The recruitment process can be expensive, but making a bad hire can be even worse. In the long run, when you choose to go with a cheap hire aside from hiring costs and compensation you are going to lose money in disruptions costs; severance payouts for mistakes or failures on behalf of your new employee; missed business opportunities that arise because they couldn’t keep up with workloads at work all while your productivity is dropping off due largely to having an under-qualified worker on staff who doesn’t know how things are done around here. The effects don’t end there either as lower sales numbers will undoubtedly follow.
What we can do though is to be resourceful and creative.
Maintain realistic expectations when hiring for a role. Allowing for transparency will help save time and money, as well. Touch base with your internal recruiting group to inquire what salary expectations are for that particular role. Evaluate the base against the local and national average to determine whether the salary aligns. If it does not align, keep an open mind about the requirements and incorporate some leniency.
Be straight and talk about salary in the beginning of the interview, not at the end. Clarify as well the outline of the job, office culture, and more so that potential hires don’t get blindsided and you can ensure that your time is well spent on people that are in line with your vision.
During the interview process…
- Be vocal with what your business can offer aside from compensations.
- How you support your employee’s interests more than others do.
- How your company’s culture is more open to your talents.
Be efficient by narrowing down your job requirements to what is actually needed and compare it to the resumes you receive for the job to compromise and allow a talented candidate to join.
You may hire from within or hire someone with less experience and train them. If you hire someone with less experience and train, you may end up investing the same amount of money in training as you would have to hire a person with the level of experience that you initially wanted.
If you have interns, you can absorb them since you have already trained them and shaped them to your company’s needs. They know how to work with the business.
Or maybe hire a customer? It may not be common, but it is logical. Why not hire someone who already understands what your business does and supports it?
It is quite popular now to outsource. There are certain job descriptions that do not require someone to be in-house. This can actually save you money on your payroll. And in case you are not satisfied with their output, it is easier to end their contract. Hiring a resource from another country is actually cheaper but can give you the same output as a good in-house hire.
With the lack of compensation, you can offer competitive non-salary benefits. Though a good challenge can drive a good hire to come to you, compensating them with something else can secure them. Maybe offer free transportation or reimbursement, give flexible schedules, or allow remote work. A great work environment, a cool office is also a plus.
Solicit referrals from your employees. If your employees are very much satisfied with their work and where they work, they are bound to refer friends in the company. This can save you much in recruitment since an initial interview can be skipped. Your employees will only refer people they get along with and will be of great help in the business because they know that these people are the ones they can work with. And when you get people that are at ease to work together, the environment it will create can have a good effect on your business. And this means higher sales.
Don’t let a tight budget keep you from getting the good ones. Use the advantages you have from being small to attract applicants.
Nowadays, a lot of people tend to leave high-paying companies due to many factors. And low-paying businesses are their go-to option since these companies can actually offer more. Salary is not always something the new graduates only look forward to these days. It is the environment a business can offer.
Still, be mindful that the longer a position remains open, the more this costs your company as there could be missed business opportunities/lack of productivity and potential burnout with others managing those responsibilities, which can, in turn, lead to employee turnover. Overall, it’s best to weigh options as they all affect business operations and can create a domino effect.
And keep in mind hiring can be hard, time-consuming, and can equate to more costs in the long run if you don’t hire the right candidate for the position. If you want to reduce the headache of it all, let us help you find the right person fast.