How to build the right workforce for your small business
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How to build the right workforce for your small business

  • Highlights

  • Challenges that small business face with regard to hiring the right people

  • Tips to hire the right people

  • How to keep your employees motivated

  • Why you should build accountability

One of the biggest challenges of a small business is to hire the right people efficiently and quickly. According to the Wells Fargo (NYSE:WFC) and Gallup Small Business Index, the problems lie in getting the right people to apply for the job, identifying the candidates that fit the company, and taking the time to explain the job profile and ensure their commitment. To solve these problems and build the right workforce for your firm, these 5 tips are sure to come in handy.

Plan tomorrow’s hires today

A small business is particularly vulnerable when it comes to hiring fast and hiring right. So, forecast your need for employees based on market trends, business growth and potential opportunities. A digital marketing firm, for example, will know that it needs account managers and more social media executives when pitching to a big client. Similarly, you can anticipate your firm’s resource requirements and plan your hiring in advance. Either create a skilled HR department that can achieve targets in a timely manner or outsource recruitment to be three steps ahead of your staffing needs.

Don’t hire if you don’t have money for the next year’s salary

As a thumb rule, your company should have enough money to cover salaries for at least one year. Without this buffer, it will be difficult for you to arrange finances to pay for your employees’ salaries at the last minute. Even if you can predict consistent growth for your business, not having the money in the bank for salaries is risky.

When you hire too aggressively and then stumble when it comes to timely pay checks, you risk your market reputation and your ability to attract qualified candidates in the future. On the other side, not paying your staff on time not only demotivates them, but also decreases their productivity. If you find yourself in a situation where you have used up the money set aside for staff salaries for other business expenses, you can borrow an unsecured business loan, which is usually processed fast, so that you have enough funds to ensure smooth salary payments.

Understand that in a small team every hire matters

In a small company, each person must multi-task and juggle responsibilities to ensure that the company grows. Therefore, every hire must be able to pull his/her weight. Hiring even one resource that isn’t up to the mark will not only be a waste of your time and resources, it will also impact your productivity. Secondly, in a small organisation, one dissatisfied hire also has the ability to discourage the others. Hence, make sure you organise interviews and tests in a way that lets you arrive at the best candidate for the position. Also make sure to conduct monthly reviews both with individual hires and with your entire team to motivate and evaluate their job satisfaction.

Grow and use your professional network

Growing your professional network not only helps you expand your business by introducing yourself to potential clients, but also helps you hire the best resources for your firm. Interact with like-minded professionals and leverage your network within your industry to seek out highly specialised resources who can add value to your business. Be active on networking platforms like LinkedIn and BizCircle. Another way to do this is to host, sponsor or participate in PR events, seminars and trade shows to attract the right talent.

Benefits of Working Capital Finance for your Business

How to apply for a Bajaj Finserv Business Loan

Business loans from Bajaj Finserv are designed specially to help growing businesses meet their financial requirements. Easy to apply for and hassle-free to avail, these loans come with several unique benefits that make them the ideal mode of business finance for small and medium sized enterprises, such as a Flexi loan facility that lets you borrow when you need, and prepay when you can. They require only a minimum of documentation to apply for, and come with easy eligibility criteria. Here, we tell you the step-by-step process to apply for a Bajaj Finserv Business Loan.

How to apply for a bajaj finserv business loan

Build employee accountability and ownership

Since setting goals and targets gives your employees a sense of direction, work out an effective performance rating system for your business. While KRAs (Key Result Areas) and KPAs (Key Performance Areas) are commonly used measures, one of the most effective means of evaluation is OKR or Objectives and Key Results.

While Intel pioneered this concept, it came into the limelight when Google started using it worldwide. Using OKRs can help you and your employees create a foundation, build objectives and then set a quantifiable result, which can then be graded. As a result, they’re more accountable for their actions. Also ensure that you listen to employee suggestions and implement them when you can. This will create a sense of belonging and ownership. When employees feel like their actions directly help the company grow and that their opinion counts, they’ll be more willing to take on a leadership role. Lastly, reward good work. This encourages employees to stay motivated. These are a few ways to ensure that your small business attracts the employees who would normally apply for bigger corporate brands. Having the right compensation and other monetary and employment benefits goes a long way in incentivising productivity and building loyalty.

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