In today's rapidly changing talent landscape, small businesses need to evolve to remain competitive. Factors such as COVID-19, increasing salaries and benefits, and a flood of job opportunities have given rise to the "war for talent." However, smaller companies often lack the budget to compete with larger companies in terms of salaries and benefits. This makes it challenging to attract and retain the best talent.

Despite these challenges, there are several things that small and medium-sized businesses (SMEs) and startups can do to compete for talent. Here we cover five tips to help you succeed in the war for talent.

Inexperience in talent acquisition makes sourcing talent more challenging and leaves you at a competitive disadvantage

Talent acquisition is an art, and those who are good at it produce results far beyond those of a hiring layman. Startups ironically face the challenge of lacking talent in talent acquisition. Furthermore, this inexperience can be detrimental to a business that has limited resources and small teams heavily affected by poor hires. However, small businesses can overcome this challenge by outsourcing recruitment expertise to experienced recruiters. The right recruiter can source the best talent for a growing business and in turn accelerate their growth without drawing the attention of the internal team away from the business at hand.

Competitive salaries aren't the only way to incentivize talent

There is often a sense that the salaries on offer at startups aren’t competitive enough. However, most candidates considering working for a small business know that salaries will likely be lower. The luxury of a small business is that creating innovative non-financial incentives such as flexible working, alternative benefits, unusual office or team perks, and equity shares can be enough to attract top talent.

Establish a solid recruitment process

A solid recruitment process is crucial to attracting and retaining the best talent. More often than not, small businesses fumble their way through each recruitment push without thinking too much about the interview process or assessments while giants have well-defined processes that have been used hundreds, if not thousands of times. Establishing a consistent and well-maintained recruitment process will track talent better and allow for better hiring decisions that generate more revenue and cost less in the future.

Access innovative recruitment technologies

Small businesses often lack access to the most innovative recruitment technologies that not only save the team time but also increase the rate of successful hires. Whether it’s CV searches, job posts, effective ATS software, CV parsing or skills assessment tools, each step of the process can be simplified by introducing technologies that often cost more money. Investing in an ATS or other recruitment technologies can help to streamline your recruitment process, improve your candidate experience, and attract top talent.

Build your brand value

Brand is a massive advantage for bigger, more established companies. However, smaller companies can also build their brand value through their website, social media, and other marketing channels. Highlighting your company culture, values, and unique selling points can attract top talent who are looking for more than just a salary. Encouraging your employees to share their experiences of working at your company on social media can also help to build your brand and attract top talent.

In conclusion, while the war for talent may seem daunting, small businesses can compete by outsourcing recruitment expertise, offering non-financial incentives, establishing a solid recruitment process, investing in innovative recruitment technologies, and building their brand value. By implementing these five tips, small businesses can attract and retain the best talent and accelerate their growth.

Work in partnership with us. 

Coreus is implementing changing the mindset to recruitment processing, addressing a broken model and implementing ethical recruitment practices. We are establishing a fairer cost structure for clients and increasing compensation for our skilled recruiters who identify talented candidates for roles. Find out more about us, our strategy and services https://www.coreus.co.uk/services