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Employers of all sizes continue to struggle with attraction and retention.

Effective recruiting may require an extensive amount of time and money, but losing current employees or failing to find new talent can be expensive, especially for small firms. Unfortunately, small firms frequently lack the extra funds to devote to recruiting and retention efforts in the current labor market, which makes it challenging for them to compete with larger businesses.

5 Small Business Talent Attraction and Retention Tips

The current state of the economy makes it difficult for small businesses to attract and retain high quality employees. Employers of all sizes are finding it difficult to meet the standards and expectations for workers’ compensation, demands, and rising health care costs. However, there are ways that small businesses can overcome these hurdles in the race for talent. Consider the following attraction and retention strategies:

1. Select the right benefits

By offering health insurance, small businesses may find a competitive edge over those companies that don’t. Health insurance, however, is only one element of a benefits package to take into account. Small businesses should also customize their benefits offerings to meet the specific demands of both present and potential employees. Although benefits vary for every company, they can be utilized to attract and retain employees. Some popular benefits include competitive health insurance, leave benefits, performance benefits, retirement planning, and opportunities for professional growth.

2. Expand recruitment reach

If an employer isn’t receiving the number of quality applicants, it’s worth strategizing how to grow their talent pool. For example, employers should consider expanding and organization’s online presence. This may include creating and maintaining multiple online profiles, posting content regularly, and informing prospective workers of job opportunities.

3. Focus on developing employees

By providing career pathing plans, creating mentorship programs, offering micro-learning workshops to focus on specific skills, or paying for employees to attain certifications or further their education outside the workplace, employers can help bridge skills gaps in-house. 

4. Offer a flexible work environment

During the COVID-19 pandemic, many employees worked remotely and would prefer to continue to work from home. Work-from-home policies and hybrid or flexible schedules can give small businesses the competitive edge in the market against employers who don’t provide this kind of flexibility.

5. Create a strong workplace culture

A healthy workplace culture can aid in employee retention and foster an atmosphere that’s attractive in new applicants. Currently, a lot of small businesses are concentrating on developing a positive workplace culture by training managers on how to recognize burnout in employees, assign fair workloads, and support the needs of staff members.

Leveraging these strategies can help small businesses compete in today’s talent market along with retaining and attracting the employees they need to remain successful.