How can your business attract, hire and retain good talent?

In today’s booming economy, unemployment is low, and hiring is competitive. For a business owner, it can make it harder to hire the right people, especially when you consider that much larger companies are competing for the same talent.

Set the Tone

Being able to articulate your business strategy is vital in attracting top talent. Job candidates want to know about the stability and direction of a small business. Having a well-written vision and strategy for your company can instill confidence in your venture – for you and your potential new employee – and articulating growth opportunities and innovation may attract more cutting-edge, forward-thinking applicants.

Roles to play

According to Entrepreneur magazine, there are five employee types that every small business should have. Look for:

The Mentor

Small businesses often lack the resources for formal development programs. Having employees who want to share their knowledge can help with job succession.

The Knowledge Seeker

Not every employee is born to lead. What’s more important is one’s passion to learn about the company’s goals and how to improve his or her ability to help achieve them.

The Renaissance Man & Woman

Small business owners often wear many hats, so it helps to have employees who can function in many different roles and areas in the company.

The Morale Booster

As economic conditions fluctuate from year to year, it’s good to have people on staff who can find the bright spots, which can have a positive effect on everyone.

The Challenger

Surrounding yourself with yes-men doesn’t benefit you or the business. Having someone who questions the status quo can cultivate a culture of healthy debate and creative solutions.

Interviewing Like a Boss

Every employee you hire either enhances or diminishes your bottom line. Each new hire also can have a significant impact on your company’s overall energy and culture. With the right interview process, you can increase the odds of a strong and positive experience with each new employee.

Create an Accurate Job Description with Qualifications

In addition to necessary skills, the job description should reflect the personality attributes that are important for the role and any experience that would differentiate one applicant from another.

Post the Ad in the Right Places

The internet, including a company website, has certainly become the leading venue to post job openings, but traditional means like industry publications and local newspapers still add value. In addition, if you are seeking to hire for an executive management role that requires a more select search, you may want to consider using a recruiter.

During the Interview

Have your questions ready, but remember that a good candidate also will want to interview you, so be ready to answer questions about your company’s culture, history and strategy.
If possible, choose questions meant to draw out a less-rehearsed response and avoid those that lead to a yes or no answer. For example, rather than just asking what job candidates’ greatest weakness is, ask them what they have learned from them.

After the Interview

Be very clear on how and when you will follow up. Even if you decide against a particular candidate, be sure to let him or her know that you’ve chosen another. It’s not only proper etiquette; it’s a reflection of you and your business.

Many businesses hire interns to gain a sense of their abilities and attitude. As a result of this vetting process, companies frequently offer interns a full-time position.

Next Gen Employees

Young adults, fresh out of college, are teeming with new ideas and are technologically savvy. They also want their work experience to mean more than a steady salary and benefits. They expect technology at the office to be as progressive as what they use in their personal lives. They want workplace flexibility, fair compensation and opportunities to learn and grow – and they are motivated to work for companies that are civic-minded and socially responsible.

Hire Well for Your Company’s Well-Being

Adding high-performing employees is vital to your company’s success. It can help your business grow faster and run smoother, directly impacting your bottom line. It can pay dividends for years to come, so it pays to give this business practice your full attention.

Glen D. Smith, CFP®, CRPC®
Chief Executive Officer | Chief Investment Officer | Founder

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