Attracting and retaining top potential employees can be a challenging task for any company, particularly if you’re competing against larger organizations with deeper pockets. However, there are several strategies that small companies can employ to beat deep pocket companies in attracting and retaining top talent. In this article, we will explore these strategies and share examples of small companies that have successfully attracted and retained high potential employees.
While salary is important, many high potential employees also value non-monetary benefits such as flexible work arrangements, generous vacation time, and professional development opportunities. According to a survey by Glassdoor, 80% of employees would choose additional benefits over a pay raise. Small companies can leverage this by offering unique benefits that larger companies might not be able to offer.
For example, Trunk Club, a personal styling service for men and women, offers its employees an unlimited vacation policy. This policy allows employees to take as much time off as they need, as long as their work is completed. This policy has been successful in attracting and retaining high potential employees who value work-life balance.
Emphasize Company Culture
Company culture is becoming increasingly important to job seekers, especially younger employees who prioritize a positive workplace environment. According to a survey by LinkedIn, 70% of professionals would not work at a leading company if it meant they had to tolerate a bad workplace culture.
Small companies can leverage their unique culture to attract and retain high potential employees. For example, MailChimp, an email marketing company, has a fun and quirky company culture. They have a mascot named Freddie, and their office has a treehouse conference room. This culture has been successful in attracting and retaining top talent who value a fun and unique workplace.
Ability to Make an Impact
High potential employees want to make a difference and feel that their work is meaningful. Small companies can leverage their agility to offer employees the ability to make a significant impact. For example, Buffer, a social media management platform, allows employees to work on projects that align with their interests and passions. This has been successful in attracting and retaining high potential employees who want to make a difference in the world.
Foster a Sense of Community
A strong sense of community can be a powerful motivator for high potential employees. Small companies can leverage their size to create a tight-knit community in the workplace. For example, Birchbox, a beauty subscription service, hosts regular events for its employees, including yoga classes and happy hours. This has been successful in fostering a sense of community and attracting and retaining top talent.
Invest in Professional Development
High potential employees are often looking for opportunities to learn and grow in their careers. Small companies can leverage this by investing in their professional development. For example, Moz, an SEO software company, offers its employees a $3,000 annual budget for professional development. This has been successful in attracting and retaining high potential employees who value career growth and development.
Attracting and retaining high potential employees can be a challenge for small companies, but by leveraging their unique advantages, such as non-monetary benefits, company culture, the ability to make an impact, a sense of community, and professional development, they can beat deep pocket companies in attracting and retaining top talent. By doing so, small companies can compete with larger organizations and build a team of high performers that can drive success and growth.
Glassdoor. (2015). Glassdoor Employment Confidence Survey: Top Employee Benefits & Perks for 2015.
LinkedIn. (2019). Inside the Mind of Today’s Candidate.
Lieberman, L. (2017). How to Attract and Retain Top Talent: Five Small Business Strategies That Work. Forbes.
Sullivan, J. (2017). How Small Companies Can Attract and Retain Top