Fishing In The Talent Pool
As promised, here is a archived article from a recent posting on my website. As a small business owner, it is often difficult to hire and retain talented individuals. This post gives some ideas about how to compete with much bigger companies for limited talent.
Fishing In The Talent Pool – Swimming With The Sharks
As an attorney in the practice areas of Business Entities, Small Business Succession Planning and Family Owned Business Succession Planning, I am always on the lookout for trends within the business community. One constant challenge that small and medium sized businesses face is in hiring and retaining talented staff/employees. Competition from “big’ business and major corporations is often fierce for this talent. At the same time, major corporations have been forced recently to cut back on some perks, notably the inclusion of expensive employee health insurance coverage plans.
A recent article in National Federation of Independent Business (NFIB) titled “The Talent Contest” was enlightening. Small and medium sized businesses can compete aggressively in one important area (indeed swim with the sharks), notably in Work Schedule Flexibility. Flexibility in the workplace can be a major consideration for potential hirees, by a whopping 72% (i.e. 72% of job seekers consider flexible work schedules an important job perk.) A Telecommuting Job is another ‘perk’ that employees yearn for.
A few other things that a small business owner can offer to potential employees are: subsidized TRAINING (or perhaps a schedule that allows for community college courses); free or subsidized LUNCHES (yes, even those eaten in the staff room during an impromptu meeting or training session); MENTORING (taking the time to really explain in detail the complexities of a particular new or challenging task) and Subsidized GYM MEMBERSHIP (yes, small businesses LOVE healthy employees.)
“What’s in it for the small business owner?” you might ask. First – a competitive edge into the local talent pool by offering some of the above mentioned ‘perks.’ Secondly – a happier employee, and a happier employee can be a more productive employee (According to NFIB there can be a surprising 15% increase of productivity for workers who have switched to telecommuting.)
Lastly, while planning for that next employee perk – the small business and family business owner should remember to do a bit of long term succession planning for themselves. Succession planning can strengthen a small business by providing a more ‘secure’ environment – a safety net for both employer and employee.
Working to Preserve Your Wealth and Protect Your Future in a Constantly Changing World.
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