Top Tips Small & Medium Businesses Should Consider in Today’s Labour Market

October marks Small Business Month in Canada, and while the crisp fall air signals the onset of the holiday season, the focus for many small and medium businesses should not only be on operations and production - but also hiring.

In addition to inflation and the resulting costs of higher production, a recent survey by Indeed reveals that small business owners recognize labour and labour retention as a top challenge.  Like many industries, shortages and skill gaps in the current labour force are making it difficult to hire, and this is further impacted when hiring includes a lengthy process. Almost half (42%) of small business owners report that insufficient tools are a key challenge when sourcing and securing talent, with 54% finding it difficult to fill certain roles. In fact, 56% of these businesses are at risk of shutting down or scaling back their operations because of these difficulties.  

“We know a big barrier for small businesses is time - more than half (53%) find hiring a labour-intensive exercise,” says Michelle Slater, Director at Indeed Canada, “We not only believe in helping all people find jobs, but also in connecting all businesses with great candidates. Indeed can help create efficiencies for small businesses reducing an employer's time to hire by more than 10% on average.”

Indeed offers employers a number of resources to create a more efficient hiring process, including Hiring Resources, economic research from the Indeed Hiring Lab, plus tips and advice from our Leadership Hub. This article explores some actionable hiring strategies to ensure small and medium businesses can thrive and maintain operations in a strong labour market.

Attracting job seekers and moving quickly through the hiring process is a must 

With a strong labour market and increased access to higher wages, job seekers have a variety of opportunities to quickly find work. Ensuring your business is set up for success from day one of the hiring process is key. A few tips to getting the best outcome, include:

• Craft a strong job posting: Title, description and salary – use our recommendations to leverage best practices. If you’re not sure where to start, Indeed has templates and tools to help. 
• Lean into your brand: What sets your business apart, what are your values and what can you offer candidates above and beyond the job.
• To ensure you receive quality candidates: Establish deal breakers, screener questions to help you.

Automate wherever possible to save time

With over three million employers currently using Indeed to recruit and hire new employees, efficiently finding the right people can make all the difference. Smaller scale operations and tighter budgets may mean that some small businesses don’t have the same hiring resources as larger companies. But tools and resources to support the hiring process will help reduce hiring time. As the #1 source of hires for Canada, Indeed delivers 8x more hires than all other job sites in Canada combined, reducing an employer's time to hire by more than 10%  on average. A few examples of how Indeed can support small & medium businesses include:

• Reducing recruiting costs: Small & medium businesses can reduce recruiting costs by posting jobs directly to Indeed, quickly screening candidates through the Indeed dashboard and tracking budget along the way.
• Increasing quality hires: Each business has different needs and quality candidates will differ depending on what they’re looking for. By adding more information into our algorithm, we can analyze and find stronger candidates.

Pay isn’t the only factor job seekers care about 

For small businesses every hire makes a big difference. Every company has a unique mission, vision and values; ensuring that job seekers understand additional benefits beyond just a job description will allow small businesses to find and connect with the right candidates for the right roles. Here are a few benefits to consider highlighting :

• Flexibility: This is an area where small businesses may have a greater capacity to offer flexibility with hours and days worked.
• Professional development: Working hand in hand with company directors or senior leadership helps to develop team members.
• Company culture: Make employees feel included. Help remove bottlenecks so they can do their job better. Nurture a strong and supportive environment where there is a focus on employee wellbeing.
• Other benefits to consider: Health insurance, retirement plans, profit-sharing, sabbaticals, health & wellness and summer Fridays.

Stay focused

While the world of work continues to evolve and many businesses continue to find their footing in a post- pandemic world,ensuring your business remains focused on what it stands for and what sets it apart from competitors is a must. This Small Business Month, Indeed has partnered with renowned Canadian entrepreneur, investor and award-winning author, Arlene Dickinson, to spotlight additional insights and tips to help entrepreneurs and businesses thrive:

1. Hire people who are more talented and different than you are. Diversity of opinion matters a great deal if you want to build a company that’s better than you could ever build alone. 

2. Make sure you know how to read a P&L and a balance sheet; finance is critical to your success, so if you don’t yet understand this aspect of business, hire an accountant who can help.

3. Your number one job is to never let the business run out of money.  

4. Your second number one job is people - never underestimate the power of giving people responsibility, accountability, and of kindness.

5. Don’t underestimate the value of partnerships. Quit thinking of people as vendors. Start thinking of them as partners you need to make your business work. 

6. Don’t focus first on tactics; if real estate is, “Location, Location, Location!” then business is, “Strategy, Strategy, Strategy!”  When you do get to the tactics, make sure they are held accountable to the strategy.   

7. Join a business accelerator that focuses solely on your specific industry. For example, if your business is in the CPG industry, consider joining Venturepark Labs. While it can often feel lonely growing a business, there are plenty of tools and resources available to entrepreneurs, like Indeed

8. Become extremely self-aware of your impact on your team. You don’t need to have all the answers, but patience with others will help you find them. And don’t forget your impact on your family and friends – don’t leave them behind as you chase your dream.  

9. Admit your mistakes. You are going to make a lot of them and you’re going to be a better leader because of them. It’s okay to be wrong, it’s not okay to never admit it.

10. Take care of yourself. Exercise, eat well, and get enough sleep. Your body and mind are going to need all you can give.  

Sources:

_{¹TalentNest 2019 Applicant Analysis}

_{²Indeed Data (Canada)}

_{Survey Methodology:This survey was conducted by Censuswide on behalf of Indeed among 1,001 small business owners in Canada (251 in Quebec) aged 18+. The survey was conducted in September 2022. Censuswide abides by and employs members of the Market Research Society which is based on the ESOMAR principles.}