3 Ways to Reduce New Hire Costs

It’s no secret that new hires in your company can cost a pretty penny. The average cost of a new hire hovers in the $5k range, according to Glassdoor.  Now, if you have multiple positions to fill, this cost can add up quickly. Here are some helpful hints to help you minimize those costs.

 

  1. The power of social media

Social Media can be your best friend when it comes to hiring. Consider posting job availability on places like Facebook, Instagram and LinkedIn. By posting on social media you are cutting some placement costs and giving potential candidates the chance to peruse your social media channels, allowing them to get a better feel for the company. Letting a potential candidate get to know your company through your social channels is a great way to weed out those candidates that don’t want to work there. If you’re a local business, you also have the added bonus of allowing customers to see that you’re hiring in their community, thus boosting your image. Everyone loves a business that looks out for the members of their community.

  1. Current employees

This comes with two parts. One, retain your current employees. Avoid new hire costs all together by keeping your current employees happy. Spending some money on pizza Friday’s or providing growth opportunity can reduce your long-term spending on new hires. By showing employees you value them and their talents, you can save in the long run.  You can also leverage your current staff to hire new staff. Maybe they know a friend or former colleague who would be a great fit. By turning your current staff into a mini-recruiter, you save on searching for the right candidate. There’s little search time needed, plus you have some references for them already.

  1. Website

Chances are in 2017 you have a website for your business. Make sure you’re posting about a new job opportunity on your website. There’s nothing a job seeker hates more than going to the company’s website and not being able to find a “careers” page or “employment” page. Make it easy for potential candidates to find information on new jobs available. Be sure to include things like benefits, company culture, job description and qualifications necessary. You can screen candidates just by including this information on your page. If job seekers don’t match what you’re looking for, they won’t apply. Saving you time, energy and resources to focus on the candidates that could be the best fit.

 

Cutting new hire costs can be incredibly simple if you leverage the free channels available to you. Implement these strategies and your new hire cost will be below the average.