Running a small business, it’s easy to only see the local picture but if you’ve been having trouble finding or holding on to skilled professionals to fill your positions, you’re not alone. This phenomenon has been dubbed the “War for Talent” and it’s happening worldwide. As a growing number of professionals switch to remote, freelance, entrepreneur career paths, the number of skilled professionals applying for office and venue jobs is diminishing. Though the workforce is bigger than ever, the remote and independent work trend has fewer and fewer professionals willing to sit through interviews and take a job that requires a commute and workplace conformity.
The War and New Hiring Trends
Your small business isn’t the only one seeing both fewer applicants and increasing turnover rate. With a shrinking number of professionals available for hire, the competition between employers is growing. The balance of supply and demand has shifted, giving talented candidates greater negotiating power and this is also having serious repercussions on the hiring industry. What’s truly interesting is how things are changing in response to candidate priorities becoming the leading influence.
The first major change was the attitude of recruiters and hiring managers. Many people’s idea of hiring is still what it was in the 80's when candidates had to jump through hoops to earn a position. Today, hiring managers are scrambling to impress every talented recruit and complete the hiring process before another company has a chance to snake their candidates with a better deal and a faster close.
Non-Standard Employee Perks
The second major change is in what is being offered. Once, salary and benefits packages were the name of the game. But they were also all a big corporation was willing to offer employees in return for years of hard work. However, many professionals today watched their parents work for high salaries and complete benefits packages only to come home tired and irritable every night. So the modern workforce is bargaining for a whole new variety of perks and the business world is trying to bend over backward to offer these things. Examples of new hiring incentives include an enjoyable work environment, wellness programs, catered lunches, flexible hours, remote work options, and opportunities to travel.
Hiring Competition as a Small Business
While you might be inclined to feel that your small business doesn’t stand up to the benefits that big corporations can offer with their seemingly infinite resources, you might be surprised. The changes that have come with the War for Talent are the best thing to have happened for small business since digital marketing leveled the playing field on potential for outreach on a limited budget.
Benefits Packages Matter Less Than You Think
Just think about it for a moment. Where does a small business fall short in the competition for talent? The answer, of course, is benefits. Big businesses with 100 to thousands of employees get incredible discounts and package offers from insurance and health care providers because they bring a huge amount of business all at once where small businesses often must piece together more limited options at a higher cost-to-employee ratio. Fortunately for you, many professionals don’t value one-size-fits-all benefits as much as the workforce used to.
So what are the major bargaining points if benefits and salary aren’t the end-all-be-all anymore? Interestingly enough, the new bargaining points are almost entirely things that a small business can much more easily provide. Candidates are now looking for work environments and workplace policies that they find the most complementary to their preferred professional lifestyles. Taking a look at just a few of the current War for Talent employer trends and you’ll quickly see how your small business could become a real hiring contender.
Comfortable Work Environment
The new workplace trend that is currently getting the most press is the ‘trendy’ work environment. Big businesses are remodeling their offices to have shared workspaces, barstools, arcade games, and beanbag chairs instead of the old standard of cubicles and a dingy break room. That said, you don’t need glass walls and candy paint to make your workplace more appealing. As the results come in, it’s been found that what matters most to professionals is the relaxed attitude of the work environment, aesthetically designed decor, and comfortable chairs.
[To be Continued… contact us]