Attracting and retaining talent - it's not Only About the Money

By Donna Rosa

A big problem for developing-country entrepreneurs that doesn’t get much attention is attracting and retaining skilled talent. It’s really, really hard for microenterprises to find and keep good people, yet good employees are critical to their growth and success.

the double whammy

These small businesses are dealing with the double whammy of limited funds for salaries and limited availability of good workers with the needed skills and/or work habits. But don't worry; there are plenty of no-and low-cost ways to attract good people.

First and foremost, always be on the lookout

Don’t wait until you're ready to hire to start searching! You should continually have a searchlight on to spot talent---in your everyday life, everywhere you go.

It should be an ongoing part of your job. Get to know promising candidates on an informal basis. It will save time when you’re eventually in a position to add them to your team. You will have taken the time to get to know and prescreen them. But be careful: this isn't a substitute for formal interviews.

benefits that mean something

the idea here is to offer benefits that have high value for employees but won't cost you a lot in terms of salaries. The ideas below can hold more value to staff than the money.

It all comes down to making your company a nice place to work.

1. Offer Flexibility

A small business often can’t pay high salaries, but it can be adaptable. Entice good people with adjustable working days or hours, working from home, or accommodating special needs or schedules. This can be worth a lot, especially to working moms.

2. Smart Salary Structures

Offer ways that employees can boost their incomes if they create value for the enterprise. This might take the form of bonuses for bringing in great hires or meeting key milestones, as well as sales incentives or other service awards. Individual or team competitions can be used to reward revenue generation and reinforce productive practices.

3. Outline Advancement Opportunities

Show employees a clear career path so they can grow into roles they are passionate about. Work out a plan together with them so you understand their aspirations but be sure not to overpromise.

4. Acknowledge and Reward Good Work

This doesn’t have to be monetary. Simple recognition goes a long way to boost morale for everyone and encourage successful ways of working. It can be an award, extra time off, a small gift or anything that would motivate people.

5. Construct a Positive Culture

Treat employees well. Be supportive. Welcome engaged behavior. Maintain positivity because it’s contagious. Provide autonomy. Think about how you’d like to be treated and treat your people the same way. Create a culture of trust and optimism.

6. Foster a Team Environment

People feel included and want to contribute when they’re part of a team. Mutual support produces better results than working in isolation. Encourage cooperation and good relationships.

7. Support Good Causes

Staff feel good when they have a chance to give back to the community, and the business benefits as well. Support volunteerism and philanthropy and get people involved in implementation. Or remake the business into a social enterprise.

it comes down to happy

A great place to work is a rarity. The goal is to help employees feel good about and enjoy working for the company. That's a win-win.

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