How SMBs Can Attract Talent in a Tight Labor Market

Recent labor market headlines have been discouraging for employers. Daily news feeds are flooded with stories of employers urgently needing to hire workers across industries, yet job seeker interest remains stagnant — plateauing at the exact moment that small and midsize businesses are actively seeking new workers and heading into the holiday hiring season.

Despite this mismatch, business owners remain optimistic about the future of their businesses. A new Indeed survey finds that 93% of SMB leaders believe their company will grow and offer more job opportunities over the next year. Yet, a majority of small businesses (82%) are finding it difficult to compete with larger companies for workers.

It is crucial that entrepreneurs and other small and medium businesses, who are the creators of 65% of net new jobs for the U.S. economy, adopt a fresh set of hiring and HR strategies to attract talent. 

To help small and medium-sized businesses stay ahead of their hiring needs, here are four strategies to help stand out to job seekers and remain competitive in the current labor market.

1. Upgrade your job descriptions

At this moment, it is extra important to attend to hiring basics, including job descriptions. The shorter the job description, the better.

Make sure your shortened job descriptions still answer key job seeker questions. What’s it like to work here? What’s the culture like? Our research indicates that SMBs have added attractive culture-enhancing benefits such as pet-friendly offices and mental health/wellness days since the onset of the global health crisis.

Describe positions clearly and use recognizable, universal job titles to cast the widest possible net through web optimization. For example, use common descriptors like “marketing coordinator” or “software developer.”

Be transparent about salary, bonus and other perks in your job descriptions. Top talent will be seeking jobs that better align with their values, with many now making competitive pay, work-life balance and personal career growth opportunities non-negotiable. Use job descriptions or other tools like Glassdoor to demonstrate your company’s unique culture and values.

2. Consider talent from other locations

Remote work is on the rise, with many employers offering fully remote or hybrid remote options. Opening your search to candidates who reside in other cities only increases your chance of filling open roles.

Even before the global health crisis, remote and flexible work arrangements were already viewed as an attractive perk for job seekers. Now, lack of employer flexibility has become a deal-breaker for many candidates. This opens new possibilities for employers who are willing to hire workers from other locations.

3. Be competitive by being transparent about pay and offer hiring incentives

Make sure you offer salaries that align with current market conditions. Many resources are available to help identify what it takes to be competitive on salary in a particular industry and type of role.

Hiring incentives have also become popular tools for attracting job candidates. Searches for jobs with hiring incentives on Indeed have jumped 134% since early 2021. Consider adding signing bonuses, retention bonuses and cash awards in order to stand out.

Employers can also get creative with incentives. For example, your current employee base could serve as a funnel to recruiting new talent. Start a referral or perks program to encourage your employees to get the word out about open positions. Or include transportation subsidies, free food and drinks, fitness perks or other kinds of reimbursements unique to your company.

Not only is offering competitive compensation important, but including upfront specifics about salary and perks in job descriptions directly affects the ability to attract candidates. Indeed research shows that 83% of small and mid-sized business leaders are being more transparent about salary, perks and benefits in job descriptions.

Related; What to Consider When Hiring Employees

4. Be quick

Talent will go fast in today’s market. New tech can aid in the recruitment process to expedite quickly finding and connecting with the people who meet your needs.

If you haven’t already been offering virtual interviews, add this flexibility. If you have, consider continuing the practice even after the health crisis subsides. The small and mid-sized business leaders we’ve surveyed say they will continue offering virtual interviews because it helps them hire faster. What’s more, a majority (79%) say virtual interviews have gotten them more applicants, and 77% say they have improved the overall candidate experience.

Automated tools are another resource that can help combat often-cited job seeker pain points, like long and complex online applications. Consider using objective screening criteria, such as structured screener questions and automated skills tests to help narrow down which criteria are most important for the role. Adding these makes it easier to quickly identify job seekers whose skills match your needs and can also help speed up screening processes.

These alternative ways to identify qualified talent are more likely to get the results you want. Already, small and mid-sized business leaders are looking beyond resumes — and resume gaps — to identify talent. And those who are using screener questions to help them identify talent on Indeed are 40% more likely to result in a hire.

With a mismatch in hiring urgency between employers and job seekers, it is crucial that employers leverage technologies that allow them to create seamless hiring experiences, especially ones that provide more flexibility. Virtual interviews give candidates the ability to interview at a time and in the place where they are most comfortable, while an objective process can help small and mid-sized businesses reach candidates who have the skills but not the experience listed on their resumes. This can help diversify the applicant pool, and can also be the difference in making a quality hire quickly as employer demand is surging above candidate supply.

News Related


Supply Chain Woes to Dent Meritage Homes' (MTH) Q4 Earnings?

Meritage Homes Corporation MTH is slated to report fourth-quarter 2021 results on Jan 26, after market close.In the last reported quarter, the company’s earnings and home closing revenues topped the ... Read more »

3 WallStreetBets Stocks Wall Street Predicts Will Rally 90% to 175%

The meme stock frenzy took the investing world by storm last year. And despite several fundamentally weak stocks discussed on the WallStreetBets forum having skyrocketed in price based solely on ... Read more »

Is Titan Machinery (TITN) a Solid Value Investor Stock?

Value investing is easily one of the most popular ways to find great stocks in any market environment. After all, who wouldn’t want to find stocks that are either flying ... Read more »

Market Futures Lower Ahead of Opening

Mondays in late January can often bring harsh realities, depending on where in the U.S. you live, but the stock market is bringing the harshness to even the most pleasing ... Read more »

Northwest Bancshares (NWBI) Q4 Earnings Beat Estimates

Northwest Bancshares (NWBI) came out with quarterly earnings of $0.24 per share, beating the Zacks Consensus Estimate of $0.22 per share. This compares to earnings of $0.29 per share a ... Read more »

Peloton Suffers Another Major PR Nightmare as Another TV Show Features a Heart Attack on the Company's Bike

The entertainment world was shook last month during the premier of HBO Max’s Sex and the City reboot And Just Like That when longstanding character Mr. Big (played by Chris ... Read more »

These Amplifiers Upgrade Your Home Wi-Fi

The business world has adapted to a new normal over the past couple of years as businesses have shifted to fully remote or hybrid models. If your company expects you ... Read more »

5 Healthcare IT Trends Entrepreneurs Should Watch in 2022

The pandemic has catalyzed significant changes in the healthcare industry, particularly on the technology front as patients, payers and providers look for ever-newer ways of delivering, receiving and being reimbursed ... Read more »

Why Implementing IT Service Management Is More Crucial Than Ever

After suffering from the catastrophic pandemic in 2020 and 2021, this is an important year for organizations operating in major industries worldwide. The Covid-19 situation resulted in a sharp drop in the demand ... Read more »

Bestselling Author James Patterson Shares His Advice for Entrepreneurs: 'Build a Business You Never Want to Retire From'

There’s a certain mystique surrounding the idea of being a writer who publishes bestselling books. You’ve no doubt read a book that pulled you in emotionally, simulated your mind and inspired you ... Read more »

Altria (MO) Gears Up for Q4 Earnings: Key Factors to Note

Altria Group, Inc. MO is likely to witness a year-over-year rise in the top and the bottom line when it reports fourth-quarter 2021 earnings on Jan 27. The Zacks Consensus ... Read more »

Conglomerates Q4 Earnings Worth a Watch This Week: GE, DHR, MMM

Market sentiments have been shaky of late, with the S&P 500 declining 8.5% in the past month. The NYSE and NASDAQ also fell 3.3% and 15.3%, respectively, in the same ... Read more »

AbbVie's (ABBV) Skyrizi Gets FDA Nod for Psoriatic Arthritis

AbbVie, Inc. ABBV announced that the FDA approved a second indication for its inflammatory drug, Skyrizi (risankizumab), to treat patients with active psoriatic arthritis. – Zacks Please note that Skyrizi ... Read more »

Will W.R. Berkley (WRB) Retain Beat Streak in Q4 Earnings?

W.R. Berkley Corporation WRB is slated to report fourth-quarter 2021 earnings on Jan 27 before market open. The company delivered an earnings surprise in all the three reported quarters of ... Read more »

Will You Need a COVID-19 Vaccine Booster to Travel?

You don’t need vaccination against COVID-19 — better yet a vaccine booster — to simply cross the Golden Gate Bridge into San Francisco. But tourists and locals alike will soon ... Read more »

These Small-Business Pandemic Trends Are Here to Stay

When the pandemic hit, Carolina Sanchez-Hervas had to make some big changes to her small business. Limited by government restrictions, her company CSH Translations, which provides live interpretation for court ... Read more »

EV Roundup: Futuristic e-RV Concepts by WGO & THO Grab Eyeballs

As e-mobility is the future of transportation, auto companies are revving up efforts to transform their portfolio in accordance with the changing dynamics of the industry. Last week at the ... Read more »

Medtronic (MDT) Undertakes Investment to Advance STEM Education

Medtronic plc’s MDT Medtronic Foundation recently announced 13 new partnerships with prominent organizations in Minnesota, Northern California and Puerto Rico that support underrepresented and underserved K-12 students. These partnerships are ... Read more »

Vertex (VRTX) to Report Q4 Earnings: What's in the Cards?

We expect Vertex Pharmaceuticals Incorporated VRTX to surpass expectations when the company reports fourth-quarter and full-year 2021 results on Jan 26, after the market closes. – Zacks Vertex surpassed expectations ... Read more »

Will Supply-Chain Issues Hurt Textron's (TXT) Q4 Earnings?

Textron Inc. TXT is scheduled to report fourth-quarter 2021 results on Jan 27, 2022, before the market opens.   – Zacks Textron has a four-quarter earnings surprise of 27.89%, on ... Read more »

Saia Upgraded Ahead Of Earnings

 Saia Pulls Into A Buying Opportunity  Less-Than-Truckload freight carrier Saia (NASDAQ: SAIA) got an upgrade from Deutsche Bank a week ahead of earnings and we are not surprised. The company ... Read more »

Avnet (AVT) to Report Q2 Earnings: What's in the Offing?

Avnet AVT is slated to report second-quarter fiscal 2022 results on Jan 26. – Zacks The company’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters, the ... Read more »

Be Grateful Your Business Isn't an Overnight Success

We have definitely become a microwave culture. We expect our online orders to show up within days or hours. We get news within minutes of an event happening. We can ... Read more »

This Simple Ecommerce Strategy Will Unify All Your Sales Channels

Ecommerce competition has accelerated significantly in recent years. Unlike the early days of online shopping when competitors were few and far between, today every category of ecommerce is packed with ... Read more »

How Investors Can Grab Better Returns for Oils and Energy Using the Zacks ESP Screener

Wall Street watches a company’s quarterly report closely to understand as much as possible about its recent performance and what to expect going forward. Of course, one figure often stands ... Read more »

These Are the 10 Top Internet Services and Retailing Companies

Internet services and retailing mainly include companies that use the internet to sell their goods or services, or those who sell their products or services over the internet, such as ... Read more »

7 Ways to Set and Track Goals for Maximum Success in 2022

Goal setting is a common January ritual. Though this month feels like the right time to dive headlong into accomplishment-setting, in my experience it’s actually better suited for reflection and ... Read more »

Here's Why "Trend" Investors Would Love Betting on HighPeak Energy, Inc. (HPK)

Most of us have heard the dictum “the trend is your friend.” And this is undeniably the key to success when it comes to short-term investing or trading. But it ... Read more »

Looking for a Fast-paced Momentum Stock at a Bargain? Consider Vallourec SA (VLOWY)

Momentum investing is essentially an exception to the idea of “buying low and selling high.” Investors following this style of investing are usually not interested in betting on cheap stocks ... Read more »

Cruise Ship Changes Course, Docks in Bahamas After U.S. Issues Arrest Warrant

A cruise ship with hundreds of passengers and crew members on board that was supposed to dock in Miami on Saturday headed to the Bahamas instead after the U.S. issued ... Read more »

Should You Buy the Dip in Netflix?

Streaming giant Netflix (NFLX) remains among the top entertainment streaming platforms worldwide. However, its stock dipped nearly 21% in price last week after the company reported its fiscal fourth-quarter earnings ... Read more »

This 1 Oils and Energy Stock Could Beat Earnings: Why It Should Be on Your Radar

Wall Street watches a company’s quarterly report closely to understand as much as possible about its recent performance and what to expect going forward. Of course, one figure often stands ... Read more »

How to Avoid Getting Scammed by Influencers With Fake Followings

Social media influencers are essential components of information networks since they leverage their reputation within a specific niche to inform their followers while providing trusted information regarding breaking events, emerging trends and new ... Read more »

Decentralized PR: How Twitter Becomes the Tech Newsroom

Let’s start with definitions. Centralized PR means all press communications going through one authorized channel, often a PR professional, in the form of official press statements. Journalists have to rely ... Read more »

Fears of the Fed's Policy Changes Send Huge Losses in the Cryptocurrency Market

The volatile cryptocurrency market is taking a hit as the Fed is expected to hike interest rates in an effort to combat inflation. “Central banks and governments have played a role ... Read more »

Stellantis (STLA) Is Attractively Priced Despite Fast-paced Momentum

Momentum investors typically don’t time the market or “buy low and sell high.” In other words, they avoid betting on cheap stocks and waiting long for them to recover. Instead, ... Read more »

How Investors Can Grab Better Returns for Medical Using the Zacks ESP Screener

Two factors often determine stock prices in the long run: earnings and interest rates. Investors can’t control the latter, but they can focus on a company’s earnings results every quarter. ... Read more »

Here's How Investors Can Find Strong Finance Stocks with the Zacks ESP Screener

Two factors often determine stock prices in the long run: earnings and interest rates. Investors can’t control the latter, but they can focus on a company’s earnings results every quarter. ... Read more »

After Releasing Their Q4 Earnings, is Alcoa a Buy?

Leading aluminum producer Alcoa (AA) beat consensus revenue and adjusted earnings estimates in its fiscal fourth quarter ended December 31, 2021. However, with major restructuring plans increasing AA’s expenses, will ... Read more »

This 30-Day Challenge Can Help You Find the Next Chapter of Your Career

Nearly everyone I’ve spoken to the past few months is struggling with the same question: What am I doing with my life? But the mental spiral doesn’t stop there. Why ... Read more »
On you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic