Your employees are your company’s most valuable asset. Hiring the right people for the job means more room for business growth. It’s important for businesses to constantly improve the hiring process and retention strategies so it’s easier to filter applicants and retain employees. Colorado Springs business loans help small business owners hire the right people by providing them with the funds they need. If you don’t know where to start, here are four tips you follow that will help you hire the best employees for your business.
1. Make the Job Description Clear Before Hiring
The first step of the hiring process involves you as the business owner to enumerate and describe the position you’re trying to fill. You have to do a thorough analysis of what you require in a worker, so that you will have a basis for when it’s time for you to hire people. Moreover, the job description will also help you decide whether the person will be fit for the job or not. In a way, it will make the screening process easier.
2. Be an Employer Job-seekers Actually Want to Work For
Most job seekers want two things: a good benefits package and fair compensation. If you’re able to bring both of these to the table, the right people will be attracted to you.
In fact, according to a study conducted by Harvard Business Review and Fractal, flexible hours, health benefits, work-from-home options, and vacation time are four of the most sought-after benefits. Make sure to include your benefits package in your job description.
Another important aspect is to offer compensation that is fair and competitive. Job-seekers are particular when it comes to the salary and perks they desire from a job. As a responsible business owner, you need to ensure that you offer the right level of compensation to your employees.
3. Prescreen Applicants
In order to find the best of the best, you need to filter your applicants. Doing this will ensure you only spend your valuable time on qualified candidates. To prescreen applicants, you can conduct initial interviews via phone call or video (Skype, Zoom, Google Hangouts, etc.) for at least five minutes.
Once you’ve narrowed down your choices, the next step is to conduct a structured interview. By conducting a structured interview, you can compare all candidates by asking them the same questions and or assign them the same tasks.
4. Check the Applicant’s Compatibility
It’s important to hire employees that are compatible with your business culture. Make sure you assess whether the applicant has social skills to blend in with other colleagues and superiors. It can also help if you ask how he/she manages current business clients or colleagues.
Keep in mind that the ideal employee is willing to adjust in order to work with you. If someone doesn’t make an honest effort to get along with current clients or past superiors, it may be a sign for you not to hire them.
5. Hire People Who are Committed to Their Career
The ideal candidate must be committed to his or her career. Nobody wants to hire people who jump from one job to another. If a person doesn’t stay loyal to any one company, there’s a good chance they might not be loyal to you too. Before hiring someone, best to check their employment history.
6. Start with a Paid Work Trial
When you’re down the the last two or three applicants and still you can’t decide which one to hire, you can go with the option of trying them out. For instance, you can give a one week trial period for each one of them. This way they can get a grasp of the responsibilities that will be assigned to them and in your part, you can assess whether they’re up for it or not. Your one week trial period is your chance to fully examine their capabilities, creativity, and whether they are flexible in regards to their duties or not. It will also expose them to the company’s culture and decide if they fit in.
Colorado Springs Business Loans – Small Business Loans for You
Without a doubt, running business comes with specific expenses that when combined together can go up to hundreds of thousands. Hiring employees for one can be costly. If you’re planning to hire a staffing firm to do the recruitment, then you can expect to pay for fees that can go up to a thousand dollars. Other than that, you’d also have to consider your new employees’ salaries, insurance, and other associated expenses to their recruitment.
Thankfully, you don’t have to stress yourself about where you’ll get the extra funds for hiring. A lot of employers often apply for Colorado Springs business loans to help cover the expenses. This way, they won’t have to fish the funds out of their business’ pockets which can create cash flow issues. Through business loans, small businesses will have a chance to solve their employee recruitment process and at the same time scale for growth. Eventually, they’ll be able to see significant increase in their profitability and make their way towards success.