I have been charged with finding a superstar financial analyst to join our growing company. We are a start-up company and my budget for this new employee is rather slim. How can I attract and retain high-quality staff while not breaking the bank?
All companies, large and small, depend on their employees for future success, and every employer wants to get the best people to join their teams. It can be hard to catch the attention of top talent when you don’t have “top talent” salary to offer. For the most part, the saying rings true that when it comes to employees, you get what you pay for. But surprisingly, according to a 2011 Harvard Business Review survey of Human Resource leaders, only 38 percent said that a high base salary was very important in the decision-making process. Just for you, I have found a variety of other ways to position your job opening so that it will hook the best candidates.
- Flexible schedules. As much as some may try to deny it, employees do have lives outside of work. Work hours at many companies are often strict and have their 8-5 schedules set in stone. For employees that have families, school, or other obligations that make a standard work day difficult to abide by, the option to tailor their work hours (in exchange for some more flexible compensation) to fit their needs is a huge draw.
- Employee health benefits packages. Health benefits are a hot topic these days and many people are using this as a deciding factor between choosing one employer over another. I think it is one of the number one ways to attract and retain high-quality employees. By providing affordable health insurance to your employees, you are showing that you have a general interest in the well-being of your staff and they are not just a number to the company.
- Offer more paid time off than your competitors. It will cost you money in the short run, but people will jump for joy at the chance for more vacation time – and will stay more loyal in the long run (don’t forget the high cost of turnover). Another bonus is the benefit your company will receive in terms of increased productivity and a more pleasant work environment with happy and refreshed employees.
- Career coaching and opportunities for advancement. By providing additional on-the-job training and advancement opportunities, you are not only improving the quality of your employees but also investing in their future at little cost to the company. If you show that you are genuinely interested in developing and having this person grow with the company, the salary numbers will become less and less important.
As you begin your search for your next superstar, keep these ideas in mind. Though you may have a tight budget, you don’t have to let salary be the reason you do not find high quality candidates.
Wishing you the best of luck in your search!
Managers and Supervisors, what other incentives do you offer to attract top talent?