Hiring the right candidate at the right time is a challenging task at any time. When you’re operating on a tight budget, the challenge becomes even more daunting. However, that does not mean it is impossible to hire top talent on an economical budget. It is imperative to be creative and efficient in your hiring, however. This blog can show you how.
Recruiting on a Tight Budget
The size of an organization is irrelevant as it relates to one keystone truth: no company can afford to spend excessively when identifying and hiring new employees. For any business to be able to turn a profit, it needs to keep costs to a minimum, and that includes the time and money expended by its hiring arm. Salary negotiations notwithstanding, each rejected candidate represents a waste of time and resources.
Is the logical alternative is to settle for the first candidate to come along? To save HR costs, are you willing to risk the cost of employee turnover at a later stage? Of course not! Hiring for success isn’t easy. These tips can help you to accomplish that goal on a limited budget:
- Offering Feasible Benefits
- Leveraging Employee Referrals
- Solidify Your Online Presence
- Hire for Quality, Not Quantity
- Work With a Professional Recruiter
Read on for a closer look at how these tips can help you hire more successfully.
Offering Feasible Benefits
Many small businesses often feel they lack enough cushion in their budgets to attract top-tier talent. A few short decades ago this would have been a solid presumption. These days, the modern millennial workforce places heavy emphasis on the benefits that derive from a role, not simply the salary itself.
In fact, the top priority among most millennial candidates is to achieve a healthy work-life balance. Offering benefits like a flexible work schedule or remote work options do not require you to stretch your budget; they can immediately make you an appealing employer, however, especially in the eyes of a younger workforce.
Related: Setting up New Hires for Success in the First 90 Days
Neither is that the only cost-effective benefit you should be considering. You might attract and retain top-tier talent simply by offering things like membership coupons, gym options, and reward points systems. You might also offer professional development training at a later date. These are all benefits that do not require an unlimited (or even a hefty) budget. For a small business intent on attracting and retaining top talent, this is one of the best ways to appeal to candidates, thereby making them less likely to reject job offers.
Leveraging Employee Referrals
Your existing employees are a significant resource for sourcing better talent. Remember – most of your employees have a professional network that they can draw upon in order to find you the talent you need. Moderate incentivization of referrals goes a long way towards encouraging your employees to leverage their personal networks.
Employee referrals tend to be among the most efficient ways to source talent, in no small part because they are cost-effective and yield a higher quality of candidates. Moreover, consider the fact that nobody is more capable of selling your Employer Value Proposition better than an employee who already works for your organization.
Solidify Your Online Presence
Everyone is aware that millions of businesses sell their products and services online. However, very few businesses understand that digital assets like a website or a social media page are just as efficient at sourcing candidates as they are at boosting sales. These digital assets can attract a qualified talent pool, offering them a closer look at your workplace and culture.
Leveraging your online presence in order to attract top candidates is one of the best and most cost-effective tools at your disposal, especially when hiring for a small business.
Hire for Quality, Not Quantity
Many hiring managers are tempted to cast as wide a net as possible, for the purpose of encouraging as many candidates as possible to apply for an open position. However, this philosophy manifests several glaring problems, especially when recruiting for specialist roles like IT staffing on a budget.
For one thing, the sheer volume of applications can be overwhelming for a small firm. That also means that a quality candidate may slip through the cracks, quickly becoming a missed opportunity and a serious oversight. Instead of trying to build a massive pipeline, your recruiting efforts should be more refined and thoughtful.
Related: Internship Programs and Their Benefits to Employers
Mindful restraint is often a better and more efficient use of limited resources. It allows you to reasonably build relationships with the candidates, and avoid committing prematurely to the wrong hire.
Sometimes, it just isn’t feasible for a small business to manage in-house recruiting on a limited budget. The recruiting function requires considerable time and effort to build up a talent pipeline. At the same time, HR is likely not at the core of your business model, so it makes no sense to divert much-needed resources away from other critical business functions.
It is always a good idea to reach out to a professional staffing agency. These agencies boast professional recruiters with years of experience and extensive candidate databases satisfying multiple disciplines. A staffing partnership helps you find the best-suited candidate for any role as quickly and efficiently as possible, with limited external constraint on your own team.