When searching for employment opportunities, most talented fresh graduates and experienced professionals will consider whether or not a given company gives them enough room to grow either financially or professionally- or both. That is why small startups will often struggle to snatch the top candidates in the global labor market, especially when they compete against established, financially stable enterprises.
If you want to compete with fortune 500 companies that, on average, pay their employees more than $150,000 in compensations, without mentioning their many accrued bonuses, you will always be extremely disadvantaged. And it is understandable, really: A world-class candidate may not be convinced by your vision alone to join your company. After all, the candidate isn’t even sure if your company will stand the test of time, unlike the established and well-known brands which guarantee employees long term stability.
That being said, is it possible for a small fish to compete with the big fish in the big pond of the labor market? Well, you don’t have to compete purely on the grounds of expensive perks, brand name, or size and sophistication of your infrastructure. Your best bet is to identify your unique strength and then use it to distinguish your company from the competitors, regardless of their size.
Here are 5 tips on how to attract talent in China while competing with Giants.
1. Leverage a revolutionary technology or strategy your niche hasn’t seen yet
Do you know of a technology that your competitors don’t know about or have ignored? Or is there a strategy you developed that the existing companies in your niche are likely to struggle coping with? Good; use that! If you can convince world-class candidates that you are creating a brand that uses a tech tool that has never been seen in the industry or that you have the ability to revolutionize your niche, you will stand a better chance at attracting good talents. There are tons of highly-qualified professionals in China who are looking for a visionary entrepreneur like you to build a business empire together.
2. Promise them real decision-making power
Big companies have one disadvantage when it comes to hiring young, ambitious professionals: They can’t guarantee them top leadership positions right away because they already have experienced professionals calling the shots. For a startup, on the other hand, you can afford to give these young talents the freedom to make real decisions in the company. Just encourage them to come up with and execute product ideas and you will be shocked to see candidates who could command $200K opting to work for you at a much lower compensation.
3. Using blockchain technology
“The beauty of blockchain is that companies can retrieve verified candidate data while keeping it anonymous and adhering to data privacy regulations. Having verifiable data is key because departments deal with critical information like background checks, educational institutions, salary history and more. And accurate candidate data is imperative when making informed hiring decisions,”Abakar Saidov, CEO at Beamery when speaking exclusively to HR Technologist.
As Mr. Abakar correctly put it, startups will soon be using blockchain technology to verify candidates’ credentials, check employment history, and secure sensitive candidate and employee data. That means that even without the deep pockets that big companies rely on to research and find top talents, you too will have a fair chance of finding great employees in China from the blockchain employee databases.
4. Leverage an employee referral program
If you are interested or planning to start a representative office in China, you should definitely think of using a referral program as a means of attracting the best talents. If you treat your future employees with respect, give them salary raises when they deserve it, and overall make their working environment great, then they will always be ready to recommend your company to their talented friends. As such, you should start an employee referral program and cleverly engage your top-performing employees. They will help you snatch their fellow top-performers who work for your competitors.
5. Leverage the power of the Internet
Young talents are constantly combing the Internet looking for work opportunities. If you could set up a professional website and invest sufficiently in social media campaigns, then potential candidates will find you easily and faster. Optimize your web content for search engines so that whenever candidates search for specific niche keywords, your company comes up in the SERPs. That way, you will not need a huge budget to look for top talents; they will come running to you.
6. Present your company as a fun place
No one wants to work in a dull, unhappy office no matter how serious the job is. If you could convince your target candidates that they will be taking part in fun activities, like sports and community outreach programs, then your odds of landing top talents will increase exponentially.