In the competition for top talent, small businesses often find themselves at a disadvantage, struggling to compete with larger organizations.  

One of the main reasons small businesses are in this position is because big companies have the ability to offer better benefits, which is a critical factor for many professionals when choosing a job. Without a well-thought-out strategy for attracting talent, small businesses are at a disadvantage in attracting top talent compared to larger corporations with more financial resources. As a small business owner, it’s crucial to be strategic and offer unique job benefits to attract the best candidates and to establish a successful talent attraction strategy. Here are some effective strategies for creating attractive job benefits to attract and retain top talent in your small business. 

1. Make Professional Development a Priority by Mapping out a Career Path 

An up-skilling study found that 90% of Millennial and Gen Z employees prioritize career education and professional development when evaluating potential employers. As a business owner, it’s important to remember that Millennials and Gen Zers are the future of work. A company needs to prioritize their career desires to attract the top employees to their business.  

One surefire way to cater to employees’ professional aspirations is through career pathing. It involves creating a roadmap that deliberately aligns employees with career growth opportunities. Implementing a career pathing strategy within a small business will make it an attractive work destination for modern workers who care more about professional development and career growth.  

2. Build a Strong Community & Culture  

Large companies often provide employees with generous perks such as health insurance, catered lunches, and onsite gyms. While it may be challenging for small businesses to match these benefits, they can offer something invaluable to their employees — a sense of community and belonging.  

With fewer employees than large firms, small business employees have more opportunities to build long-lasting relationships with colleagues. Business owners can take advantage of this benefit by organizing activities that further strengthen the sense of community, such as luncheons, team-building exercises, or local charitable events involving employees. These actions help employees feel more connected to their co-workers and the community at large.  

Additionally, small business employees have the opportunity to interact closely with customers and witness first-hand the impact of their services. These are the social benefits that large companies can’t guarantee employees. By fostering a deep sense of community and belonging within the company, small businesses can attract top candidates who seek purpose in their work.  

3. Unlock the Freedom of Flexible Time Off (FTO)

FTO (Flexible Time Off) is a modern benefit that progressive companies use to attract employees. Unlike traditional time-off policies, FTO does not involve employees earning or accruing time-off hours. Instead, it combines sick leave and vacation time, allowing employees to use all their flexible time off days at once. 

In most companies with an FTO policy, employees don’t feel pressured to use or lose their time off days when they’re due, as they can claim them at their convenience. FTO policies also accommodate more flexible reasons for taking time off beyond the traditional ones, including reasons such as mental health and wellness.  

When crafting an FTO policy, it’s important to balance prioritizing employees’ needs while ensuring smooth company operations. Well-thought-out FTO policies will ultimately attract modern employees who desire more flexibility in their time off. 

4. Consider Investing in a Collaborative Office Space Design  

The days when office cubicles were fashionable are gone. Thanks to new office designs and layouts, Millennials and Gen Z employees favor collaborative office designs where they can share ideas and learn from peers. They seek inspirational office interiors that foster creativity and productivity. 

Enhance Your Talent Strategy with a Professional Employer Organization (PEO) 

A successful talent attraction strategy requires more than just creating a list of benefits and posting it on job boards. It involves conducting a thorough analysis of the talent market to understand what motivates top candidates to join larger companies. The fast-changing talent market can strain the HR capabilities of small businesses and the increasing pressure to recruit and compete with larger companies that have extensive HR departments and budgets can feel overwhelming.  

In an era of scarce talent and high turnover, it pays to invest in a high-caliber HR experience. To learn more, check out the article: Maximize Your Benefits: Leveraging a PEO for Greater Buying Power.  

Professional Employer Organizations (PEOs) can manage HR and administrative needs, allowing you to concentrate on securing top talent and growing your business. PEOs can also support your business by designing a benefits package that is attractive to today’s job seekers. 

Ready to attract top talent to your small business? Connect with the OneDigital Resourcing Edge team for support navigating the competitive talent landscape.