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23 Apr Cost Effective Ways to Go About Small Business Employee Recruiting
Small business employee recruiting comes with its fair share of pitfalls, but there are also many possibilities. Small business owners can attract prospective workers by emphasizing just how important each employee is to the company. While workers in a large corporate environment can feel like cogs in a giant machine, small business employees often have a hugely impactful role on an organization’s bottom line.
Small business owners can gain an edge in a hiring world where employees often look for roles that make a difference. As such, small business recruiting is often largely about visibility. You have attractive jobs to offer, but you need to find a way to get noticed by skilled applicants. What’s more, you probably don’t have the flexibility to put much of your budget toward hiring. Developing cost-effective small business employee recruiting strategies is key to standing out in the hiring market and finding the right workers. A few hiring tips to consider include:
Start an Internship Program
Interns get great experience and potentially college credit. In return, you get a few months to work closely with an individual to determine if he or she is a fit for your environment. The recruiting process is simpler because you don’t have to cover the costs of job posting, background checks, and the like as you would with a hired employee. What’s more, the risk is much lower than small business employee recruiting. Internships have specified terms, and often, variable job tasks. This means you can control what the interns have access to: like your customer database, strategic plans, and other proprietary technology.
Attend College Hiring Events
Colleges and universities often hold career fairs and similar hiring events. They’re a win-win-win environment. The institution gets to give students a real look at the local job market. Students get a chance to consider a variety of employers all in one place. Businesses get to talk directly with potential candidates and network at an extremely low cost. When it comes to small business recruiting, you can use career fairs to connect with potential hires with just a small investment, creating opportunities in a cost-effective way.
Create a Small Business Employee Recruiting Incentive
There’s a good chance your current employees have friends or contacts with similar skills and interests to them. When one of those friends needs a job, do your workers have a good reason to tell their friend about a position you’re hiring for? Small business employee recruiting incentive programs can motivate your workers to tell contacts about a job you have open. In most cases, these are structured in such a way that a small bonus goes to anybody who connects your hiring team to a prospect who ends up getting hired.
Getting your employees excited about promoting job opportunities can lead to exposure for your job postings, making it easier to find a new hire without high costs.
Participate in LinkedIn Social Events
LinkedIn has emerged as the social media hub of the professional world. The site makes it easier for employers to search for prospects. It has also simplified application processes for job seekers. As such, it’s a great small business employee recruiting tool. However, it’s not enough to simply post a job ad via LinkedIn. The social networking site also holds dedicated online events, forums, and similar opportunities for people within one industry to connect. These can function as digital career fairs, costing you little or nothing more than time as you make connections that could lead to a hire.
Use Working Capital
Small business employee recruiting isn’t just expensive because of the resources you need to put into finding the right person. You also have to deal with the costs of onboarding the worker. Training, managing initial hire paperwork, and dealing with potential productivity losses as other employees take time to get the new worker up to speed can cause real problems. What’s more, all of this transition time is spent paying the employee as part of your staff even though they aren’t working at full capacity. A payroll loan that provides working capital can be invaluable.
Of course, these investments pay off when a hire works out. A few months of low productivity and high costs are rewarded with years of good work. But those initial costs can be a problem for small business owners. Using working capital financing can get you over that initial cost hump. A small business loan designed for a short repayment period can give you the financial boost you need.
Don’t let cost barriers get in the way of your small business employee recruiting plans. Combining cost-efficient hiring strategies with working capital financing from a lender like QuickBridge can give you the tools you need to make the right hire without significant expenses. QuickBridge will work closely with you to optimize your financing plan to ensure you get the right loan for your specific plans. Contact us today to get started on gaining the funds you need in just a few days.