Simply defined, a hot job market has more open positions than qualified candidates. This allows applicants to explore multiple options without feeling pressure to accept the first offer that comes their way. In more competitive industries, top talent can often increase demands as businesses struggle to fill positions.
Large corporations can typically fan the flames of a hot market with additional cash flow. But when it comes to small business recruitment, having to muster up additional resources to attract and retain talent can be taxing and unsustainable. This is especially true if you’re already short-handed.
And even once you’ve finished hiring employees for your small business, new hires could be out the door just as quickly as they entered it. According to the U.S. Department of Labor, a bad hire can cost 30 percent of the employee’s potential annual earnings.
Having to start the small business hiring process all over again can drain resources and lower morale. To add insult to injury, current employees may be tempted to test the waters with a competitor or even a new industry in a competitive job market.
The good news is that you don’t need a huge team or monstrous budget to compete in a hot job market. Here are three tips to give your small business a competitive advantage.