During the year ahead, you may be facing uncertain economic prospects, a fluctuating marketplace and unpredictable returns on your investments. Amid this financial uncertainty, you may be looking for ways to boost revenue and control your destiny by cutting costs wherever you can, including your hiring program. You may not be able to forgo hiring altogether—especially with waves of older workers leaving for retirement and younger workers maintaining shorter and shorter tenures—but at the very least, you can find ways to bring down the cost of each individual position turnover. Here are a few moves that can help.
First, run the numbers.
How much does each turnover on your team cost? If you don’t know, find out. Take out a calculator and add up both tangible and intangible expenses, from the cost of publishing a job post, to the cost involved in letting a key position stand empty until you find the perfect applicant. Factor in everything, from the cost of a day spent on interviewing (instead of other projects) to the airfare you may be paying to fly candidates in from other states.
Streamline hiring policies.
Eliminate some of the bureaucracy and red tape involved in grabbing the perfect candidate as soon as possible after you identify them. Every bit of paperwork that slows the appearance of an offer can increase the odds of the candidate slipping away. Reduce the steps and speed the process.
Let go of perfection.
Recognize that if you hold out for a candidate who has absolutely every one of the qualities you need and none of the qualities you’d like to avoid, you’ll spend months or even years engaged in the search. Instead of demanding nothing less than perfection, prioritize your must-haves, and don’t let the items at the very bottom of the list stand between you and the excellent candidate across the table.
Sign on with a recruiting firm.
There’s no need to take the entire hiring process on by yourself. If you’re going it alone and muscling through every single step single-handedly, from drafting the job post to resume review to candidate screening to background checks, something is wrong. And chances are, you’re wasting your own valuable time on tasks that could easily be outsourced. Put your trust in an established, experienced staffing firm with a vast network of connections throughout your industry and a deep well of experience that can be brought to bear during the interview process.
Let the team at Extension handle your staffing challenges while you keep your attention—and your budget resources—focused on what really matters: growing your business. Contact our office and arrange a consultation today.