Small budgets are something businesses have to get used to when hiring new employees. Here are some tips to get the most for your money.
Know when to outsource – Outsourcing a position is a great way to reduce risks that come with a new hire. If an outsourced employee is not doing their job, you can simply tell them that you don’t require their services.
Use small to your advantage – Small businesses provide new hires with the ability to make changes that can be implemented. Make sure you highlight this fact when interviewing potential candidates.
Offer competitive non-salary benefits – Although employees are maybe willing to join a company for a smaller salary, you will have to offer them other benefits to keep them interested. For example, offering childcare services, transportation reimbursement, flexible schedules, the opportunity to work from home, are non-salary benefits that will keep employees happy.
Clearly set expectations – When the salary is low, it is best to discuss this at the early stage of the interview. The interviewer should then build on the other benefits the job offers.
Leverage existing employees – Ask employees to refer friends and acquaintances, so that they can market your company from the very beginning. This referral means that your employees will be more likely to introduce potential hires that are a great fit for the organization regarding culture and work ethics.