Article by Luke Richbourg
Your business is your employees. Particularly in early stages, employees define company culture – remember, employee number five constitutes 20% of your workforce! Although hiring is daunting, here are 5 hiring tips for your small business that can make your hiring a whole lot easier.
Be clear about the role – When advertising for a position, have a clear idea of what the role is. This will help you capture the right people for the position you have vacant. You should include details like day-to-day tasks, how the role fits into the overall company goals and information, like salary and benefits.
Fish where the fish are – Identify the sort of candidate you’re looking for and where they might virtually and physically hang out. For example, if you are looking for someone in sales, then you should visit trade shows, online fora that engage on the subject of sales, and explore LinkedIn for those seeking work and those currently working who may offer referrals to great candidates.
Offer flexibility – As a small firm, your employees might have to take on multiple roles that stretch into long working hours. Keeping this in mind, include an element of flexibility. You could do this by offering flexible work schedules, a day off during the week, or remote work options.
Show off your company’s culture – Understand that attitude and passion are key to finding the right person for your vacancy. It is better to hire someone who is slightly less talented, but who fits into your company’s culture.
Always be hiring – Always be on the lookout for people who you may think could be potential hires.
Don’t Forget Incentives – Appropriate incentives will vary widely depending on the business. In all cases, the goal is to retain key employees and align their incentives with those of the business. Simplest might be bonuses for hitting sales or production targets. More complex might be profit sharing or, very common in early stage companies, incentive or retention equity grants in the form of restricted stock or option grants.
About the Author:
Luke Richbourg has more than two decades of experience as an international corporate and finance attorney, including work in structured, bank, and cross-border finance. As a former associate at Simpson Thatcher and a partner at Mayer Brown, he has represented banks, borrowers, investors & family offices, and private equity sponsors, frequently in emerging markets. You can contact Luke Richbourg on his twitter page.