Hiring employees is a necessary part of any business, but it can be an unexpectedly costly process. It is estimated that it costs an employer £3000 and 27.5 days just to hire a new employee. Time and money are lost reviewing CVs, conducting interviews, and entering into salary negotiations. And then there is the training of the employee themselves.
The process is a suck on time and resources, and is completely unavoidable in business. The tips below will help save money and time when making new hires.
1. Create High-Quality Job Descriptions
To help find the most qualified and suitable candidates, it is important to take time to write a thorough, specific, and detailed job description. Include every aspect of the job on the description so that candidates know exactly what is expected of them, and exactly what they are qualified for.
This will save you having to sift through countless CVs of candidates that are not qualified, or only partly qualified, for the role that you are looking for.
It is also important to clearly state the salary range on your job description, so candidates know exactly what to expect should their interview be successful.
2. Start your Search Internally
While it is tempting to find fresh faces for your business, the cost of finding a new external hire can be mitigated by instead looking within your own company. This will save you time, money, and create a culture of promotion that will motivate staff and encourage employee loyalty.
Even if a particular employee does not have the set of skills needed for the role, you might consider a training course or mentoring for them. Further, because they already work for your company, you know they are a good fit in terms of the workplace culture. Consider internal hiring before looking elsewhere.
Even if you do not hire internally, consider employee referrals. Your staff probably have experience working in similar companies to your own, and therefore may know former colleagues suitable for the role that you are advertising. This will save you money in advertising costs, and time searching for a suitable candidate.
3. Directly Advertise via Social Media
While a recruitment agency can be a great way of finding new candidates quickly, they do come with a cost. You are often stuck with agency fees and potentially commissions in hiring. Another, far cheaper, way of advertising your job role is through social media platforms such as LinkedIn.
Social media platforms can be a great way of recruiting because of how quickly you can reach so many people, and how easy they make communication with potential candidates. These candidates can quickly and easily connect with your business if they are interested in the role that you are offering. A canny use of social media platforms can result in an almost complete mitigation of the cost of advertising the role that you are looking for.
4. Consider Recruitment Agencies
Last but not least, if the situation calls for it – While it may be tempting to consign all work regarding new hires to existing managers and staff, it is often advantageous to hire a recruitment agency to oversee the hiring and staffing of your business.
Recruitment agencies can also help with finding contract workers for shorter-term projects. The use of contract workers for short-term roles can be useful as money is saved on payroll (as payments will be managed through the agency) and it can allay the risk of hiring someone unsuitable for your business.
