Rapidly growing companies, particularly startups that have grown from nothing to a significant amount of revenue in little time, can run into a range of problems when it comes to finding and recruiting staff.
Lacking the prestige and stability of an established company, many rapidly growing businesses struggle to get “on the radar” of professionals. Many smaller companies with huge growth potential often don’t have the resources of larger businesses.
Despite this, small companies that are experiencing rapid growth also have a range of hiring advantages. They can offer flexible working arrangements that other large companies can’t, as well as the possibility of benefiting from the company’s growth.
In this guide, we’ll share five recruiting tips that are ideal for rapidly growing small companies and startups that need to find, recruit and retain new members of staff to fuel their continued growth and development.
1. Don’t hide the fact that you’re small – own it.
One of the biggest mistakes many smaller or medium-sized business make during the hiring process is attempting to hide the fact that they’re small. This is usually a poor strategy that compromises their ability to hire talented employees.
Instead of hiding the fact that your business is small, own it. Don’t talk about your business’s lack of Fortune 500 scale – instead, focus on the major advantages that you can offer because your business isn’t as large as its competitors.
From flexible work arrangements that aren’t possible in larger companies to the possibility that key staff members receive stock in a rapidly growing company, a small company has a range of “selling points” that its larger competitors don’t.
2. Offer a range of benefits in place of a large salary.
Not all employees are motivated by a large salary. Many people prefer benefits to a lucrative salary, particularly people that have already worked for large companies and have since changed their priorities.
From great healthcare covered to longer leave than other companies, your growing company can offer a range of benefits in place of a large salary that make it a great place for people to work and a place people want to work.
It’s easy to fall into the trap of thinking that potential hires are only interested in a lucrative salary. In many cases, they aren’t. Think about other value your business can offer and make it a key focus of your hiring and recruiting process.
3. Give key staff members a part of the company.
Since your company may not have the resources to offer a high salary, focus on the other ways you can compensate employees. One of the best ways to increase your company’s relative value for employees is to offer equity in your company.
This is a particularly powerful motivator for startups that show huge potential for large-scale growth. Owning shares in your company may not be worth much right now, but it could be a lucrative asset in the future.
The success of technology companies that started small and grew rapidly has made many professionals aware of the value of startup equity. If you want to attract great people to your business, consider giving them equity in your company.
4. Consider an unconventional work arrangement.
For many people, the biggest possible employment benefit isn’t necessarily a great healthcare plan or long vacation time, but the ability to work outside the confines of the typical 9-5 office arrangement.
Software company Buffer hires almost all of its employees remotely, giving them an incredible benefit that other companies don’t offer: the ability to work from home or any other location on a schedule that’s far more flexible than the norm.
If your business primarily operates online or needs to hire someone’s skills rather than their physical presence, consider offering an unconventional arrangement to give employees additional freedom.
5. Work with an HR provider to simplify hiring.
Hiring can be complicated and time consuming, especially if your business is already pushed to the limit dealing with its current growth. One of the best ways to simplify the hiring process is to work with an HR provider instead of hiring in house.
An outsourced HR provider will be able to offer you an optimized hiring process that has already produced results. They’ll be able to quickly identify the best people for a specific position within your company and create a detailed recruiting plan.
Best of all, they’ll be able to manage your hiring process while you focus on growing and developing your business. This benefit alone can make outsourcing hiring to an HR professional a great decision for your business.