By Bill Benson and Jeff McGraw
Large companies that have name recognition often start with an advantage when attracting talent. Candidates know who they are and they often have a reputation for offering good benefits and opportunities. If you are going to win the best talent you will need to take a strategic approach.
Whether hiring finance or engineering talent, or seeking a specialized skill set, you will often be competing with one of these “name brand” companies. Large companies indeed have larger budgets, talent acquisition teams and the best technology. Here are ways you can improve your win-rate when competing for top talent:
1. Promote the Opportunity to Make an Impact
Employees feel particularly valued for their contributions when they have a noticeable impact on the company’s success. Create an environment where employees are allowed to take on broad responsibilities and projects that offer visibility within the company. Larger company roles tend to be narrower in focus and it is often harder to get noticed for promotion. Feature the ability to make an impact.
2. Focus on Career Development and Promotion Opportunities
As part of the onboarding and integration process, implement professional development plan. Connect the incoming talent with a mentor and develop continuous learning opportunities through on the job training programs. Expose them to broader roles and duties to keep them growing and learning.
Provide clear and attainable career advancement opportunities. In small to mid-sized organizations, employees often have the chance to wear multiple hats and take on new challenges, accelerating their career growth compared to larger companies
3. Fine Tune and Promote your Company Culture
Small to mid-sized companies are often close-knit, empowered, collaborative and more personal than a large company culture. Clarify the differences offered by your company in a way to differentiate yourself from larger companies.
- Work life balance is important to most employees. Develop comprehensive wellness programs and benefits that address physical, mental, and financial well-being. This can include gym memberships, mental health days, stress management workshops, and financial planning assistance. Offer family-friendly policies such as flexibility to attend a child soccer or football game, flexible working arrangements and work from home options.
- Engagement with the community. Promote a purposeful culture by offering time off to volunteer in the community. Encourage community involvement which can lead to referrals.
- Develop partnerships with local universities to tap into their talent pipelines. Offer internships, co-op programs, and collaborative research opportunities to attract emerging talent.
While large companies or “corporate” environments have their benefits, we find that more people enjoy working for small to mid-sized companies where they feel less like a number and have a closer connection to strategic decisions and top executives. Mid-sized companies are often less political, less bureaucratic and offer more direct opportunity and flexibility.
4. Offer Competitive and Flexible Compensation Plans
While you may not match the salary of larger corporations, you can offer customized benefits such as work life balance, flexible work hours, remote work options, or extra vacation days. Consider offering unique perks like student loan assistance, wellness programs, or professional development stipends.
Provide opportunities for employees to have a financial stake in the company’s success through equity options or profit-sharing plans. This can be particularly attractive to candidates looking for long-term growth and investment in the company’s future.
5. Flexibility and Agility
Highlight the ability to work on cutting-edge projects or contribute to innovation in ways that may be less accessible in larger, more bureaucratic companies. Smaller teams can pivot more quickly and implement innovative ideas faster.
Emphasize the benefits of working in an environment where decisions are made quickly, and employees can see the immediate impact of their work.
6. Take a More Strategic Approach to Recruiting
Turn to third party recruiting firms to help target and recruit candidates who are not answering postings. This will give you an advantage over companies who are relying on large advertising budgets.
Offer employee referral programs and encourage your best employees to identify potential past colleagues or classmates. They are often the best advocates to promote the opportunity to like-minded potential employees.
7. Human Touch
Large companies utilize AI and automation to screen and communicate with potential applicants. Hone your communication to be more personal in style and tailored to the individual. Outreach should focus on valuable information to a candidate not what is important to the employer. In other words, the posting or outreach content should be focused on “attracting” rather than “screening”. Describe what you would like the person to accomplish, which is more appealing than a list of requirements.
Your initial live contact with the candidate should be warm and focused on understanding what is important to them. Large corporations may use automatic messages as a first contact. You can differentiate yourself from the start to build trust with the candidate.
Hopefully these tips will help you win the best talent!
Happy Hunting.