job and your team will have valuable input to share. 

Another area to pay close attention to is workplace fit. This individual may be smart and able to get the job done, but they could be difficult to work with and create tension in the workplace culture. Make sure your interview process includes questions regarding workplace culture and personality traits. 

Gather feedback

Once a new hire has been put into position it can be easy to get caught up in day-to-day business. The onboarding process is key and it’s important to maintain an open-door policy with all employees to ensure that they feel comfortable in bringing whatever troubles or concerns that they have directly to you. It’s important that employees come to you when feeling stressed or are experiencing a problem in the workplace. 

Annual reviews and periodic check ins are also important to make sure employees understand expectations and know how they’re performing. More frequent check ins will give you the opportunity to help your employees grow and achieve their goals. 

If an employee does leave the company, conduct an exit interview to uncover the reason they’re leaving, you may be able to keep them as a worker or at least address the issue for other employees.

Summary

Employees who feel that they contribute to a company are much more likely to stay put. By putting these simple, but effective strategies into place you’ll have a great chance at retaining your top talent and growing your small business.