5 Costs To Consider When Hiring New Talent
If you want to hire new talent, it’s going to cost you. Most companies and business owners understand that the cost of hiring someone new is much more than retaining current employees. Sometimes, no matter what you do, you’re put into the position where you do need to seek new hires. Whether it’s through expansion or business boosts, expanding your workforce is necessary at times. Here are five costs you may encounter during the recruitment process.
If your company is small and your time is already stretched, you may want to outsource the entire recruitment process to another firm. There are different ways of looking for an outside recruiter for your company’s needs, and job candidates may also seek a recruitment agency for the best placement. Using a recruiter will cost you, but it may be worth it in the end due to saving time and getting the best possible candidate. Finding the most talented and reliable individual could help your company thrive and be more successful in future projects.
Another cost that comes along with a new hire is a job advertisement. While you may be tempted to opt for a free online job posting, it’s best to go with a paid listing to attract the top candidates. If the most talented applicants don’t see your free ad, it’s pointless to even post it. There are plenty of job listing sites around that offer affordable job posting packages to attract the best and the brightest.
Job Fair Attendance
Recruiting great people may also have you or your staff members attending various job fairs in your region and beyond. Depending on the type of talent you’re seeking, you may need to look at the most recent graduates and build up a network of potential candidates through college job fairs. Additionally, it may also be worthwhile to go to other types of career events for experienced candidates. You’ll need to pay for staff to attend as well as travel costs for the trip.
The time you put into each new hire adds up when you also consider the resume review process. Some companies invest in something called an ATS, applicant tracking system, to help reduce the amount of time staff needs to read resumes and improve sourcing time per tech hire. Using tools like this can help you narrow down your field of potential applicants and save money and time.
Finally, don’t forget to consider the costs associated with interviewing employees. Today, you can reduce this cost by opting for video interviews for the first round of candidates, eliminating the need to fly applicants into your location. You will also have to invest some time into preparing your hiring managers with appropriate and meaningful interview questions and techniques to help find the right person for each open job.
Hiring new staff takes money, resources, and time. If you follow some of this advice you can help use your resources in a more efficient way and find the most talented people to add to your team.