How to save money and time on every new hire
When hiring new employees, the costs can quickly add up. First there is the cost of job postings, followed by the time your managers spend reviewing resumes, interviewing and negotiating offers. This all before the adding on the overhead of training a new employee. No company wants to go through the expense of hiring, just to have the person leave, and go though the cycle all over again.
While hiring the right person isn’t always an exact science, there are time-tested methods that you can use to find a good fit. They will help you save money, time and resources. There is a strong need to make the right hire the first time around. These tips will help you do just that.
Promote from within
You already have great people working for you. They have a great track record, and you know they are the right cultural fit for your company. So why are you hiring instead of promoting from within? Look at the skills your employees already have. Notice if they have any gaps or areas of weaknesses. Then bridge those gaps. All they may need is a training course, or some mentoring, before they are ready to take on a new challenge.
By doing this you will start creating a culture of promotion that all your employees can clearly observe happening. It motivates everyone to do their best, knowing there are future opportunities. You also save money as your employees don’t need to look outside your organisation for career advancement.
When a position becomes available, as your employees to refer anyone they think will be a good fit. They will be able to accurately explain what work is like, and create a favourable view for the company to anyone they know. It is also extremely unlikely an employee will ever want to work with someone they dislike. If you make the hire, you get a new employee that is interested in your company, and will get along with the staff you already have.
You can also reach out to your network for referrals. Look for people in your industry that are knowledgeable in their field. Reach out privately to see if they are interested in a new role, or if they know someone who is. A simple conversation while networking gets the ball rolling and you save money on advertising a role.
Accurate and specific job descriptions
Qualified candidates don’t apply for roles that have vague job descriptions. They want to apply for a clearly defined role where they know what will be expected of them. Be as straight forward as possible. Make sure any candidate understands exactly what you are looking for before they come in for an interview. Lastly don’t lie or omit details on any job description. It is a costly mistake that will cause you to lose out on great hires.
Keep salaries competitive
Start off by knowing what the competitive market average is for the position you are hiring for. Know that if you are not offering at least that, your pool of interested candidates will decrease. State the salary range on any job posted or advertised. Save money by no longer wasting times in unsuccessful interviews. You only want to interview people who are interested in every aspect of the role, including the financial side. You don’t want to get through 3 rounds of interviews before you blindside a candidate with salary details.
Get an expert’s help
An agency recruiter is able to free up your managers time by overseeing all aspects of the hiring and staffing of your team. The more you work with your agency, the better they will understand your needs. They can assist with every stage of interviewing and negotiations. It is a great partnership that is built over time.
You will always have a need for permanent staff, but it isn’t always necessary. Certain jobs can much easily outsourced than others. Consider bringing contract workers on for short-term projects. A recruiter will be able to help you bring on qualified candidates when these situations arise. You will save money on payroll, as payment for all hours worked will be managed through your agency. You also mitigate the risk associated with wrong hires.
Over time, you’ll begin to master this art form, and we are always here to help you.