According to an SHRM survey on cost-per-hire, companies spend $4,129 every time they hire a new employee. It takes them 42 days to fill the position. If the numbers are higher for your business, you must reduce the time and money spent on finding a new employee. And, if the numbers are better for you, you can always improve them to make optimum use of resources.
Strategies to reduce your Cost-Per-Hire
When it comes to finding the right IT talent, there is a lot of competition in the market. In order to get the best IT candidate, you will have to spend more on compensation and benefits. But, it doesn’t mean that you will have to spend more money on the entire recruitment process. You can always cut down expenses wherever possible, make smarter decisions and streamline the process for better results. Here’s how you can achieve your goal:
1. Know your Requirements
With the constant demand for IT employees, it can be difficult to find the best talent at a short notice. And, if your required skills-set are not set in stone, you may find it to be an impossible task. Understand what skills-set lack in your organization and list down the essential skills that you require the candidate to possess. Constantly making changes to your requirements can increase your cost-per-hire and become an impediment in your search.
2. Optimum Use of Available Resources
You do not need to spend several thousand dollars on advertising the vacancy. You can make use of your company’s website and social media accounts to spread the word. Keep the “career” section of the website update and ensure that the candidates are able to contact you quickly. You can also use your company Facebook page or Twitter handle to announce a job opportunity.
3. Your Current Employees are your Asset
Seek recommendations from your current employees. If they know someone who can fill the position, it will assist you in finishing the recruitment process quickly. So, encourage them to find the right IT talent for your business and reward them with referral bonus. Alternatively, you can consider your current staff for the vacant position. It will help you to create a positive company culture as well as reduce the attrition rate.
4. Streamline the Process
According to the 2016 Candidate Experience Research Report, 47 perfect of candidates had to wait for two or more months for a response from companies. If your potential candidates have to wait for long, they will lose interest in the job and move to other businesses. And, you may have to begin the recruitment process right from the start. So, streamline the process and reduce the decision time. If the candidate seems right for the job, do not hesitate in making a contingent offer.
5. Hire a Reputed IT Staffing Firm
Having a dedicated staffing department is useful for big conglomerates. But, if you are a small business, there is no need to increase your overhead cost. You can always work with IT staffing firms who can expedite the hiring process and find you the right candidate in no time. These firms have a shortlisted pool of candidates who can join you quickly and save your efforts in finding the perfect IT professional with the right skills-set.
Make the Right Hiring Decision at a Reduced Cost
When you want to hire an IT candidate for your business, think of ways to reduce the cost-per-hire as well as the time-per-hire. But, it doesn’t mean you have to shift your focus towards the hiring process. It may affect your business and take a toll on the profitability. Instead, seek help of a reputed IT staffing firm and assign them the responsibility of finding you the right fit.
Find an IT staffing firm with a large pool of pre-screened candidates to join your business immediately. Get in touch with a local reputed IT staffing firm to find the right IT professionals for your business.