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4 WAYS TO SAVE MONEY HIRING THE BEST TALENTS FOR YOUR SMALL BUSINESS
It’s tough to build a team, and doing so with an expensive process and limited budget is tougher. This is why many businesses have tried to find clever ways of recruiting the top talents on a shoestring budget. Recent statistics showed that SMEs accounted for 61% of employment, with turnover estimated at around 52%. While economies are gradually recovering from the pandemic, you cannot afford to break the bank hiring new employees. However, it doesn’t mean you should settle for less. Here are four simple ways to save money hiring the best talents.
Identify Your Process Hiring Costs
Costs associated with the recruitment process might creep up on you, especially as a company’s staff needs change and increase over time. It’s critical to determine both direct and indirect costs when auditing the cost of hiring. The following items can be included in the direct cost of your recruitment process: referral fees, external assessments, background checks, external agency fees, LinkedIn premium or recruiter accounts, onboarding and training, and so on. These costs can quickly add up with indirect costs yet to be even considered. While the real cost of hiring an employee may vary from company to company, be sure to optimize your hiring process and eliminate any unnecessary costs.
Maximise Your Online Presence
Whether you realize it or not, the internet speaks volumes about your company since prospective workers can access a wealth of information about your company and its culture before they walk through the door. Your business website, blogs, and social media accounts can be valuable for hiring the best talents. You must take advantage of this by ensuring that your company’s online presence projects the right message. Use your company’s website and social media accounts to share relatable content, congratulate key employees, and share your company’s core values.
Outsource Your Recruitment Process
Today, many businesses outsource part or all their recruitment process to external partners. Due to its numerous benefits, this approach is ideal when a business undergoes relocation or mergers and acquisitions. Outsourcing your recruitment has many advantages, including reduced cost, scalability, decreased hiring time, and improved candidate quality. Although overlooked, outsourcing your hiring process also assists with real-time reporting and actionable insights over the efficiencies of your organisations’ recruitment strategies. However, it is essential to find the right recruitment agency to take on this task.
Leverage Existing Employees
When it comes to finding new staff, your present employees are often your finest resource. Besides the apparent benefit of saving time and money on recruiting, numerous studies have shown that candidates referred by an existing employee are more likely to take a position, remain on for a longer period, and have a greater level of job satisfaction. As a result, an employee recommendation program is one of the most cost-effective ways to find new talent. Also, don’t hesitate to contact previous colleagues who have recently left or retired. They can be a helpful resource in identifying qualified candidates because they already know the job and the organisation.
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