Small and Medium Enterprises (SMEs) as the name suggests operate on a smaller level and thus can always be short on their budgets for carrying out the business activities. Hiring talented people as the business grows becomes a great challenge as the budget constraints hinder in attracting top talent.
So what should you do as an SME to get these highly talented individuals to work for you?
Flexible Working Hours
Offering individuals with flexible working hours is one of the ways to make them work for you. The budget constraints do not allow for high salaries and lucrative benefits, which the top talent will demand. Offering them flexible working hours will provide them freedom to choose their working hours and also help maintain a good balance between personal and professional life. Regus Country Manager for UAE, Kory Thompson, says that flexible working practices are one of the key ways to attract and retain top talent. Similarly, a study by Vodafone last year revealed that flexible working hours are as important to employees as the financial benefits. Thus, as an SME you should look to make flexible working practices as part of your human resource strategy.
Contract / Freelance work
Another way for attracting talented individuals to work for you is by offering them work on contract/freelance basis and allowing them to physically work from any convenient place. Also, offering top talent highly challenging jobs are attractive. Offering them something new and different will attract the brilliant people as they would like to have a say in the development and growth of a company rather than following commands or executing someone else’s strategy.
Laissez-faire working environment
A more relaxed (laissez-faire) working environment can attract top talent. A less stressful workplace can draw out greater performance from employees, as they would not have all the pressure of ‘Corporate Culture’ on their backs. Have an ‘Open Door’ policy, where everyone has the opportunity to talk to their managers regarding business-related or personal issues. No need to have secretaries to schedule 5 minute meetings weeks in advance.
Paying end of year bonuses based on performance throughout the year will not only entice new talent to join your organization but also keep your current staff onboard. Continued praising and ‘pats on the back’ in front of fellow colleagues provide the sense of worth where employees can increase their performance.
Providing benefits such as schooling allowances, medical insurance, mobile phones and company cars may attract new talent as well as current employees to your operations. As colleagues and peers congregate, many will try and showcase the perks that their employers are providing them. Once an employee hears that other employers are providing more and better perks to their employees, then the risk of employees deciding to leave as well as having a negative impact on their work performance also increases.
An organization that looks after their employees, helping to train and develop their skills will always influence new employees to join as well as the current employees to remain with the organization. Many employees look to further their skills as a way to keep up with the market requirements so that they remain able to perform their duties to the required standards.
The business environment is changing day by day; either via the products or services that are provided, the tools and infrastructure and skills that are required to complete the job. Investing in your most important asset within the organization – Human Capital, providing up-to-date training, praise along with some Perks will attract new employees, help keep your current workforce and promote your organization as being the ‘It Company’ to work for.