How to Save Money When You’re Hiring

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One of the most stressful expenses is business is the hiring process. Time is money, as they say, and all the time you spend reading job applications or doing interviews is money that gets siphoned from your business. That’s why most business owners want to get through the hiring process as soon as possible.

But you can’t afford to get sloppy. Hiring the wrong employee could lead to even worse financial loss for you company. So how can you save money when you’re hiring, while also making sure that you’re hiring the best employees?

Here are some tips and tricks you can use to make it through the hiring process without breaking the bank.

Use Job Boards

Online job boards are your best friend. Hiring websites like Indeed or Linkedin make it easy for you to advertise your open position to thousands—if not millions—of qualified candidates. What’s great about these job boards is that they organize all the submitted resumes for you and make it easy for you to compare candidates.

You’re also able to weed out applicants who don’t meet the minimum qualifications for the job. For example, Indeed allows you to set “minimum job requirements” that applicants must have on their resumes. It’s a good way to make sure that the resumes you receive are truly from the best candidates.

Great employees usually have a strong network of business professionals, and with Linkedin, you can actually see who your job prospects are connected with. This helps you find candidates who are truly above the pack.

Outsource Your Background Checks

Running background checks can drastically increase the length of your hiring process, but it’s a necessary step that you can’t neglect. You can save considerable time and money by hiring the service of a company that specializes in running background checks. By using an external contractor, you’ll be able to lift some of the workload off your shoulders. With the right company, you’ll have a very low background check cost, and the long-term benefits far outweigh the upfront investment.

Streamline Onboarding Process

As a business owner, you probably have a lot on your plate as it is. Taking time from your work day to onboard new employees can zap your momentum. Make sure your onboarding process is as streamlined as it can be. Cover all the essentials in a manual that can be easily referenced by your new employee. Digitize the manual so you can email it to your new employee as soon as they’ve accepted your job offer.

Hire Multiple Employees at Same Time

Try and hire multiple employees in the same hiring period, if possible. There’s lots of benefits to this. First, you’ll spare yourself the tedium of conducting two different hiring processes. If you’re going to spend your lunch break sorting through resumes and doing interviews, you might as well vet multiple candidates for multiple open positions. You’ll probably receive resumes from several strong candidates, anyway. You’d also be able to onboard both employees at the same time, which will save you additional money.

Some companies can’t hire two employees simultaneously because they don’t have the immediate funds to do so. If that’s the case, consider delaying the start date for one or more of the positions. Obviously, your prospective employee would have to be okay with not starting immediately. You’d have to onboard that new employee separately, but at least you’ll have all the interviewing out of the way.

Schedule Your Hiring Process

When one of your employees quits or is fired unexpectedly, it may force you to expedite your hiring process. But you can save time and money by scheduling out your hiring process over a greater span of time. Ideally, you should wait 2-3 weeks or even a month after you make your job posting to start interviewing. You need to give it a little time for the best candidates to notice your job posting and submit their resumes. If you hire too soon after the job posting is made, you might miss out on the best possible candidates that are yet to apply. Again, hiring the wrong person for the job could cost your business quite a bit of money, so don’t rush if you don’t have to.

Integrate Training with All Employees

You’re going to have to train your new employees. Why not train them alongside your current employees? You can always have employees brush up on the basics or learn new skills. Plan these training sessions for when your new employees are onboarding. It’ll help the new employees learn how to do the job, and it’ll make veteran employees even better at their work.

Hiring will always be a stressful process, but it doesn’t have to be so expensive. Just remember that time is money, and use the aforementioned practices to cut back costs.