How SMEs Can Bounce Back from Hiring Challenges

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Financial Hiring Trends Report of 2023

It's hard for small businesses to find and keep good employees, according to the World Economic Forum (WEF) report released on 30 Nov 2021.

The report said that small businesses have a hard time giving their employees the development and career paths they need. This makes it hard for executives to find and keep talented employees. According to the WEF report, SMEs also have difficulty paying their employees competitively. Moreover, competition from larger companies is stiff and makes it tougher for SMEs with lesser budgets to attract candidates.

Overcoming the challenges of attracting and keeping talented staff

Despite the lack of resources compared to their larger and richer competitors, SMEs have unique attributes that could be leveraged to attract interested job seekers. Here are five ways that SMEs can consider to better their hiring situations:

1. Prevention is better than cure.

Conduct ‘Stay Interviews’.

These employee engagement and communication interviews are similar done when people are already working with your business, and they involve asking them what encouraged them to remain with you as an employer, with a discussion about the aspects of their work and work environment with which they are satisfied and / or dissatisfied.

2. Shop for talent, where your target candidates are

Go to candidate instead of waiting for them to come to you. LinkedIn is a great way to reach out, network, and connect with prospective employees. For specialist technical skills, such as software developers, you can check out GitHub.

3. Reverse job ad

Ask your job applicants list down what they are good at, and what they can bring to the table beyond what is listed in their resume and your job description. This way, you can fully realize their strengths and maximize the impact they can bring to your organization.

4. Benefits that large corporates may never do

Deliver personal mentorship and coaching from the CEO and senior management.

Four-day working weeks.

Instilling a warm, family-style team culture with regular get-togethers to celebrate staff birthdays, and various team bonding events.

5. Speed up your recruiting cycle

Use an applicant tracking system. Have a critical look at your hiring process, to find the places where it takes too long to progress recruitment. Find a reliable background screening vendor that can match the speed and efficiency needed to make rapid and effective decisions.


What background check do I need?

This depends on the industry and type of role you are recruiting for. To determine whether you need reference checks, identity checks, bankruptcy checks, civil background checks, credit checks for employment or any of the other background checks we offer, chat to our team of dedicated account managers.

Why should employers check the background of potential employees?

Many industries have compliance-related employment check requirements. And even if your industry doesn’t, remember that your staff have access to assets and data that must be protected. When you employ a new staff member you need to be certain that they have the best interests of your business at heart. Carrying out comprehensive background checking helps mitigate risk and ensures a safer hiring decision.

How long do background checks take?

Again, this depends on the type of checks you need. Simple identity checks can be carried out in as little as a few hours but a worldwide criminal background check for instance might take several weeks. A simple pre-employment check package takes around a week. Our account managers are specialists and can provide detailed information into which checks you need and how long they will take.

Can you do a background check online?

All Veremark checks are carried out online and digitally. This eliminates the need to collect, store and manage paper documents and information making the process faster, more efficient and ensures complete safety of candidate data and documents.

What are the benefits of a background check?

In a competitive marketplace, making the right hiring decisions is key to the success of your company. Employment background checks enables you to understand more about your candidates before making crucial decisions which can have either beneficial or catastrophic effects on your business.

What does a background check show?

Background checks not only provide useful insights into a candidate’s work history, skills and education, but they can also offer richer detail into someone’s personality and character traits. This gives you a huge advantage when considering who to hire. Background checking also ensures that candidates are legally allowed to carry out certain roles, failed criminal and credit checks could prevent them from working with vulnerable people or in a financial function.

Transform your hiring process

Request a discovery session with one of our background screening experts today.

Want to learn more?