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How a Small Business Can Attract Top Talent in 2020

It’s easy to become discouraged when thinking of competing with all the large corporations out there. You hear of companies like Netflix that offer top of the line salaries, Facebook that gives new parents thousands of dollars in baby cash on top of premier health benefits and other large corporations that have perks like a free gym on site!

You might be wondering how you can compete. The fact is, there are tons of top talent! Most candidates out there have degrees from prestigious universities and have the skills and experience with technology that you need to take your company to the next level. Here’s a little secret: there are several people in the job market that are looking for opportunities with small businesses! Yes, there are people who prefer large corporations, too. The thing is, as a small business, you can still attract top talent in 2020. Here’s how:

Embrace being small

Like anything else, being a small business has its positives and negatives. Large corporations have hundreds or even thousands of employees, which makes the average employee feel as if they are easily replaceable. As a small business owner, you are able to make each employee feel as if they are part of a family. It might sound cliché, but a close organization that maintains good communication is just as successful as the large corporations that generate billions of dollars in revenue. A close-knit environment is the ideal environment for talented, motivated individuals that want to be a part of an organization.

Highlight your Flexibility

Another advantage of being a small organization is you are able to be flexible, whereas large corporations find this challenging. If you can’t offer your team costly impressive benefits, having a flexible work environment that allows them to grow and pursue new opportunities within the organization is just as great. Consider a remote work environment where employees can occasionally work from home.

Allow for advancements

Another challenge large corporations face is creating the opportunity for advancement. With thousands of employees, it can become difficult to think about advancement opportunities for each employee. But in a small business with less than 100 employees it’s easy to consider a path for success. You can promote advancement by offering skills training and educational programs.

Promote Company Culture

As a small business owner, you have the opportunity to control the culture of your organization. Here are some things to consider when it comes to company culture:

Communication: How would you describe your organization's communication? If you have good communication among all levels, it’s important to share that quality. How involved is the management and executive level? One of the most appealing things about a small business is the opportunity to have close relationships with those individuals in management positions.

Activities outside the office: When a company comes together for events that are not related to work, this says a lot about the organization. This shows that you have a relationship outside of the office. Some activities include monthly lunch outings, sporting events, concerts, or local fundraisers. When you have a smaller business, it’s easier to bring everyone together for team bonding.

Promote Diversity: Regardless of who does what for the organization, it’s important to create a positive inclusive workplace culture by welcoming individuals with different backgrounds. Company perks don’t have to be big and flashy. An attractive company culture is enough to attract top talent

Allow employees to make a direct impact

Employees with the most talent want to know that they have the opportunity to make a difference. Those with the most talent are drawn innovative companies where they can make a real difference. Keep in mind that small businesses can get away with offering a lower salary, but you still need to be competitive if you want the candidate to accept the position.

Offer perks to enhance their lifestyle

You might not be able to offer employees lavish perks such as thousands of dollars in baby cash or premium healthcare benefits, but you can still offer them perks to enhance their lifestyle. In addition to a competitive salary and a good work culture, top talent is attracted to company perks that enhance their lifestyle. This is all possible with Lifestyle Spending Accounts.

Lifestyle Spending Accounts are an account-based benefit in which an employer allows employees to make specific types of purchases and get reimbursed from the amount that has accrued in their LSA. These accounts are designed to enhance the lifestyle of your employees. LSAs are most similar to health savings accounts or flexible spending accounts but LSAs are set up by employers that want to encourage healthy behaviors for their employees. Here are some of the typical costs covered by LSAs:

· Gym membership

· Fitness classes

· Sports or exercise equipment

· Nutritional coaching

· Financial coaching

· Educational classes

· Spa treatments

· Hotel expenses

LSAs typically cover health related purchases but it is truly up to the employer to decide what employees can use their LSAs for.

Lifestyle Spending Accounts: Benefitting you and the employee

If you are looking for an inexpensive perk that all of your employees will love, look no further. LSAs are loved by every employee because they have the opportunity to choose what exact perks they would like to receive. For the employer, you don’t have to waste time trying to determine what kind of perks employees would like and if it will fit within your budget. It is completely up to the employer to decide how much money will go into LSAs.

LSAs typically cover health-related purchases but it is truly up to the employer to decide what employees can use their LSAs for.means that more employees are likely to take advantage of these perks, meaning your money won’t go to waste.

Do you want to attract top talent? Take these ways into consideration and you will notice a significant change in the type of candidates you bring to your doorstep! Want to learn more about how LSAs work? Try a free demo today!

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