How To Attract Top Talent With Limited Salary Budget
Published: 02 Nov 2017
A whole host of businesses are affected by budgetary obstacles, regardless of size and turnover, and salary has always been a hot topic across the wider business landscape.
Here at OMJ, we benefit from an incredibly close relationship with the In-house Recruitment Network, which gives us access to real-time content and trends in recruitment. It seems that one of the biggest challenges faced by in-house recruiters today, is how to attract top talent when you can't pay over the odds in salary.
Check out these 5 points to help you attract top talent on a serious budget:
Sell your quirks and perks!
You should be shouting these from the rooftops, especially if you're a business who can't offer inflated paychecks. Whether it's a dedicated section on your careers website or on your job adverts themselves, you need to broadcast this information. Don't have any perks to speak of? It's time you put some in place! Perks don't have to be an added expense. Some of the best perks are free and can have an incredibly positive impact on the productivity of your staff.
Create a flexible work environment
Flexibility to work around personal commitments can be more beneficial to many candidates than an inflated salary. Millennials in particular, view work-life balance as a priority whilst job-seeking, so this is very important to bear in mind when looking at future hires. Giving employees the option of flexible working as part of the norm, is a brilliant way to attract good people into your business without spending loads of money. Alternatively, if you feel that to be too flexible could damage your culture, think about offering flexible start and finish times, or introduce a core hours policy. Read more about your options on flexible working.
Push the purpose
One of the most satisfying things about a job is an overwhelming sense of purpose and impact. A great advantage you have, especially if you're a small company, is the ability to give employees a wide range of responsibilities and the opportunity to be a really pivotal member of the team. The power of autonomy, mastery and purpose is not to be underestimated.
Streamline your hiring process
A long and arduous hiring process can be a real deal-breaker for a candidate, no matter how great your offering may be. Stage after stage of interviews is hardly the biggest pull factor for candidates, especially when you consider their time out of the office and preparation beforehand, it's quite an undertaking. It's going to be a million times easier to convert top talent into fully fledged employees if you've got speed on your side. We know that for some businesses this is next to impossible, especially if you're working in an organisation that requires a more formal process, but this will make a difference if you have the power to change it.
Create an enviable culture
It's hard enough to get up on a Monday as it is, but even harder if you're getting up to go somewhere you absolutely despise. Create the kind of environment that employees can be proud of. They are your biggest advocates. Once you've created a positive culture, it won't take long for other people to catch on and for word to spread.
These are just some of the ways you can attract top talent to your business without spending mega bucks. There's no question that recruitment can be difficult, even for the most desirable brands in the world, and as the landscape changes, so will hiring trends. If you think you've cracked it and you're ready to hire, make sure you check out our CV database (57,000 marketing CV's and counting). Perhaps you've created the perfect advert with all of your perks on it and you're ready to post your job; go for it!