How to find great talent when you don't have a big budget

Finding the right people for your business can feel like a high-stakes competition. And according to research by Employment Hero, six in 10 businesses say they've had issues with making the wrong hiring decision before.

But for businesses that don't have an unlimited budget, making the wrong decision isn't an option.

In fact, 45% of businesses are spending more than before on recruitment. But with costs high, and budgets low, how can SMEs attract top talent?

The good news is it's not all about offering the highest salary. And for many candidates, culture, purpose, flexibility and growth opportunities can be just as powerful as their take-home pay.

In this blog, we'll dive into practical, budget-friendly strategies to help you discover, attract and retain top talent, without breaking the bank.

Define what "great talent" means for your business

Hiring is exciting and it can sometimes feel like a time-sensitive matter, but diving in head-first before understanding the skills and experience you're looking for is setting you up for failure.

So, before you start actively looking for candidates, get clear on exactly what you're looking for and why.

Remember, "great talent" isn't one-size-fits-all – it's subjective and depends on business goals, culture and current challenges. Here's how your business can determine what "great talent" looks like for you.

• Identify roles that are key for business growth: When budget is a factor, filling roles that will move the needle is essential. This means focusing on open positions that will have the biggest impact in the shortest time.

• Outline the key skills, values and mindset that would make someone a strong fit for your team: In some roles, technical skills might be non-negotiable, but adaptability, attitude and cultural alignment are what separate a good hire and a great one.

• Create a "must-have" vs. "nice-to-have" list for each role: This helps you avoid overinflating job descriptions with unnecessary requirements that could discourage promising candidates.

  The aim is to open the door to talent who can grow with your business, not just those who tick every box immediately.

Leverage brand and culture

For businesses that don't have a huge hiring budget, brand and culture can be your strongest recruitment asset. People want to work somewhere they believe in, where the mission excites them and the company values match their own.

Employment Hero's Work That Works report found that job satisfaction is the strongest correlating factor for productivity among employees.

So, if you can clearly communicate what makes your business unique, you'll not only begin attracting like-minded candidates who are motivated by more than just salary, but you'll have a productive, high-performing team.

Here's how your business can leverage its brand and culture:

• Effective storytelling: Share the "why" behind your business. How it started, the problem it solves and the difference it makes to customers. This gives potential hires a sense of purpose and shows them they can contribute to something meaningful.

• Highlight values, purpose and impact: Make sure your values, purpose and impact are visible across your website, social media and job ads. Demonstrate them through examples, photos, videos and behind-the-scenes content. Candidates should be able to picture themselves as part of your team before they even apply.

• Use employee testimonials: Let your team members talk about what they enjoy most about working for you and how their careers have grown. Peer-to-peer insight can be far more persuasive than any job ad.

Get creative with hiring strategies

Before you even find the right candidate for your open role, there's a financial investment. Hiring can be really expensive. But finding top talent doesn't necessarily mean investing money into recruitment agencies or premium job boards.

By tapping into creative, lower-cost channels and using smart hiring tools, you can find the perfect person, without maxing out your budget.

Some creative hiring strategies include the following:

• Use alternatives to traditional job boards: Explore alternatives to job boards, such as Employment Hero's SmartMatch. This feature takes the guesswork out of hiring by actively matching your job ads with relevant, ready-to-work candidates.

  Instead of waiting for the right people to find your listing, SmartMatch scans a pool of jobseekers and sends you profiles that align with your role's requirements, often within hours of posting.

• Take advantage of employee referrals: Encourage your team and professional network to recommend potential hires. Not only do referrals bring in candidates who are a strong cultural fit, but they also streamline the hiring process.

  Tools like Employment Hero make the referral process easy, through tracking and communication, making it easy to manage all recommendations in one place.

• Consider internships: Partner with local universities, training providers or job centres to connect with motivated individuals who want to learn and grow.

  Employment Hero's job posting features allow you to advertise these opportunities across several platforms at no extra cost, helping you reach the right people faster.

• Tap into online communities: Communities like LinkedIn groups, niche forums and sector-specific Slack channels. Employment Hero integrates with popular job boards and allows you to publish roles directly to a number of channels, helping you reach these networks efficiently without paying for separate postings.

Craft compelling job descriptions

When you can't compete on salary alone, an engaging job description becomes a powerful tool. The goal is to sell the opportunity, not list the role specifications and perks.

Your business can get its job descriptions right, every time, by doing the following:

• Focusing on impact, growth and flexibility: Show candidates how their role will contribute to the business's success and how their work will make a real difference. Highlight any flexibility you can offer, such as hybrid working, adjustable hours or results-based work, so applicants see the role as fitting into their lives.

• Using inclusive language: Avoid jargon, acronyms and overly corporate phrasing. Instead, write in a conversational tone that reflects your company culture. Job description templates can help you stay on the right track in terms of phrasing and knowing what to include.

• Promoting training, autonomy and career progression: Even if you can't offer the highest salary, opportunities for professional development, independence in decision-making and a clear career path can make your role stand out. Mention mentorship, access to learning resources or the chance to shape projects, these can be just as compelling as financial rewards.

A great job description doesn't just attract applicants, it attracts the right applicants, saving you time and resources in the long run.

Perks that attract talent

It's important to remember that there are plenty of other things you can offer that aren't monetary compensation. And for many candidates, perks can be just as valuable as a larger salary.

Here are some perks that many SMEs are offering in today's job market:

• Flexible working: Flexible hours and work location, such as being hybrid or fully remote, can be game-changing for people who want more control over their schedule.

• Skill development: This involves offering mentoring, access to online learning platforms or attendance at industry events. This shows prospective employees that you care about their career and professional development.

• Wellbeing days, volunteer leave or team activities: These small perks can make employees feel appreciated without blowing the budget. These touches show that you care about their life outside of work as much as their role within it.

By offering the right mix of perks, you can attract, and more importantly, retain talented people who are invested in your mission, not just their pay.

Unlock existing potential within your business

It's easy to miss what's right in front of you. But sometimes the best person for the job is already within the company.

When hiring budgets are tight, developing members of your existing team can be a cost-effective way of filling skill gaps, boosting morale and retaining employees.

You can begin unlocking existing potential in your business by doing these things:

• Identifying high-potential team members: Think about team members who consistently deliver results, show curiosity and are eager to take on more responsibility. Performance reviews, one-to-ones and peer feedback can help you spot these rising stars.

• Offering leadership opportunities: This could be leading a project, mentoring a junior colleague or taking the reins on a new initiative. These experiences build confidence and capability, while giving you a clearer sense of who could step into bigger roles in the future.

• Making the most of low-cost or free learning resources: From online courses on platforms like Coursera and HubSpot Academy, to webinars, podcasts and industry newsletters, there's a wealth of knowledge available without big price tags. Pairing these with on-the-job learning makes sure development is practical and relevant.

By focusing on growth from within, you're not only strengthening your team but also sending a powerful message: you're invested in their future. That loyalty often comes back tenfold in commitment and performance.

Big talent on a small budget is possible

Attracting great people isn't always about how much you pay, but how well you can connect with the right candidates, tell your story and offer an environment where they can thrive.

By making the most of your brand, tapping into low-cost talent sources and focusing on growth and flexibility, you can compete with bigger businesses on what truly matters.

Tools like Employment Hero's hiring features and SmartMatch make the process even easier, helping you reach quality candidates faster and more cost-effectively.

Combine these with a thoughtful, human approach to recruitment, and you'll build a powerful, engaged and loyal team who are motivated by more than just money.

People also read

• How to identify skills gaps in your business

• Hiring your first employee: A practical guide for small business owners

• How to attract and retain the right talent

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