Hiring is one of the many costs that are often overlooked in a company. Whether a company notices or not, hiring costs can be high. Unfortunately, there is no way to completely avoid them because you need people to run your business. However, there are some things you can do to minimize these costs without affecting the candidate quality.
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5 Ways to Reduce Costs When Hiring
Start from the beginning of the hiring process and screen the candidates. The more ways you funnel out your candidates, the less unnecessary time you will spend on unqualified ones. Start by sorting the resumes between the immediate throw-aways and the potential candidates. Then, call those candidates that you want to learn more about. You can screen candidates in various methods including the following:
- Having a very clear and detailed job posting that specifically asks for qualified workers and waves off unqualified ones
- Preparing proper interview questions that can notify right away whether the candidate is suited for the position or not (location, certifications, personality, reason for leaving previous job)
The screening call should only take you a few minutes for each candidate. In addition, you should be able to quickly identify who you want to interview and who you do not want to see again.
Going through this process will provide you with a short list of quality applicants, thus saving your company time and money.
You can also provide an assessment test that puts the candidate in an actual job situation.
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Utilize Job Boards
Whether you have a job board on your website or have an account with a job board like Indeed, utilize those job boards. If you do not get a lot of traffic to your website or have a huge email list, then use a board like Indeed or Monster.com. However, if your website is already optimized, then use it!
In addition, social media is at the palm of your hand. Various recruiters are now using social media to find candidates, whether it is through Facebook’s new job posting feature or LinkedIn’s job board. Not only can you use these platforms to post and promote company announcements, but you can also use them to communicate directly with potential candidates.
Ask Employees to Refer Qualified Candidates
Instead of wasting so much time collecting various applicants from different sources, ask some of your trusted employees if they know anyone that could be suitable for the open position. In fact in a 2015 SilkRoad study, employee referrals produced more hires than any other source studied. Referred candidates are usually of higher quality and are more likely to feel connected to company culture once hired.
The last way to reduce costs when hiring is to use Short|LYST. What is Short|LYST? This platform is revolutionizing the hiring process. First, the candidates apply to one company (The Strategic CFO). We take care of the entire hiring process up until making the decision to hire. Then employers search Short|LYST for their perfect candidate. These candidates have been screened interviewed, vetted, and recommended for hire. Learn more about Short|LYST here.