Businesses: Recruit Talent Amid Tight Labor Market

Lynn Searles

Over the past year, small-business owners have expressed record confidence in their local economies and many are looking for new talent as they grow. However, with the April 2019 jobs report showing the unemployment rate at a record low, and Arizona sitting at just 5 percent, it’s critical for entrepreneurs to stand out from the crowd in order to attract talent.

Here are some new tactics small businesses are embracing to attract and retain top talent:

Shift to a more flexible culture. Small businesses owners can capitalize on their creative freedom by offering a more flexible workplace culture. This might mean letting employees work remotely, set their own hours or switch to a casual dress code. Our surveys showed 57 percent of entrepreneurs are offering flexible hours and 33 percent are offering flexible work locations.

Use social media more actively. Posting updates and photos on social channels is another good way for business owners to market themselves to not only potential customers but also prospective employees. It would be worthwhile to consider sharing social media content that highlights the company’s culture or posting jobs so they can be easily shared.

Enhance benefit packages. Salary and benefits are often the determining factors for candidates when choosing a new job. So, it’s no surprise more business owners are offering higher salaries to attract prospective employees. Before making an offer, they should make sure it’s competitive. Company culture and workplace environment matter, but without offering comparable benefits, it may be tough to secure top talent.

 

Lynn Searles is senior vice president – small business banking manager for Bank of America’s Arizona Market.

Photo by Nik MacMillan on Unsplash(top)

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