How Do I Hire Top Candidates?

I run a small business, and I find myself competing with big companies for the best employees. How can I attract and hire top candidates for my company?

Be on the lookout for high performers, and be ready and able to hire quickly when you find one. Nail down in advance what needs to happen to assure that you can extend good offers to talented applicants.

Get your company's name in front of your targeted audience. Make presentations at professional organizations, write articles for trade publications, and attend meetings to meet potential employees. When you do meet a potential candidate, don't get bogged down in formalities. You don't need a resume; nor do you always need to arrange a formal interview. A simple meeting often can be more effective. It can be an informal way to determine what aspects of your company will appeal most to the candidate.

Before you conclude your initial meeting, look for some reciprocal commitment. That's the time to ask for a resume. Hiring is a two-way street; if your candidate isn't willing to exert some effort at this stage you're probably just wasting your time. If the candidate does show interest, set a tentative date for a real interview.

Take advantage of the interview process to show your company's strengths and to introduce your candidate to your other top performers. The goal of this process is to make your candidate want to work for you, and for you to decide if you've found the right person. Your presentation needs to be upbeat, positive, and honest. Each participant in the process needs to know his or her role — what points to make and what information to elicit. Afterward, each staff member should write a brief report of their impressions of the candidate, his or her interest in the position, and which aspects of the job appear to be the most and least attractive to the candidate.

Use that information to craft an offer that will appeal to the candidate. As a small company, you have more flexibility than a large organization — use it to create a position and compensation package that meets the individual needs of the people you want to bring on board.

Finally, while you may not be able to match the salary, benefits, job security, and advancement potential of a large firm, you may have a secret weapon. Stock options or equity participation in a growing company can make all the difference to an ambitious candidate.