A common belief among small to medium companies is that they can’t attract and compete with the same talent as large companies. This is usually founded in a lack of resources, notoriety, or excessive benefits that other firms can offer. However, I believe that a recruiting shift has taken place because of COVID which has leveled the playing field.
As a result of COVID, I think we saw more evolution of the work-life balance conversation in the past 2.5 years of COVID than in the prior 15 years combined. Over the past few years, our firm has spoken with thousands of candidates, and more times than not, when you ask people what is most important to them in life— money is usually near the bottom of the list. We all work to pay bills and improve our lives financially, but often the reason most of us wake up every day isn’t for money. Most large corporations have rigid, inflexible structures and can only negotiate on a few data points that are typically financially driven. The best thing smaller companies can do is to recognize that though they can’t pay as much or offer the flashy benefits of a larger firm, they should not lower their recruiting standards. I think this lack of flexibility and inability to address more of the quality-of-life aspects in large companies is where smaller companies have the advantage.
Here’s my advice: use the disadvantages of being smaller with less resources to your advantage. Use the fact that you are smaller to be more flexible and offer a quality of life to your employees that most large, rigid companies can’t offer. Here are a couple of examples of immediate and cheap changes you could make to attract, recruit, and retain top talent without all the bells and whistles of a large company.
· Offer a free day of PTO to volunteer with an organization of their choice. Allowing the employee to choose provides more belonging and buy-in. I would even encourage managers to volunteer at the same organization, but separately. This shows a tremendous amount of buy-in, and you aren’t there just for the photo opportunity as an organization.
· Provide more flexible schedules around the holidays. We always give our employees a free ½ day off before holidays like July Fourth. Let’s be honest, no one is productive during that time anyway, and we are ALL watching the clock.
· Offer variable commuter hours. Some people live 50 miles away and some live a few blocks away. I would rather have my employees be productive than sit in traffic.
· I think the best impact is in the details. You can ask every new employee as s/he is on-boarding to fill out a “favorites questionnaire.” Then, use that information when buying small gift cards for occasions or gratitude and when thinking to grab their favorite candy at the gas station on your way back to the office.
I know some of these suggestions seem minor or unimportant, but they make a cultural impact and show value in who your employees are as people. I hope some of these recommendations and ideas help your firm or company think about how to attract strong talent in new ways. If you have any questions or just want to chat more about this article, send me a note at corey.walker@ncitepartners.com.
