So you're thinking about buying a small business, but are nervous about the prospect of having to employ other people to help your vision become a reality. According to research funded by Monster Worldwide, many small business owners are apprehensive, even though they know it is necessary.
Nine out of ten of the study's participants felt that hiring the wrong person is a risk to their company, with the most damaging concerns relating to their reputation and business' overall productivity. But this coin is double-sided, as a clear majority of businesses know that finding the perfect candidate is imperative to their prosperity. Too often, however, such decisions were not paying off, with 70 per cent agreeing it was expensive and employers spending up to four months searching for an ideal candidate.
"Small business owners struggle to find the right person for the job, and as a result have made the wrong hiring decision on more than one occasion," said Meredith Hanrahan, Senior Vice President of Small Business Solutions at Monster.
Finding the right candidate is a major hurdle for many small-business owners.
It is scary taking on board someone, especially when you are having trouble attracting quality candidates. But a simple solution could ideal candidates coming knocking at your door.
Many small businesses think of their marketing efforts as strictly a means to attract customers. But communications can also be used to drive talent to your door. Major companies like Google have this idea tightly integrated into all of their communication, and this is largely why so many people want to work there. However, it doesn't mean that you need a million dollar budget to make people want to come work for you.
Employers promoting their employee brand were see better quality candidates.
A recent study from LinkedIn revealed that three-quarters of Australian businesses that were building an employee brand on social media, such as through LinkedIn and Facebook, were seeing an improvement in the quality of their candidates. What's more, they were able to half their cost per hire and reduce their employee turnover by 28 per cent.
Some strategies include publishing content about your businesses best attributes, such as the benefits you can offer and the unique culture; introducing yourself and other workers; and promoting your commitment to mentorship or training. Such activities can have a major impact on the success of a business by helping your ideal worker recognise that your new business is where they want to work.