Hiring costs money, there are no two ways about it. The average cost to hire in American business tops $4,000. These costs can be compounded, of course, if a poor hire is made. A person who either leaves abruptly or needs to be replaced in short order means that your company will incur these costs again.
Is there any way to make your hiring process more cost-effective? Yes! The following three methods can streamline your costs and improve your bottom line accordingly.
1. Leverage referrals
Job boards and other external methods of advertising open jobs can form a substantial cost category, as many charge hundreds of dollars.
A much more cost-effective method of recruiting for open jobs is to leverage employee referrals. Develop and publicize an active program of employee referrals, in which your existing employees suggest or get in touch with potential candidates.
Because your existing employees already fit within your corporate culture, it’s likely that their friends and family members will as well. As a result, retention will be enhanced as well.
2. Use second-chance hiring
Roughly 66% of U.S. businesses employ people who were formerly incarcerated. Why? Because it increases their chances of hiring a good employee who is motivated to stay. In fact, 82% of human resources folks state that the quality of their formerly incarcerated employees are equal in quality to the not formerly incarcerated or better.
The formerly imprisoned realize that their employment options may be limited. As a result, they are motivated to stay in a good company – which, in turn, can drive your retention figures upward.
3. Utilize virtual interviewing and onboarding techniques
Back in the day, virtual interviewing through phones or computer conferencing was never considered preferable to interviewing people in person. But that has certainly changed with the COVID-19 pandemic, which has made virtual interviewing much more familiar and acceptable in the long term. Virtual interviews are much more convenient for all concerned and can allow you to interview more candidates, more in-depth, to increase your chances of finding a good fit.
Virtual onboarding can also be easily accomplished with a dedicated company dashboard that provides forms, information, and allows employees to complete their onboarding virtually. You can decrease expenditures on human resources personnel to perform onboard.
Partner with a staffing agency in Worcester, MA!
At Expert Staffing, we know that high quality hiring processes can also be cost-effective. We’re happy to start working with you to find a strategy that works! To learn more about talented part-time, full-time, and temporary job seekers in your area, contact us today.