The struggles you face as an entrepreneur and business owner can seem endless. You have to worry about sales, marketing, operations, and financing. But these are areas where you expect to experience issues, so the problems that arise don’t discourage you as much as the unexpected challenges that pop up on your entrepreneurial journey.
For example, the Great Resignation is an unforeseen obstacle you’re probably facing along with every other business owner in the U.S. Research indicates that 4.4 million workers left their jobs in February 2022. And this number hasn’t changed much since November 2021, when the quit rate hit a record high of 4.5 million people.
Like other entrepreneurs and business owners, you likely feel overwhelmed by how difficult it is to keep great workers, but employees are leaving their jobs for valid reasons. According to a recent survey, several issues are convincing people to quit:
- Low pay (63%)
- No opportunities for advancement (63%)
- Feeling disrespected at work (57%)
- Challenges with childcare (48%)
- A lack of flexible hours (45%)
- No benefits like paid time off and health insurance (43%)
These reasons are why more than 11 million job openings exist in the U.S., and unfortunately, some experts predict that the Great Resignation may be around for a while.
When will the Great Resignation end?
Texas A&M professor Anthony Klotz predicted the Great Resignation would happen, and he also believes people will continue resigning at higher rates than usual for two to three years.
In his interview with the Insider, Klotz explained that humans tend to consider their purpose and happiness after they come into contact with illness or death. These two things force individuals to shift their perspective and reflect on whether they’re living the lives they truly seek.
Obviously, the loss and tragedies people experienced during the pandemic redefined what they view as priorities, leading many workers to change what they look for in a job. And as individuals continue battling with the impact of Covid-19, job quits will likely remain high and affect businesses for many more months.
Five ways to find top talent during the Great Resignation
When you start losing employees, the first thing you think about is filling positions, but unfortunately, attracting top talent is hard. Even worse, the task is incredibly complex if you’re a small business owner. You not only have to find great employees, but you also have to compete with major brands to do so, and winning that competition isn’t easy when you don’t have the same resources.
Sometimes, it’s not possible to offer high pay or a hip office that has ping pong tables, trendy breakaway spaces, and cafes with free meals. Those benefits are things you get from household name brands like Google and Facebook, which is why qualified candidates gravitate toward those companies, while 87% of small businesses find it challenging to recruit top talent during the Great Resignation.
However, even though it’s a tall order, it’s not impossible to attract and retain great workers. All you need to do is get creative with how you encourage job seekers to work at your company. If you’re looking for proven tips to get top talent, here are five strategies you can use.
1. Let candidates create their own job
This tip may sound scary, but it’s not as daunting as it seems. Your business can stand out from the rest by allowing job seekers to personalize roles to their talents. That doesn’t mean a candidate shouldn’t fulfill the primary responsibilities of a position, but the person should have the opportunity to share their versatile skill set. Offering this benefit will not only increase their desire to work at your company, but it’ll also boost their productivity and engagement.
2. Offer flexibility
If there’s one thing that attracts top talent, it’s a flexible schedule. Job seekers want work-life balance, so if you have open positions that are hard to fill, offer more flexibility. Give employees the opportunity to work remotely every day or most days. Also, offer unlimited paid vacation or at least extra vacation time. Incentives like these are what will get qualified candidates to seriously consider you over other employers.
3. Focus on your company culture
The benefits of a good company culture cannot be understated. When you have an environment that employees enjoy, it’s much easier to attract top talent. Let job seekers know your organization puts people first. If you have an excellent rating on Glassdoor or have won awards because you’ve created a great workplace, share that information with candidates. In fact, write it in every job description. That way, potential employees know upfront how great it would be to work at your company.
4. Provide opportunities for fast growth
Remember how 63% of people said they quit their jobs because they didn’t see room for advancement? Well, if you want to attract top talent, you can gain an advantage over the competition by providing opportunities for fast growth. Most employees work hard so that they can advance their careers. And if you own a small business, you’re in a unique position where you have a variety of tasks that people can do to learn and expand their skill set. Big companies are more bureaucratic and complex, making it difficult for employees to grow and step outside of their normal roles, so capitalize on the advantage you have by telling candidates everything they can do and learn at your company.
5. Share equity or ownership
Another creative way to attract top talent during the Great Resignation is to share ownership or equity of your company. This strategy is especially beneficial if you want to find and retain key team members. For example, if you want to fill senior-level positions, sharing ownership or equity is a great way to get candidates on board and keep them around as they wait to see their shares grow. Additionally, a culture that focuses on intrapreneurship is very appealing to recruits. If you can cultivate and maintain it properly, it’ll significantly boost your chances of finding and keeping top talent.
Do what it takes to get the best candidates
Attracting qualified candidates during the Great Resignation may be challenging, especially when you’re competing with big companies. However, if you implement creative incentives and perks, you’ll find and hire the best workers. You just have to take the necessary steps to make your brand an attractive place to work. Once you do that, getting top talent will be much easier and less stressful.