Finding and retaining employees with the right skill set and experience level is a challenging endeavor for businesses of all sizes. Sometimes it seems that small businesses, in particular, are fighting an uphill battle to compete with other organizations for the same talent pool.
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Finding and retaining talent is the #1 concern for small businesses, according to data from MetLife’s Employee Benefit Trends Study (EBTS), which focuses on trends in small company. These concerns are nevertheless mitigated by a rigorous work environment; data from MetLife and the U.S. Chamber of Commerce’s Small Business Index (SBI) show that 60% of small businesses say it is challenging to satisfy the demands and expectations of their employees regarding wage. Furthermore, more than half of businesses looking to hire new employees find it difficult to provide competitive benefits and pay. These are simply a handful of the personnel-related difficulties small businesses deal with in addition to handling day-to-day operations management.
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In response to these challenges, some small businesses are looking at innovative ways to engage both current and potential employees. Here are some ideas to consider for your own talent acquisition and retention strategy this year:
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Offering Flexible Work Schedules
It is well known that when workers have flexible work schedules, they may successfully balance their personal and professional lives. As per the latest SBI for Q4 of 23, about seven out of ten small enterprises wish to provide more flexible working options this year. It is likely that this tendency will soon become the norm for employees of small businesses who often work hourly shifts. Given that just 25% of small businesses, as reported by the EBTS, provide paid time off, providing employees with greater flexibility can serve as an alternative for vacation time.
Hiring From Talent Groups That Are Frequently Ignored
71% of small businesses, according to SBI study, agree that recruiting underrepresented groups, like legal immigrants, veterans, spouses of military people, and individuals who have spent time in jail or prison, can help close employment disparities. In spite of our best efforts to bring employment back to pre-pandemic levels, the United States still has 6.5 million unemployed people for every 9.5 million available jobs. Small firms can address skills shortages and gain access to a more diverse pool of persons with a range of specializations by leveraging these unique cohorts.
Increasing Offerings
SBI studies show that half of small businesses intend to adopt creative approaches to draw in new employees, such as paying more, providing paid time off for illness, or stating salary ranges in job descriptions. These tactics make sense when you consider the five workplace care pillars and how they may improve employee experiences both within and outside of the workplace. I covered these in my most recent Small Business Trends post, which you can read here. Dental insurance (64%) and vision care insurance (61%) are important benefits, according to our EBTS results. These policies can help increase employee satisfaction, loyalty, and happiness. Given the importance of workplace benefits to the employee experience, providing a wide range of benefits and programs can have a significant effect on employee well-being.
Including Options for Remote and Hybrid Use
By 2024, almost half of small business employers plan to offer a remote or hybrid work environment, according to the SBI. Businesses are learning that flexible work schedules, such as remote or hybrid work, can promote greater employee autonomy over the long term while also helping to address labor shortages. Remote positions can help employers contact people who they otherwise would not have been able to hire due to geographic restrictions, especially in light of the fact that 53% of small firms in the SBI research say that there is a labor shortage in their region.
Employing Temporary Personnel
During busy business hours, seasonal workers can prove to be an invaluable asset for small businesses, particularly those in the food or retail sectors. It is interesting to note that 74% of small businesses wanting to hire seasonal workers intended to employ bonuses or hiring incentives, according to the SBI. Even if seasonal hiring might not be the ideal choice for your business, contract workers or independent contractors are still viable short-term alternatives that could still be profitable.
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Ten percent of employees in small businesses plan to leave their present job over the next year, according to EBTS data. This emphasizes how important it is to implement creative retention strategies in order to hang on to hard-earned current staff members while also attracting those who are willing to make a change. Small business owners have the opportunity to modify their hiring and retention tactics to position themselves for long-term success.
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What changes does your organization wish to make this year to maintain its competitiveness in terms of talent satisfaction, engagement, and retention while also cultivating a positive work environment?
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