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Don't Let Money Prevent You From Hiring The Best

Posted by Insightlink on 05/28/15

9 Strategies for Hiring the Talent you Can't Afford


Hiring new talent is a tremendous sign that you are growing and prospering.

You want to hire the best you possible can to keep that momentum going but how you define ‘the best’ could be costing you more in the long run. On paper you may decide that you can only afford to pay a new hire x amount of dollars and you may also be aware that talent costs more than you can afford to pay. Do you lower your expectations? Absolutely not. Our research has shown consistently for over 20 years that pay is not what motivates people. In fact compensation is at the bottom of the hierarchy of needs for employees. This is important to know when you are looking to hire ‘the best’ so you don’t let the number interfere with who you want to hire, first of all. Second, you need some strategies to help attract top talent, the people who want more than just a dollar figure when it comes to finding the right job.

Here are 9 strategies to hiring the best:
1. Stroke their egos
Feeling truly needed and respected are huge motivators. Tell them how they’ll make a difference in your organization. Tell them why you need them and how their skills and expertise will contribute. If they feel taken for granted in the least at their current organization this could be a huge motivator to leave and join with your team.

2. Sell your vision
Share your ambitions for your company with the candidates. Be up front with them about your mission and values and how you want to change your industry, community or even the world, with your products and services. You know you want to hire this person for a reason and you should tell them exactly how they can help. Your excitement can be a huge motivator.

3. Let them experience your culture
Expose the candidate to your work place. Let them meet other employees, invite them to some team events, let them get a sense for what it would be like to work with you. That impression will reveal more about you than words can ever say and be a source of inspiration to want to join your organization.

4. Focus on potential
Promising ventures can be seen as risky so it’s important to focus on your growth. Share projections for future growth and expansion, discuss how salaries will be impacted as the company grows. The payoff long term could be immense so discuss a one, five and ten year plan for salary potential.

5. Growth opportunities
In large companies, job roles are narrowly defined. In a start- up company, the opposite is true, where everyone by nature of the company’s size has to be a jack of all trades. The benefit is that talent is exposed to all facets of the business, which accelerates their experiences and knowledge. Opportunities like these can’t happen in big companies and that is an asset for hiring new talent when you can offer them growth opportunities.

6. Tout flexibility
Many people today want flex hours and/or the opportunity to telecommute. Some people will take less money to have this arrangement, so determine if you can offer these benefits to help attract the talent you want.

7. Don’t skimp on benefits
Benefits like health insurance, retirement plans, paid vacation, and perks like health club memberships, tickets to a sporting event or free parking can go a long way to compensating for a lower salary. What you offer says a great deal about how much you care about and value your employees. This is one area you want to be seen as fair and, if you can afford it, generous.

8. Offer stock options
If you can’t offer a high salary make your employees owners of the company by giving them stock options. This way they are tied to the company’s growth and will be motivated to drive future success.

9. Hire freelancers or consultants
If all else fails and you cannot afford the talent you want on a full time basis, consider working with freelancers or consultants. They can give you the expertise you need within your budget.

If you can show candidates that, no matter what their salary might be, the opportunity to work with your team is an exciting opportunity, chances are they will recognize the benefits and be motivated to join. And based on our research, employees who feel respected and recognized will be more engaged and committed to your organization and that too will have positive impact on your growth and productivity as well.

Original article here:'t-Afford




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