Ever wonder how your small business can compete? Or how can you ever compete with the big dog when it comes to paying? As it turns out, you can get more hiring than you think.
In a recent analysis Homebase recruitment Jason Greenberg, chief economist at Homebase, found that businesses with just one to four employees are willing to pay 10% more than the typical 20 to 49 employees at the target hourly wage – even more than 250 employees. Which is a worthy competitor in doing the smallest business Tight Labor Market.
Source: Home-based Recruitment Data (January 2021 – March 2022).
How can the smallest business carry a big paycheck?
It all comes down to one end of productivity. Searching sales data for a selected sample of homebase customers, Greenberg found that a one-to-four employee business earns about $ 4,500 more per employee per month than a 20- to 49-employee business. Thus, on a size-adjusted basis, they are earning enough revenue per employee to pay higher wages.
Post jobs, track applicants, and onboard new employees all in one place.
What does this mean for small business owners?
If you want to fill a role in a team of less than four employees, you will find that you are in a good position to compete with the big companies in terms of salary.
And if you don’t? No worries. You can still do a lot to differentiate your small business with qualified candidates – especially in today’s evolving labor market.
A. A recent survey of 2,000 hour workers, Homebase has found that good leadership is more important than good pay. And not all candidates are looking for a job.
In order of importance, these are the top 10 things that hourly employees consider in job offers – proving that being a good boss often pays more than paying a good paycheck, regardless of the size of your business:
- Lead the company
- Great colleagues
- Flexible working hours
- An approximate work schedule
- Company culture
- Opportunities for learning and development
- The company’s commitment to sustainability and the environment
- A short commute
- Health insurance
Homebase can help
The little technology goes a long way in attracting and retaining employees every hour. And Homebase provides all the tools you need to do this in one simple app.
Here are some ways Homebase can help you build, manage and take care of your small business team:
Recruitment and Onboarding: Post jobs, track applicants and easily onboard new employees.
Schedule: Give your team the necessary predictions and flexibility through an automated process that allows them to easily submit availability and time. Make it easy for you to schedule and make and share changes on the fly
Time clock: Make things easy for everyone. With the Homebase app, your team can access the watch directly from their phone (or any other device). It tracks breaks and time off, turning compliance and pay preparation into a breeze
In-app messaging: Keep your team informed and connected about everything from open shifts to company values and learning opportunities, including built-in messaging, reminders and real-time alerts.
Employee Happiness: Use the Homebase Sout Out feature to recognize your team’s contributions and build a culture of recognition and appreciation. Also, gather feedback to keep tabs on how your team is feeling after each shift.
Wage Initial Access: Help your employees get ahead and stay on top of their money at no cost to you or your business. Homebase gives your employees initial access to up to $ 300 of their wages, including zero interest or fees.
Try the free homebase today.
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