Small businesses have no greater asset than their employees. Whether you're a 1 person shop or a 100 person enterprise, there is nothing more important than the people that answer your phones, handle orders, interact with customers, oversee operations, manage the books, etc.
And it remains a seller's market for top performers and over achievers.
So, what is a smaller business to do when Goliaths of your market are willing to break the bank to attract and retain top talent? Beyond VC says the way to compete is to go back to selling the vision of your company, the ability to make a huge impact in a small and thriving organization, and outlining the equity opportunity. Those seeking the comfort of a nice paycheck at an established company need not apply. In other words, you have to find something more than immediate cash in your pocket to attract talent away from deep pockets.
I understand the need for smaller businesses with shallow pockets to sell their employment opportunities on vision and plans for future success – it's a formula that worked well in the tech boom of the 90s. But I'm not sure how effective it is today. As millions of workers now know, placing a bet on a vision is a low odds bet. And while you can attempt to trivialize and de-romanticize it, there's something to be said about financial security and big paycheck.
I think it's tougher than ever for small businesses to attract the top talent in their market.
What do you think? Can you attract top people with the LURE of future returns and the intangibles of being a a big fish in a small pond? Or do top performers look at that offer and shrug, knowing they'll succeed and have an impact in a pond of any size…take the money offered today and run?