Effective employee acquisition and finding great talent is a critical component of running a successful business. The only problem is that many hiring strategies can be costly, and cutting corners can jeopardize the quality of the employees you ultimately hire. Let’s now go over some practical ways to reduce your hiring costs without skimping on quality.
Capitalize on Internal Resources
Many times, you can find great talent by simply asking for referrals from existing employees. This costs nothing, and you will often have access to a sizable network by starting your hiring search internally. An added benefit is that you can get inside information on an applicant’s job history, work style and overall behavior to determine whether or not they would be a good fit for your company.
According to ERE Recruiting Intelligence, “referrals are the number one source for new hire quality, and referrals have a 45 percent retention rate after two years, which is far more than the 20 percent from job boards.”
Use Social Media
These days, social media can be an extremely valuable tool for finding qualified job applicants and is ideal if you’re looking for millennials. In fact, research from Recruiterbox found that “73 percent of people between the ages of 18 and 34 found their last job through a social network.”
This route is extremely cost effective because all you have to do is create a company profile and showcase your company culture and the role you play within your industry. You can then use social media apps like Jobvite and Jobcast to advertise job openings and connect with job candidates.
Hold Virtual Interviews
Interviewing is an important aspect of hiring, but is inherently time consuming, especially if you’re interviewing several job candidates. Fortunately, it’s never been easier to hold face-to-face interviews without having to actually meet in person. By using services like Skype, you can interview applicants electronically and save a significant amount of time, which often translates into saving money.
Consider a Staffing Partnership
Finally, you may want to consider outsourcing the hiring process to a staffing agency. These companies are experts at recruiting and hiring A-list talent, and can save you both time and money. And because of their vast professional networks and rigorous hiring procedures, you can rest assured that you’ll find the best possible fit for your company.
By utilizing the right resources, it’s possible to reduce hiring costs, while simultaneously connecting with highly qualified job candidates. This way you can fill vacant positions without it costing an arm and a leg. To learn more about how to find the right employees without spending a fortune, contact us today.