How do you find the right people for your organization? That’s what we’re talking about on this Episode of The Money Factor.
My business is growing and I need to employ more people. How can I find talent without paying a recruiter?
– Great question and congratulations on your growing business! Well, May 2019 saw the lowest unemployment level in the U.S. for about 50 years, about 3.6%. So it is a tough time to find people right now. One of the ways you can, quite easily, instead of using a recruiter, is to ask your current employees if they know somebody that would work well in the business. We get a number of referrals that way, and it really is a great way to grow a team. If they already know each other and get along, obviously that’s an important consideration, then that’s a great way to do it. Nowadays, also, there are a lot of online resources. So, Indeed.com and many others that are out there, you can post a resume and find people relatively easily and relatively inexpensively as well. We use a service called Bamboo, and it enables us to handle a lot of HR forms and things like that, and we link it to our website, and that enables people to apply for work at Eagle Business Credit through our careers page. On that page also, and this is an important point, we post some details about our additional benefits such as health insurance and flexible spending accounts, things like that, that are important for people when looking for a job. So again, it’s all about finding the right people, obviously, but maximizing the most cost-effective way of doing it. So again, ask your people who they know, and investigate some of those online resources. That would be my recommendation. –
I’m a small business and I can’t afford to pay high salaries. How can I be more appealing?
So, money is not necessarily the most important factor for somebody who wants to come work for you. A flexible work environment, approachable management, a great team culture, they can all count for a lot of things that will offset or compensate, perhaps, if you can’t pay that wow number that they might be looking for. So I definitely recommend you look at talking to the person, trying to understand what’s really motivating them to come to work for you. And again, sometimes you won’t be able to help employ them if you can’t match that salary expectation. But try and amp up the other benefits of working in your environment. Often, somebody could be coming out of a cubicle somewhere in a large corporation, and maybe they don’t have much room for advancement. They may be getting paid all that money, but in a smaller environment, there’s more room for getting involved in different tasks, more variety. And that’s probably a lot more appealing for them than sitting in a backwater cubicle somewhere. They might earn more money, but they’re really not motivated. So again, don’t think money is everything. Culture, great management, other benefits as well, are definitely things that will encourage people to come work for you.
I have a need for so many different roles but none of them require a full or even part-time position. What are my options?
So you can look at seeing who you actually have in your organization, in your team. And maybe they can take on additional responsibilities. That’s one way to get more variety into their role, and again, it should increase their satisfaction. Another way to do it would be to look at, maybe you need some help with the bookkeeping. There’s a company called B2B CFO. It’s actually been on a previous episode of The Money Factor. That’s a fractional accounting solution. So you can’t afford to hire a CFO, but you can get the same expertise and benefit from hiring a fractional one through a company like that. If it’s a smaller task, there are certain things like Fiverr.com where you can outsource real simple tasks and have somebody work on it as a project for you. So get creative. Don’t necessarily look at you’ve gotta have a role for this, you’ve gotta have a role for that. People can wear many hats and they actually like doing that. Variety usually means satisfaction. Obviously they still want to be managed and understand what they need to do, and it not be a distraction, that’s important. But again, look at the resource that you have and talk to the team. Who can take on some additional duties? They’d love to do it, I’m sure. Well, that’s all we have time for today. Thank you for sending in your questions. Please, if you wanna reach out to us, find us at EagleBusinessCredit.com or on social media at #themoneyfactor. Look forward to receiving some more questions and see you next time!