Small businesses struggling to attract candidates with pay, benefits
- Small business owners say they're having trouble filling roles, and most (45%) say the skills gap is to blame, according to new research from CNBC and Survey Monkey. Specifically, applicants' "lack of education" is causing major hiring issues, they said.
- But more than a quarter (28%) said they are unable to fill skilled positions because large corporations are able to offer better pay and benefits.
- Overall, owners say business conditions are good, and 33% those surveyed said they intend to increase headcount in the coming 12 month period. But many said they're still plagued by long time-to-fill rates.
Small- to medium-sized companies may be optimistic about the prospects for their business, but the challenges they face in recruitment remain. In fact, a recent report found that recruiting and retention are among the top three problems that such organizations face.
Historically low unemployment across almost every sector has put the squeeze on business to attract talent, and even though wages are slowly rising, the competition remains fierce. To set themselves apart from the competition, some employers are offering flexible schedules and other work-life balance perks, with some success.
Others have turned to value-driven employment. More candidates are looking for work that aligns with their personal goals and purpose. Small and medium businesses may be in a particularly good position to show job seekers just how their motivations can help the company achieve its values.
And when it comes to time-to-fill rates, employers are turning to some creative solutions to help them hire quickly without sacrificing quality. Personalization, transparency and automation are all ways to reduce that time, experts previously told HR Dive, and the keys to those initiatives may well lie in tech, branding and good old-fashioned employee referrals.
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