8 Simple Rules to Smart Hiring for Small Businesses
A strong team is vital to small business success. Your employees form the foundation of your organization and are an important determining factor in company growth potential, and bad hires can quickly leave cracks in your development. As a serial entrepreneur, I have learned through good and bad hiring practices the eight simple rules to smart hiring for small businesses – or for any business:
- Pick quality over quantity
Here’s a simple rule: If you think hiring a professional is expensive, just wait until you hire an amateur. It’s been said before, but businesses still continue to ignore this simple rule. Hire employees based on their value, not their price. If you’re hiring a senior-level person at $100,000, it’s costing you less than hiring two mid-level employees at $60,000 each. Big mistakes cost your business time and money. It’s better to get the job done right the first time by investing in a senior-level candidate. Why? Because these professionals have already made the mistakes junior and mid-level employees will end up making on your dime. Entrepreneurs rarely have the time or money to gamble on subpar results. Entrust a seasoned professional if you’re looking for a strong return on your investment.
- Consider your corporate culture
Hire someone that will be a good fit within your corporate culture. If your team is a rabble of social butterflies, someone overly passive may not fit in. Clue into your employee personalities and hire accordingly. This is not saying all personalities should be the same but be aware of characteristics that are bound to clash. The last thing you want is to jeopardize productivity because of internal conflicts. Plus, corporate culture will sustain your business in the long run. Without it, your employees’ motivation and productivity will suffer. Be strategic and hire for the future of your business.
- Show you care
Your employees are walking assets. If you don’t show your appreciation, you risk them walking away. This may not sound like a hiring “practice” but it’s a key factor in the process. Talented candidates usually have offers from other companies when they interview with you. To give your small business an edge over the competition, show prospects the perks of the job. It’s no mystery that attractive employment packages and an encouraging corporate culture are great ways for employees to feel valued within the company.
- Get your team involved
Let your team do the hiring. Your team knows firsthand where gaps need to be filled. Also, it gives them a chance to learn from potential candidates who may have even more talent than they do. Every new hire should bring something unique to the company, and your employees are the first to know the difference between what they have to offer and what someone else can add. If you are already employing experts, they will continue to hire superior talent.
- Hire for diversity
Our world is diverse; why should our workplace be any different? At MoPals and for any small business, diversity and balance in the workplace are imperative. Our team encompasses a variety of personal and professional backgrounds. Under this umbrella of diversity, we flourish. In such a varied and ever-changing business market, hiring based on differences rather than similarities can be extremely valuable to the creative growth of your company.
- Hire smarter
I always hire people smarter than me. This is key to growing any small business. Hiring people who have more to offer your business is not only good for the company, but it’s how you and your team will learn. Find people who can truly foster business development and challenge your team to become better; it’s the only way for your business to thrive.
- Invest in talent
At Radius Financial, my mortgage brokerage firm, we have been able to reward and retain our valuable employees by investing in them. By giving employees the funding and resources to pursue higher education, they in turn become fiercely loyal. If you are willing to provide opportunities for personal and professional growth, ambitious new hires will prove their worth through determination, hard work and continued results. And these are the ones who will keep your company afloat.
- Never stop growing
If you’re not hiring, you’re not growing. Always be on the lookout for bright minds. Maybe you aren’t hiring for a specific position; still, that shouldn’t stop you from exploring new talent. Sometimes your team needs a new mind or a fresh pair of eyes to reenergize and start thriving once again. Furthermore, like any relationship, company-to-employee connections can get stale. Don’t let that happen. When you’re always looking to hire, you motivate your existing employees. It encourages them to stay on the pulse of emerging trends or develop learning curves they may otherwise neglect. A little friendly competition between employees new and old is a healthy way to foster internal development and innovation. How do you know you’ve hired the right people? It’s easy: you’ll see results. There are millions of people with great ideas; it’s the team you form that determines your success.