Small Business Is Booming: Building a Bigger Team Will Take It Further

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Despite the trade war, rising interest rates, and other economic issues, the small business is looking good. The National Federation of Independent Businesses Small Business Optimism Index reached a record high in September. The rate of job satisfaction is also growing nationwide, indicates a survey from The Conference Board. In the light of this, small businesses that want to expand are currently facing a great opportunity.

Adding to the team is one of the main elements of success when taking this step. Using data from the abovementioned survey can show one the way to making their company more attractive. Technology and specialized services will be the main tools in the quest of recruiting valuable talent.

4 Ways a Small Business in the US Can Use to Attract New Talent

1.    Choose telecommuting

Ease of commute to work is the second most important factor for job satisfaction. Other data also shows that the number of freelancers is growing (Small Business Trends). That’s because no commute at all is the easiest and most comfortable option.

Offering this option to prospective employees gives small businesses a chance to recruit outstanding talent. Not only does this make the job more attractive for many people. Hiring freelancers also gives the business owner a chance to find higher-qualified professionals in other cities or even countries. Online communication tools and software that allows teams to work remotely but stay in synch makes such collaboration easy. The small business also gets to save on the need to rent a bigger office.

One shouldn’t forget that hiring freelancers doesn’t mean ‘making all employees work from home’. The owner should develop the best employee scheme to maximize productivity.

2.    Offer important benefits

Paid vacation, good health plan, retirement plan, and maternal/paternal leave are close to the top of requirements that make people satisfied with their jobs. Many of these even outweigh the salary. This gives small businesses an opportunity to be competitive when fighting for the top talent.

Small companies cannot offer many benefits in most cases. However, they can use Professional Employer Organizations (PEOs), which can do this and more. Using this option also allows small businesses to avoid additional taxes because new recruits are employed by the PEO. The trick is to find the right kind of organization, but this can be arranged with the help of PEO consultants. These services can compare the existing options taking into account the company’s requirements, status, and growth potential.

3.    Change the parental leave policy

Paid parental leave is one of the most important employee benefits today. Big corporations are acknowledging this and offer great terms to their employees. Microsoft even goes as far as to demand the same attitude from their suppliers.

Using a PEO might help small businesses to find a way to provide paid parental leave. However, it may only be short-term. The solution is to change the terms of parental leave to make it more beneficial. For example, one can provide their employees with a year of flexible schedule and an ability to work from home. Short hours are also an option and one should also develop a support network within the team so that the young parent can leave at a moment’s notice to attend to an emergency.

4.    Provide recognition and potential for development

Getting recognition for their work and efforts is important for everyone. This is the matter where small businesses can win over big corporations in the battle for talent. Small companies can have a much closer and friendlier team. Seeing one’s boss be close to the employees and acknowledging their input is a great seller for a potential recruit.

However, to achieve maximum effect, one should also ensure their employees can grow and develop professionally. Arranging training courses and offering challenging projects will pay off because as employees improve, the business as a whole benefits.