What smaller companies can do to attract talent

Businesses are experiencing an increase in voluntary turnover globally. The job market is particularly competitive right now, with open roles taking longer to fill as the demand for talent is at an all-time high.

This increase in attrition has come as no surprise given that many markets are now recovering from the effects of the pandemic. But it has highlighted the need for organizations to renew their efforts to create a workplace that new starters are excited to join and one where existing employees see a satisfying, longer-term future for themselves.

With job hunters being spoilt for choice and employers scrambling to secure top candidates, there are a number of factors for organizations and candidates alike to weigh up including culture, remuneration, technology solutions, geographic location, work/life balance and more.

Another consideration to bear in mind when looking to make a career change is the benefit of joining a mid-sized organization. While big brand names are often a major drawcard for job seekers, they would do well to take into account the advantages that mid-sized organizations frequently have over larger players that are commonly recognized:

Opportunity

Teams tend to be smaller, so individuals have more scope to learn and immerse themselves in projects that may fall outside the remit of their counterparts in larger corporations. In the latter, large teams of people are more likely to have a very specific focus on a particular set of responsibilities with very little opportunity to broaden their horizons and try their hand at something new.

With flatter reporting structures more commonly seen in smaller companies, people also have greater access to executive leaders, offering the opportunity for inspiration, mentorship, on-the-job learning and career guidance.

Culture

Sometimes larger organizations offer unrealistic incentives that smaller businesses can’t compete with. However, smaller companies have more freedom to find creative solutions to build a strong employer brand and value proposition. When empowered employers evaluate their benefits and reward offerings, they can pivot to address the short term needs of their people.

While it may be tempting to chase the market and offer extravagant monetary rewards, not everyone is motivated in this way. Many organizations recognize the value of clear and honest communication about what they can offer team members and those candidates who are thinking of joining them. Reward teams fairly and be clear about alternative ways you plan to invest in your greatest asset—your people—and focus on building relationships with those that want to be with you for the long term.

Flexibility

In the current climate, workers are juggling many competing priorities outside work—including current and hangover issues from the pandemic—so flexibility is often high on their list of priorities when they’re choosing an employer. In fact, a study from ManpowerGroup Solutions reveals that flexibility is one of the top three factors for almost 40% of job seekers globally who are in the process of making career decisions.

Organizations that focus on building a successful hybrid working environment—where employees can easily collaborate, and have connection with each other, regardless of their office location or when work is done—are likely to be attractive to candidates. In addition, work-life balance has been shown to raise the happiness levels of staff while also reducing stress, resulting in a win-win situation for everyone.

The adage “one size fits all” has no place in today’s job market. There is no doubt that mid-sized organizations can offer candidates an experience that rivals that of larger corporations. Determine your strengths and play to those–”small but mighty” can take you places where “large and languid” cannot.