Cue the pump-up music – something old school, like “Eye of the Tiger” – because this struggle is nothing new. And yet, the challenge has never been so intense.
When it comes to finding talented people who fit your business’s culture, the competition is fierce. Of course, competing for quality employees has always been challenging for small businesses that might not be able to offer all of the incentives that a larger corporation can. But in 2019, the talent pool for sought-after employees is shallower than ever. And that makes an already challenging endeavor even harder to wade through.
One of the main reasons quality job applicants are in such high demand is the strong economy. Companies are increasing hires, rather than making layoffs.
“A historically low unemployment rate is making it harder and harder for growing companies to find and hire top talent,” says Clint Sporhase of First National Bank Omaha.
But that doesn’t mean smaller, growing businesses can’t compete with larger companies. Growing businesses can offer perks like paid leave, reimbursement for phone or car, more affordable health insurance, etc., but often bigger businesses can provide more of them. Nevertheless, there are still ways in which a small business can hire that coveted employee.
Below, we’ve outlined eight ways to make sure your small business has the most qualified and talented employees it possibly can:
The articles in this blog are for informational purposes only and not intended to provide specific advice or recommendations. When making decisions about your financial situation, consult a financial professional for advice. Articles are not regularly updated, and information may become outdated.