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How New Businesses Can Hire for Retention
Recruiting and retaining quality talent are among the greatest challenges faced by businesses today. That's especially true for new startups with limited capital and a lot to lose. How can a new business find the right employees and develop key competencies without wasting capital on trial and error?
When your business can't afford the high costs of a bad hire, you want to ensure you have a proper plan to find, onboard and keep the ideal candidates. Here, the Black Market Creatives Showcase offers actionable steps you can take to assemble a productive, engaged team for your growing business
Preparing to hire employees
Before hiring, businesses need a process for paying employees. The gist of payroll involves:
Collecting employee tax and withholding information.
Calculating net pay minus taxes, benefits, and other deductions.
Issuing payments via check or direct deposit.
Submitting tax and benefit payments to the appropriate entities.
Payroll involves a lot of complexities, including variations in employee classification, pay basis, deductions, and state laws. Due to the time-consuming nature of payroll processing, as well as the potential for costly penalties, most companies use payroll service software or outsource to an accountant or bookkeeping firm.
Note that if your company is poised for growth, the ideal approach is to implement a robust accounting system that integrates payroll, accounting, inventory and project management and more, and that functions as your company’s main financial hub. Services like those offered by QuickBooks provide a comprehensive software tool that can fulfill these needs to help you keep your finger on the pulse of your business.
Setting a pay structure
Establishing employee compensation is a core part of setting up payroll. Start by researching the market rate for benchmark positions in your company and adjust based on competition, cost of living, and your company's pay philosophy.
Benefits are a big challenge for small companies, but you still need a competitive benefits package in order to attract talent. Consider alternative perks like flexible schedules, tuition reimbursement for higher education, telecommuting, and paid leave to bolster employee benefits at a lower cost.
Recruiting quality hires
It's not enough to attract talent; firms need to attract the right talent in order to recruit and retain top employees. The ideal employees meet and exceed company expectations, contribute to a positive work environment, and help the organization achieve its goals. Bad hires, on the other hand, cost firms time, money, and productivity.
Recruitment agencies are a popular choice for startups that can't bear the risk of a bad hire because they shorten the recruitment process and offer guarantee periods. Companies that keep recruitment in-house should leverage technology to identify, prioritize, and screen suitable candidates. This includes technology for:
Implementing a consistent, professional hiring process that preserves your brand.
Broadcasting vacancies across multiple job boards.
Quickly identifying suitable candidates without manually reviewing resumes.
Performing enhanced background screening based on required competencies.
Tracking applicants through the recruitment life cycle.
Every industry's needs are different. However, there are certain things all employers should prioritize. These include culture fit, skills for the digital transformation, and soft skills like communication, conflict resolution, emotional intelligence, and leadership.
Employee engagement and retention
Recruitment is only the beginning of the employee life cycle. Companies also need a robust onboarding program to integrate, engage, and retain new employees. Sadly, many startups overlook onboarding due to the high level of coordination required, only to struggle with staff retention.
Onboarding orients new hires to a company's mission, purpose, and values, educates them on processes and procedures and integrates hires into the company culture. Not only does onboarding shorten the time it takes for a new hire to become productive, but, as TINYpulse notes, it's also the key to building highly engaged teams. However, engagement doesn't stop once training is complete.
Effective engagement lasts through the entire employee life cycle, from brand attraction through development, retention, and even separation. Consider featuring your team members on the About page of your business's website, which can boost employee morale. Be sure to include a photo of each employee; if the background is too busy, consider using one of the tools like those offered by Adobe that can remove background “noise” and distracting images.
Culture Amp suggests continuing to follow up with new hires after onboarding by providing and soliciting feedback and investing in employee development. Training is most successful when customized to each learner's needs and provided in a variety of formats, including digital training, instructor-led training, coaching, and mentoring.
Recruiting and retaining top employees isn't easy for modern businesses. However, hiring is one process that's worth doing right. From recruitment to retention, implement proven methods to support your growing company's talent development needs.
The Black Market Creatives Showcase is an annual marketplace and digital directory centered around showcasing work, products and services offered and produced by Black creatives and entrepreneurs. Contact us today for more info! firstname.lastname@example.org