Trends

 

09 15 2016

Types of Small Business Lending

09 15 2016

Top 10 list for attracting and hiring the best candidates

Over the past few years, it's increasingly become a job-seeker's market. According to the Bureau of Labor Statistics, the unemployment rate has been hovering at around 5 percent for close to a year now, placing the country near full employment. As this rate drops, it means companies will have to compete harder for top talent as truly great candidates have their choice of a wide range of options. As a hiring manager in this current environment, you must develop a strategic plan for attracting the best possible applicants for your small business.

Integrating a high-quality candidate into your company and developing his or her leadership skills begins long before the first day on the job. The top prospects are now looking for their chances to enter into positions with enticing career advancement opportunities and a sense that their ideas will be heard.

To ensure you begin cultivating the right choice from the start, consider utilizing this top 10 checklist – or a modified version specifically tailored for your sector – during the candidate-selection process, the interviewing phase and even the initial onboarding period:

1. Simplicity
It might be tempting to make the application process a complex and arduous affair in the hopes that it will weed out the weaker candidates. However, this merely dilutes your candidate pool, funneling away potentially top-notch individuals from applying. Keeping the application process relatively easy will ultimately provide the biggest pool of candidates possible, which gives you a greater chance of finding the perfect fit for your organization.

2. Efficiency
Let the candidate know immediately what the job description entails and what the preferred qualifications include. Use clear and concise language, compiling everything into easily digestible bullet points. A long, flowery introduction discussing the organization's history, mission statement and goals can wait. A link to the organization's relevant pages on the website can provide this information for interested candidates.

3. Transparency
Be upfront and open about the company's mission statement as well as its short- and long-term goals. It doesn't bode well to a candidate if the entire process is couched in secrecy. Being transparent right from the start will instill confidence in a candidate about the viability of the role.

4. Promptness
Don't wait until the final moments of the hiring process to discuss compensation and the benefit package. Enter into a conversation about salary early – this provides time to negotiate or otherwise come to different terms so everyone is satisfied. Further, if there's a major and unbridgeable gap between both parties, having an early conversation about compensation can save everyone a lot of time.

5. Directness
Smart candidates can sense when organizations aren't being totally forthcoming, either through vague answers or cryptic email replies. Clear and candid communication throughout the candidate process helps keep everyone on the same page and avoids confusion during the selection process.

6. Time management
Everyone's time is valuable. Blue Signal, a nationwide recruiting firm, noted that the most desired individuals do not have large windows of free time. Highly qualified candidates may have a fully packed day of interviewing, or they might be constrained by their current obligations. Having respect for a candidate's time during individual interviews and throughout the entire process demonstrates how they would be treated if they're hired.

7.  Collaboration
During the vetting process, it can be a good idea to invite other members of the organization to swing by and offer their perspective. Providing an opportunity for a candidate to have a conversation with the hiring manager, peers or other potential coworkers can illustrate how receptive the organization is to collaboration and listening to all the team members.

8. Expectations
Inform the candidate what will be expected of him or her within the first 90 days. Applicants see this as an indication that they will be given responsibility and the chance to learn immediately. 

9. A Road Map
Prove to the candidate that the open position is not a dead end. Let them know the available career growth options open to them as well as the potential challenges that will require unique and innovative applications of their skill set.

10. A Reason
Once you have gone through the structure and nature of the position, leave the candidate filled with a sense of purpose and a reason for wanting to accept a potential offer for employment. Show great candidates what separates your company from the others in the field and how they'd have the chance to make a difference while still performing their job. 

Following a focused, predetermined strategy when engaging in the hiring process ensures hiring managers can attract top talent and begin developing their leadership roles from the beginning. 

While these top 10 tips can help a small business look more appealing to top candidates, the best incentives are still financial. The potential new hires with the top-notch qualifications and the best skill sets will ultimately demand a higher salary than their peers. In some instances, companies that don't have the extra resources to offer the type of compensation needed to attract top talent to their organizations can take advantage of a small business loan to gain quick and easy access to that crucial capital. 

Find Out How Much Funding You Qualify For

Fields marked with an * are required
By clicking this button I agree to all terms and conditions.

Terms & Conditions

General Acceptance

Any applications submitted electronically shall have the same force and effect as if the application bore an inked original signature(s). The above information, together with any accompanying financial statements, schedules, or other materials, is submitted for the purpose of obtaining credit and is warranted to be true, correct, and complete.

 

US Patriot Act:

To help the United States Government fight terrorism and money laundering, Federal law requires us to obtain, verify, and record information that identifies each person that opens an account. What this means for you: when you open an account, we will ask for your name, a street address, date of birth, and an identification number, such as a Social Security number, that Federal law requires us to obtain. We may also ask to see your driver's license or other identifying documents that will allow us to identify you.

 

For Loan/Merchant Services:

The Merchant and Owner(s)/Officer(s) identified in the application (individually, an “Applicant”) each represents, acknowledges and agrees that (1) all information and documents provided to National Funding, Inc. (“NF”) including credit card processor statements are true, accurate and complete, (2) Applicant will immediately notify NF of any change in such information or financial condition, (3) Applicant authorizes NF to disclose all information and documents that NF may obtain including credit reports to other persons or entities (collectively, “Assignees”) that may be involved with or acquire commercial loans having daily repayment features and/or Merchant Cash Advance transactions, including without limitation the application therefor (collectively, “Transactions”) and each Assignee is authorized to use such information and documents, and share such information and documents with other Assignees, in connection with potential Transactions, (4) each Assignee will rely upon the accuracy and completeness of such information and documents, (5) NF, Assignees, and each of their representatives, successors, assigns and designees (collectively, “Recipients”) are authorized to request and receive any investigative reports, credit reports, statements from creditors or financial institutions, verification of information, or any other information that a Recipient deems necessary, (6) Applicant waives and releases any claims against Recipients and any information-providers arising from any act or omission relating to the requesting, receiving or release of information, and (7) each Owner/Officer represents that he or she is authorized to sign this form on behalf of Merchant.(8) I consent to receive direct mail, faxes, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (9) this request is for business and not for consumer purposes.

 

For Equipment Services:

I hereby certify: (1) the information provided is true and correct, (2) you are hereby authorized to investigate all bank, credit, and trade references, and said references are hereby authorized to release any requested information to you or your nominee, (3) such authorization shall extend to obtaining personal credit profile in considering this application and subsequently for the purposes of update, renewal or extension of such credit or additional credit and for reviewing or collecting the resulting account, (4) this information may be transmitted by us to you and by you to underwriter(s) for the purpose of granting me credit, either electronically or manually, and that by submitting this application, I take full responsibility for transmission thereof, (5) I am over 18 years of age, (6) I acknowledge my rights under the Fair Credit Reporting Act, (7) I consent to receive direct mail, faxes, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (8) this request is for business and not for consumer purposes.

The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status or age (provided the applicant has the capacity to enter into the binding contract); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. If for any reason your application for business credit is denied, you have the right to a written statement of the specific reasons for the denial. To obtain the statement, please write to National Funding Inc., 9820 Towne Centre Drive, San Diego, California 92121.  Funding amount and credit approval is subject to a full credit profile review.