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Hiring Employees When You Have Limited Funds

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You’ve finally gotten your new business off the ground, and now you’re tasked with finding the right group of smart, eager individuals to help your venture succeed.

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You’ve finally gotten your new business off the ground, and now you’re tasked with finding the right group of smart, eager individuals to help your venture succeed. You’ll want to hire people who are clever, innovative and unquestionably competent. There’s just one problem: You’ve got limited funds.
It’s true that for many prospective employees, the decision to take a job boils down to money. And it’s often the case that the higher the salary, the more enticing the gig. But before you resign yourself to a group of mediocre hires, consider the following strategies for attracting top-tier employees, even if you can’t shell out the most competitive salary right off the bat.
Offer a Flexible Schedule
Depending on the nature of your business, it may not be necessary to have all of your employees reporting to an office during set hours on a daily basis. If you’ve got room for flexibility, make it clear during the interview process. Offer potential employees the option of working from home or condensing the workweek into four extended days to allow for frequent long weekends. Those with longer commutes will relish the idea of sleeping later and avoiding traffic. Travel aficionados will jump at the option for more weekend road trips. And seasoned professionals with families will appreciate the work-life balance.
Be Generous With Vacation Time
You may not be able to pony up a huge salary, but you can compensate by offering employees a generous vacation package. Many companies give new hires a mere three weeks of paid time off, which often overlaps with sick leave. Over the course of an entire year, that’s not a ton of time. Four weeks of vacation, coupled with a generous policy for sick and personal time, just sounds exponentially better.
Talk up the Opportunities
Does your business employ the latest technology? Does it offer employees the chance to work independently, run with their ideas and learn? Nobody wants to be bored on the job, so go out of your way to make each role sound engaging and laden with opportunities for advancement.
Beef up the Title
Some people have trouble moving up in larger companies and get stuck in the same role for years on end. You can snag some of these knowledgeable, experienced employees by offering an instant promotion on paper.
Share the (Eventual) Wealth
It may take some time for your business to be remarkably profitable, but plenty of prospective employees will jump at the chance to snag a share of the eventual reward. And as an added bonus, you’ll be motivating your new hires to work even harder if their actions are directly linked to extra money.
Of course, there are always going to be those people who are motivated by dollars alone. But if you’re willing to get creative, you can construct a total compensation package that’s appealing to quality professionals of all levels.

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