Small businesses often struggle to get the best talent. Talent is the most value asset that businesses have.
The most valuable assets of a 20th-century company were its production equipment. The most valuable asset of a 21st-century...will be its workers, and their knowledge & productivity.
So, how can small businesses get the best talent more often? Certainly, they aren't likely to win on salary. Therefore, we need to use our size to our advantage. We modified the tips in Dave Kerpen's article in Inc magazine so that they are more relevant to small businesses.
Here are the three ways that you can help you get the best talent more often.
Small businesses can win with the intangibles. While compensation is important, the intangibles can be even more valued. Growth potential and the ability to make a difference can be even more motivating than salary.
Money cannot provide fulfillment. But, the intangibles can. Thus, if you want to get the best talent more often, focus on the intangibles.
Small business can't afford to offer generous benefit packages. But, they can offer more personalized ones. These can be even more valued.
Large businesses are stuck. They have to offer a one-size-fits-all benefit package. Small businesses do not. We can use this to our advantage. Personalized benefits can make us stand out. They can help us get the best talent more often.
Importantly, don't lose sight of work-life balance. It is one of the key reasons people leave their jobs. Certainly, this is an area where small businesses have a distinct advantage. We can leverage technology to provide flexibility in both hours and location. Therefore, this can be a powerful differentiator that can help us get the best talent more often.
Finally, as Mr. Drucker says, talent is the most valuable asset a company has. Therefore, talent is key in any business model or plan. As a result, if you are concerned that you are not getting the best talent more often, ask us about our free business assessment to see if we can help.
Brian Cairns, CEO of Prostrategix Consulting. Over 25 years of business experience as a corporate executive, entrepreneur, and small business owner. For more information, please visit my LinkedIn profile