How Small Companies Can Compete Against Larger Companies For Talent

Q. We are a small growing company. How do we compete for talent with larger companies, since we can't pay as much as they do?

In my search practice I have placed people in small and large companies. The main issue is rarely compensation. In fact, if that is the primary issue then you will never win, as there is always some company willing to pay more, and that goes for large companies too.

First off, should you even be competing against large companies for talent? Their culture, resources, support, systems and budgets often will not align with a small company. That isn't to say never, but often, so you might be searching in the wrong pool for candidates.

Secondly, especially in this economy, money isn’t everything. Candidates today are seeking much more than just compensation. The are seeking stability, work-life balance and a company where they feel they can make an impact. Smaller companies tend to have a lot less bureaucracy, there is hard work but it's a fun place to work, there is a personal touch where everyone knows everyone, it's a growing company with an exciting vision for the future and so much more. It has been my experience that smaller companies don't think about these things when hiring. They go right to compensation, when for many candidates these things have a value or trade off to compensation. Granted, there is a fair compensation for every position and person, but once that level is met other things come into play.

Finally, don't ignore the seasoned workforce. I constantly hear about how age discrimination is happening. Many of these people would be outstanding employees and bring a level of expertise no younger worker could bring and also do it for a very reasonable compensation package. This workforce is underutilized in today's market by many smaller companies.

Join the other 10,000 CEOs, key executives and HR professionals and download a FREE copy of our best-selling book, “You're NOT The Person I Hired.”  Just CLICK HERE  and you can download our free eBook under the FREE Hiring Resources section.

Retaining your best talent is always the best thing any company can do. Download our FREE  Non-Monetary Rewards and Recognitions Matrix. It will help you retain your best people without additional compensation. CLICK HERE to download under the Free Resources section.

I welcome your comments and feedback.

Brad Remillard

 

bradremillard

About the Author

Brad Remillard is a founding Partner of IMPACT Hiring Solutions, co-author of "You're NOT the Person I Hired", and "This is NOT the Position I Accepted". Brad is an award-winning international speaker, retained executive recruiter, and expert on hiring and retaining top talent, and executive job search.

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