As The Great Resignation continues, you likely will have hiring challenges throughout 2023. Handling inflation will further impact your hiring, onboarding, and training costs.
The longer your jobs remain open, the more productivity you lose. Asking your employees to take on additional tasks decreases engagement and performance.
Having your employees take on job duties, and responsibilities due to a vacancy can lead to burnout. This impacts employee job satisfaction and retention rates.
Fortunately, you can take steps to save on hiring this year. Here are some ways to save when hiring new talent in the new year.
Implement these tips to save on new talent in 2023:
Break Down Your Hiring Costs
Make a list of your hiring expenses. Then, see where you can free up money. Include the following categories:
- Applicant tracking system (ATS) software
- Customer relationship management (CRM) software
- Job board postings
- Social media subscriptions (LinkedIn Recruiter)
- External recruitment fees
- Applicant screening tools
- Interview expenses
- Job assessments
- Background checks
- Onboarding costs
- Training costs
- Special projects (employer branding)
Prioritize Employee Development
Invest in training to upskill your employees. This increases employee engagement, performance, and morale. It also reduces the costs required for external hiring.
Request Employee Referrals
Let your employees know which roles must be filled. Include the job duties, responsibilities, and requirements.
- Your employees likely have connections who fit with your company culture and meet the job requirements.
- Employee referrals typically perform their best and remain long-term because they know someone in the organization.
- You can fast-track the hiring process and bring aboard these referrals.
- Provide your employees a bonus for each referral who gets hired and remains for an established time.
- Bonuses encourage your employees to continue to provide referrals.
- Hiring employee referrals helps lower your hiring costs.
Minimize Your Time to Hire
Spend a minimum amount of time interviewing and hiring employees.
- The best talent typically is off the market within 10 days.
- Taking too long to extend a job offer means your top candidate likely will work for a competitor.
- The less time needed to discuss which candidates to bring aboard, the more likely your first choice will accept your job offer.
Work with a Staffing Firm
Partner with a staffing firm that specializes in your industry. The firm can match you with qualified candidates that fit your goals, needs, and culture. This saves you time and money on hiring.
Need Help Hiring New Talent?
Let Morris Bixby Group know what your needs are for hiring new talent. Talk with us today.