One of the biggest challenges for small to mid-sized companies right now is how to attract and retain talent on a budget. That is further exacerbated during this modern phenomenon called the Great Resignation!

If your budget is keeping you from being able to compete on salaries at a market level, keep in mind that money isn’t the only thing that motivates people.

Develop Your Culture

When people have a choice in what job to take, culture and values become a top priority. Plenty of studies show how younger generations are more driven by alignment than solely money. It’s important for people to feel they are working for an organization that is doing good in the world and that they are making a valuable contribution to that good.

So if you haven’t assessed your company’s culture recently, it may be a good time to freshen up that mission statement and check in with your employees on their views on the subject.

Get Creative

Another problem brought on by the perfect storm of budgetary concerns and the market is additional compensation or incentives. If you’re reading this, chances are you are challenged to be able to compete at market value on the job you’re looking to hire for. The good news is, you’re not alone.

It’s just going to take a little creativity. It’s time to start with a blank slate and build a compensation plan from scratch. Think outside the box and consider your audience. For example, research shows that Gen Z employees are more interested in tuition assistance and loan forgiveness than retirement. 

Consider Other Benefits & Rewards

Monetary rewards aren’t the only motivating factor for prospective employees. Consider other incentives that may be within your ability to offer such as paid time off, company-provided professional development, workplace flexibility, wellness programs, or company discounts. 

If you’re not sure how to put together a robust, appealing, and motivating program, you can start by looking at the total rewards package.

Recruit From Within

Have you spotted any potential sales talent or ambition within your existing workforce? If you have employees who are loyal and happy to work for you, consider putting effort into developing their talent. This will show the rest of your employees that you’re invested in their careers, which leads me to my last point…

Focus On Retention

It’s cheaper to retain talent than to hire and develop new talent. But in this market, it’s not necessarily easier. If you want a salesperson who will stick around in spite of not being the highest paid in the industry, don’t take them for granted. Take a look at the previous tips on this page and make sure your salesperson feels empowered and treated like a member of the team.

There’s no challenge that can’t be overcome with a little thought and ingenuity. Market challenges come and go, and it’s important to be flexible and resilient through it all.