SMB's Number One Priority Should Be Talent
May 1, 2014
Think back to the best hire you’ve made. How did she impact your business? How did your team feel about her and could you imagine your company without her?
Now think about your worst.
That sinking feeling you get…turns out you’re not alone. Recruiting the right people is one of the most important things a small business can do. Here is why:
- Early hires shape the future culture of a company. It’s a common saying in the startup circles that the first 50 hires determine a company culture for years to come – even after they’ve left.
- Good hires are game-changers. According to Gallup, companies that have engaged employees that are the right fit for them out-perform those who don’t. No matter what your goals are, your employees will determine whether you get there. As Jim Collins, author of Good to Great, says, “Great vision without great people is irrelevant.”
- Bad hires can cost you: The U.S. Department of Labor says the average cost of a bad hire is nearly one-third of that worker’s first-year potential earnings—a $15,000 loss for an employee making $50,000 a year. Then if you want to replace them, it will cost you on average $10,000.
But let’s be real. Hiring is hard, especially when you are small. Chances are you wear multiple hats at work and have to balance long-term strategies like hiring the right people with short-term business and headcount needs. After all, who is going to prioritize building relationships with candidates you may hire in a year over filing payroll? Even if there were endless hours in a day, you have to compete with big brands for top candidates.
Luckily, size doesn’t matter as much as you think. We believe that social media and LinkedIn has helped level the playing field for small companies – giving you access to the same pool of talent as bigger companies. We’ve built tools that are customized for smaller companies, many of which are free or low cost, that allow you to a) save time finding and engaging talent and b) distinguish yourself as an employer of choice without a large staff.
Today we are releasing our latest ebook -- Small Business Recruiting: LinkedIn Essentials -- to help you make the most of these tools. It contains tips for saving time and money when sourcing candidates as well as ways you can use your size to your hiring advantage. Our goal is to help you to make your next 50 hires game-changers.
What could be bigger than that?