How to Hire Top Talent on a Tight Budget

How to Hire Top Talent on a Tight Budget

When first entering the market as a small organization, it’s crucial to have a good team that can support the company’s growth. Otherwise, the chances of succeeding and surviving at least 5 years in business are quite slim.

Among many issues startups face, finding and retaining talent is a critical problem for 25.7% of employers. Why? Because when operating on a tight budget, entrepreneurs have to get creative and offer benefits outside the salary to attract top employees.

In fact, 72% of the workforce agrees that customizing their perks would increase their current loyalty to the business. Which is why this trend will become more important in the years to come, or at least that’s what 51% of employers think. But what are those benefits and how to utilize them when on the lookout for expertise?    

Here are a couple of ideas and tips to help you get started.

Explore Freelance Websites

There are many freelance websites that offer experienced talent for a low fee. But beyond costs, you need to determine if the freelancer you are interested in is a perfect fit for your organization. Look at their skills, experience, work samples, and ability to communicate. Conduct remote interviews until you hire a talent full-time or find a specific freelancer for a productive project-to-project collaboration.

Make Projects Interesting

Although compensation is important, the top priority for employee satisfaction is actually the corporate culture, quality leadership, and career opportunities at the company. So, use the fact that you are a startup to your advantage and offer various job roles the company needs to spice up the proposal.

Make projects more interesting so that they appeal to professionals and don’t forget to include options for career advancements. You can add a list of digital technology the company uses to enable employee training and skill enhancements. For instance, one of the most popular solutions is an LMS software that provides certificates post course completion.

Offer Valuable Trainings

The corporate culture has to be positive and inspiring to be productive. Since employee retention and loyalty depends on it, use the power of knowledge to draw in new talent for a smaller salary. As previously mentioned, employee training software can make a big difference.

This shows that the employer takes care of their staff and values education. Hence, it creates a positive work environment and a chance for learning something that potential hires might not have encountered before.

Offer Unique Advantages  

Assuming small business can’t afford a daycare center, a gym, or a break room with interesting goodies, think about offering discounts on facilities for recreation of their choice. It’s still better than nothing and can help to convince talented workers that your business is the perfect match for them.

Staying on that note, ensure that the business is flexible regarding sick leaves and vacations. In the U.S. according to Federal Law, employees are not entitled to paid vacations and time off work. But if you offer small wages or even a few days of extra vacation, you are sure to become a desirable employer.

Use the Power of Social Media

Being active on popular social media sites could not only increase your brand awareness, but it can also open the door for new recruits. Activate social media accounts on platforms such as Facebook, LinkedIn, Twitter, and others and start networking.

After all, the first thing potential employees will do once they get a proposal is to look the business up online. Thus, encourage staff to post positive comments and consider writing a blog. Also, make sure the company’s profile is understandable, up-to-date, and transparent when it comes to business processes and operations.  

Leverage the Current Workforce   

Before searching for outside talent, first, consider the potential of current employees. Maybe you already have capable people for the job role, but you just can’t see it. Online human resources software can help you determine the strengths and weaknesses of personnel within the company. Plus, if you incorporate training, you might give a new career opportunity to one of your employees.

Moreover, you can conduct an anonymous survey in the office to see who the staff would recommend for the specific job role. This way the money you save can be invested in the right hire, instead of pouring the budget down the drain on the wrong people.

Consider Outsourcing

Last but not the least, you can always outsource a portion of your business functions to efficient vendors. Not only will you save money, but you can get the quality you are looking for without having to bear the cost of full-time employees.

Another popular trend in the industry is virtual assistants. VAs are freelancers that work from a remote location. Some of their job responsibilities include calendar and social media management, email and events management, performing research, and many other assistant functions, including preparing reports and presentations.     

Become a Talent Magnet Today

According to Undercover Recruiter research, the average cost of a new employee amounts to $57,968. However, the expenses of hiring the wrong person for the job can exceed $240,000 in some businesses.
This is why it’s very important to be strategic when on the lookout for new talent, especially if you have the opportunity to hire someone from a firm whose total performance, weaknesses, and strengths are similar to yours.

On the other hand, if you are in need of fresh recruiters, then start to search for talented freelancers or look for positive recommendations online and on far-reaching social media. Otherwise, simply outsource. But whatever you choose, don’t forget to make a unique offer that will be hard to turn down, even it if entails a small salary.

Author: Kamy Anderson is an ed-tech enthusiast with a passion for writing on emerging technologies in the areas of corporate training and education. He is an expert in learning management system & elearning authoring tools - currently associated with ProProfs.

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