Finding and retaining great talent can be a tough, expensive proposition for a small business. Whether you handle your recruiting yourself or go through a staffing agency, costs add up quickly. How can you recruit the best talent to your team without breaking your budget?
Hiring a new employee can be very pricey to the tune of 16% of the previous employee’s yearly salary. If you aren’t careful and exact in your recruiting process, you can end up spending even more. It’s worth taking the time to be as clear as possible about the requirements for potential candidates so you hire the right person the first time. You can also cut costs by using the free recruiting resources available to you. One of the best of these is your existing network. Ask your current employees to post job openings to their social media pages. Encourage them to recruit friends and former colleagues by offering a referral bonus. This will help bring in qualified candidates at little cost to you. Sites like LinkedIn, Indeed, and more are also great free recruiting tools. If you do decide to put money into recruiting, be sure to make it count. Do your research and discover where your top candidates spend their time, be it LinkedIn or sites like CareerBuilder and Monster. By taking your time and being thorough, you can hire the right person without spending all of your cash!
Read the full article here: 5 Ways to Cut Down the Cost of Recruiting