Hiring a new employee means walking a fine line between finding the best possible person for the job and filling the vacancy as rapidly as possible.
While a hiring a rockstar employee adds an invaluable asset to your organization, dragging out the hiring process can cost your business a lot, both in terms of hiring process costs and lost productivity. On the other hand, rushing the process can lead to a situation where nobody, not even the new employee, is happy.
Here are a few suggestions on how to reduce the costs associated with the hiring process, while not sacrificing on the quality of candidates you hire.
1) Leverage your employee networks
Your most valuable recruiting assets are your company’s network and the networks of your own employees.
Ask your workers for referrals even before you official post any job openings. Also, a referral bonus can really encourage your associates to do the recruiting for you.
Furthermore, your company’s applicant tracking system (ATS) should have a repository of past job applicants and employees. By reaching out to these professionals, you are contacting people who already know your company. Past applicants might want to come in for an interview, and former employees might be able to supply you with good referrals.
2) Take advantage of free posting opportunities
There are still a lot of sites out there like Craigslist, where posting a job only costs you time. You can also post about job openings for free on LinkedIn and other social media sites.
Furthermore, there are numerous places “in the real world” where you can advertise job openings, including through local universities and at free job fairs.
3) Get specific in the phone interview
Phone interviews are often used to gauge a potential fit and as a result, can be limited in their capacity to narrow down the field of candidates. By including technical questions and seriously challenging candidates during the phone interview, you can eliminate a lot more people from contention and speed up the process.
4) Hold group interviews
Bringing in multiple applicants for a group interview significantly reduces the amount of time spent on interviews and it will also allow you to see how each applicant functions in a group setting. Similarly, once you’ve refined your hiring options somewhat, attempt to set up second individual interviews that same day. By compressing the interview process, a hiring decision can be made in just a few days, instead of a few weeks.
5) Track your efforts
Integrating metric into your hiring process and tracking results can provide significant insight. For instance, the percentage of interviews to applications allows your organization to figure out quality of applications coming in based on the job posting efforts.
Furthermore, identifying sources of applications allows a business to focus future efforts on those sources. Metrics like these are critical measurements that help gauge return on investment, cost per hire, leading to the creation of better, more agile hiring strategies.
6) Partner with an expert in the field.
At Quanta U.S., we work with our clients’ companies to get them the talent they need at the price point they dictate.