Updated: 3 May 2022
Jatinder Bansal, Director of Talent at Funding Circle, gives his take on what people are looking for in the job market right now – and some tips to help you recruit effectively, even when resources are tight.
Right now the UK job market is at an all-time high, with the BBC recently reporting that this is the highest number of jobs available since 2001. But the difference now is that there’s been a real shift in people’s motivations since the pandemic – with job stability, role scope, flexible working options and company mission all becoming increasingly important to candidates.
As it’s such an employee driven market, and with many larger brands out there with more resources at their disposal, small businesses will need to get creative when trying to attract talent. Think online as well as offline, with video and mobile content more engaging to people than ever. But also think about the reasons people are currently moving jobs; flexibility, better management, compensation, company ethos and learning opportunities. Addressing these areas openly and honestly will make all the difference in your hiring process.
As a small business owner, you are more likely to be the person looking after recruitment while managing everything else, so here are my top tips to making this process as easy and efficient as possible.
Every small business is unique and has different cash flow pressures, so you need to hire someone who will be an asset when the business is going well, and not so well. Consider whether it’s the most cost-effective to hire someone full time, part time, on a temp basis or as an apprentice, and make sure you factor in any training or material expenses.
Finding someone who is skilled for the job may be your priority, but the winning factor will come from their passion. If someone is skilled but doesn’t care about your business, it’s likely they won’t fit in with your ethos or staff. Include your passion in the job description to catch attention, and think of questions you can ask to find out what they care about.
Always ask your network who they can recommend. Your staff and suppliers will know better than anyone what your business needs, and they might know someone who could be a good fit. Plus, there’s a higher chance someone would want to work with a friend or recommended company than a business they have no connection with.
People are attracted to businesses that are ethical, transparent and generally seem to treat people well, so ask your customers and employees to leave a review on websites like TrustPilot and Glassdoor. Or, if you know the audience you want to target for the role, get active in their communities. Networking and referral schemes are a great way to not only get customers, but also meet potential hires.
It takes practice to know what to ask and when during an interview, so plan some questions ahead of time and make a list of the things you’re looking for. Remember, people have a lot of options right now, so making sure you’re prepared and have read their CV or LinkedIn profile will really help you make the most of the limited time you have together.
Being honest during the interview is one of the best ways to get an employee to join you, but there’s a fine line between over-selling the role and being too open about the challenges. Be honest with yourself too – have a clear view on what the job is and understand what you can be flexible on. What is a ‘must have’ against ‘nice to have’ in a candidate’s experience or skill set.
03/05/22: While we want to help as much as we can, the information found here is provided solely for informational purposes and should not be considered financial or legal advice. To the extent permitted by law, Funding Circle does not accept any liability for any loss or damage which may arise directly or indirectly from the use of, or reliance on, the information contained here. If you have any questions, please speak to your professional adviser or seek independent legal advice.