5 Ways To Reduce Hiring Costs

Looking to reduce hiring costs in this tumultuous market? As demand in the workforce rises, recruiters and companies must employ the right tools to help them acquire the best candidates. There are a lot of factors that go into finding and onboarding new employees, but it doesn’t have to be overwhelming.

Effective and affordable solutions are out there to help reduce the cost of recruitment without compromising candidate quality. Here is a brief rundown of onboarding new employees, followed by five solutions to make recruiting on a budget easier.

Important Onboarding Aspects to Consider 

After hiring the best talent, you want to ensure you retain that talent. This starts with a thorough welcoming process. While onboarding new personnel varies by role and size of the organization, there are a few standard approaches.

Begin by preparing an employee onboarding checklist. Following this checklist with every new hire can help keep management and HR organized. Next, consider drafting a welcome letter and put together a welcome kit. Include all the technology that your new hire will need for the job, necessary office supplies, and some branded items such as a mug or t-shirt. Not only does this give the new employee the tools he or she needs right off the bat, but it could also make her or him feel like part of the team faster.

Once your new team member has had time to settle in, introduce her or him to the rest of the team. Shaking hands and learning names on day one may be nerve-racking to some, but many new hires like to learn who they’re working with at the onset.

Remember, the onboarding process doesn’t stop after HR paperwork is done and work is started. Be sure to routinely check in with your employees to gather feedback and provide any ongoing support.

Five Ways to Help Lower Hiring Costs 

  1. Avoid hiring the wrong person. The cost of a bad hire could be the most expensive mistake in the whole process. Not only could these costs stem from restarting the hiring process, but from possible termination or negligence lawsuits as well. Conducting a thorough background check and other pre-employment investigations may pay for themselves in terms of saving wrong-hire expenses.
  2. Post on free job posting sites. Using free job sites may keep overhead down and could be incredibly effective. You might not be reaching the most elite crop of candidates, but opening the hiring process to new venues could attract more diverse talent.
  3. Recruit via employee referral. Another way to help reduce the cost of hiring a new employee is to look within the company. Creating an employee referral program is a cost-effective means to crowdsource. This process also routinely sees an increased retention rate. Of course, it’s essential to have a strong company culture and brand in place when encouraging current staff members to invite friends and professional acquaintances to join.
  4. Write a comprehensive job listing. Include all job expectations when constructing the listing but avoid terms that can alienate candidates. For instance, if proficiency in Photoshop is a must, be sure to list it as required instead of a blanket statement of Adobe Suite. An ideal candidate may have the Photoshop skills you’re looking for but might choose not to apply if he or she lacks experience with InDesign. While listing hard expectations may make the hiring process go faster with fewer applicants, you might miss a better fit.
  5. Utilize social media. If you already have a strong social media following, post the job opening on your page without spending a penny. Engaging with potential applicants via LinkedIn, Twitter or Facebook can tap into an existing audience and save big on time and resources.

Next Steps

Ready to take a fresh approach to the challenge of talent acquisition? Discover helpful services and hiring tools from a trusted source with Global Verification Network. We offer background checks and other employment screening services customized to fit your needs. Our proven methodologies aim to make your hiring process a success and less of a hassle.

For more information on who we are and what we do, contact us today.