How to Adapt Your Business as Large Businesses Change the Playing Field
It’s a challenging time for many businesses. From shutdowns and safety protocols to a lack of candidates on the job market, many companies are struggling to fill skill gaps and hire the people they need, especially smaller ones.
In fact, a March 2021 survey by the National Federation of Independent Business found that 42% of company owners had job openings that could not be filled. What’s more is that 91% of those hiring reported few or no qualified applicants for openings. These are record-high numbers.
For large corporations, many are raising wages and even offering sign-on bonuses and other benefits, like money toward paying off a student loan, to attract qualified workers. For instance, companies like Costco and Target are raising their wages to $15 an hour – with some companies going even higher – which is double the federal minimum wage of $7.25 an hour.
However, for those smaller companies, there simply isn’t the budget for these kinds of benefits. If this sounds familiar, and you’re facing off against large corporations who can offer more, what can you do to hire the people you need and maintain your competitive edge?
According to a recent Jobvite survey, one of the biggest influences of whether to accept a job involves work-life balance. The survey stated that: “Work-life balance and flex-time, vacation time, or proportion of work to time off were all benefits that attracted candidates.”
With that in mind, some perks you can offer without breaking your budget include:
• Remote work. If you’re in an industry where remote work is an option for your staff, offer it. You’ll not only attract more candidates, but also ones from different backgrounds and locations, too.
• Flex schedules. Today’s workers want to be able to set their own schedules to a certain degree. If you’re able to offer four-day work weeks, with 10-hour days, or flex time, such as an 8 am – 4 pm schedule, rather than the traditional 9-5, this can set you apart from other employers.
• Offer more vacation time. You might not be able to offer more money. However, if you can add to the vacation days you provide in a benefits package, it could make a big difference. For instance, rather than the standard two weeks off, bump it up to three or even four. Those with families or who enjoy traveling will be more apt to accept your offer.
It’s certainly a challenging time for many businesses, especially smaller ones. However, as the pandemic eases, hopefully the business climate will get easier, as well. Until then, follow these tips to attract the people you need and maintain a strong team.
Do you need help staffing your company?
If you do, turn to Gill Staffing. We’re a leading staffing agency, proudly serving West Michigan companies. We can connect you with skilled candidates, quickly and affordably, for a range of positions. You can hire talented people faster with help from our team. Simply contact us today to learn more.
