One challenge business owners may face is attracting talented employees when they do not have much money to spend. The key is to convince potential employees that other benefits outweigh the fact that they may not be offered as high a salary as they would receive in other workplaces.
Know What Makes Your Business Great
Before you can convince someone else of the value of working for you for less, you need to be able to articulate what makes your business a great one. You can talk to others that you work with about what makes your company great and what they would want from a company. It is critical to understand that people will value different things. Above all, you must understand what your potential employee wants.
A serious talk with the employee you are hoping to hire can give you the answers that you need. With a clear picture in your head of what your company has to offer, you can in turn give this employee what they want.
You can identify two different types of potential employees. Some will already be stars and some will be potential stars. Other companies may be able to offer bigger salaries, but they cannot promise other important advantages. Here are just a few of the perks you may be able to offer an employee:
- A flexible schedule or the opportunity to work remotely.
- More time off.
- You may not be able to pay more, but you can offer equity.
- You can give someone a job that is more perfectly aligned to their own goals and values.
- Invaluable training.
For example, someone who wants to develop a certain skill like writing may not have been given that opportunity by other employers. You might also be able to promise networking opportunities or that the employee will be able to leave your company in a few years with the experience to move into a high position elsewhere.
In some ways, having a smaller budget may even be to your advantage. With the flexibility of running your own company, you may be able to create a far more attractive environment than another business with much deeper pockets. There are also always business loan options to help you deepen your pockets for the short term before hiring this new employee becomes profitable. The key to success is to identify concrete advantages that you can offer and then find out what specific needs your recruit has. By bringing these two things together, your company can bring in the top talent you need to succeed.