Finding the Right Candidate at the Right Price
Hiring new employees is expensive. If you’re a small business, you most likely can’t afford to spend months on end looking for the perfect candidate to fill a vacant role. In fact, studies have found that it costs an average U.S. company around $4,129 to hire a new employee, and 42 days to fill that role. That’s a lot of time and money, especially if you’re a small startup with a team of only a dozen or so candidates. And, you don’t want to spend all that effort just to find out the employee you hired is a bad fit.
To ensure you’re getting the most bang for your buck, you need to know how to actively seek the perfect candidate at the right price. Below, we’ll go over tips and tricks to finding the perfect candidate without putting a hole in your budget. Take a look!
Post a detailed job description
First and foremost, post a detailed job description that clearly outlines the responsibilities, duties, and qualifications a candidate can expect if they were to land the position. A vague job description will flood your inbox with hundreds of unqualified applicants. A detailed job description, on the other hand, will allow candidates to determine for themselves whether or not they fit the bill, which will save you time reviewing applications and money.
When you post a job ad on a listing site like LinkedIn, ZipRecruiter, or Monster, you have to pay a job board fee, which can be costly. For example, LinkedIn uses a pay-per-click model, where you have to pay anywhere between $1.20 and $1.50 per click on your job listing. ZipRecruiter and Monster use different models, where ZipRecruiter charges $249 for keeping three listings up for one month, and Monster charges $275 for 60 days and $395 for 90 days for one position.
If your job description is clear and articulate, you can keep your job listing on a job board for a shorter amount of time and find a qualified candidate, which will save you money in the long run. Some key components to a thorough job description include:
- Job summary that provides an overview of the role
- Responsibilities the employee can expect on a day-to-day basis
- Duties that the employee is expected to perform in their role
- Qualifications the employee needs for the role
- Resume and cover letter attachment
Conduct a background check
Once you start receiving applications, you’ll be spending time reviewing and reading each one to decide who comes in for an interview. Before you waste time, money, and resources bringing candidates in for interviews, conduct a background check to ensure each applicant is who they say they are. Background checks cost anywhere between $30 and upward of $60 or more. The total cost depends on how much information you’d like to uncover.
A background check can unveil some important information about a candidate, such as:
- Criminal history
- Credit report
- Employment history
- Previous addresses
- Social Security verification
Conducting a background check is a great preventative measure to take when hiring new employees. After all, you wouldn’t want to hire a new cashier who was charged with theft or an accountant who has a poor credit score. Nor would you want an unruly employee who can create a dangerous work environment when they’re on the job.
Allow teams to partake in interviews
Once you do bring in applicants for in-person or video interviews, allow your entire team to partake in the interview process. They’ll be able to ask each candidate questions they care about to determine whether they’d integrate well with the group. You’ll also be able to get additional insight on each candidate’s working style, qualifications, and past experiences that can help them transition into the role. You want to make sure the employee you hire will be productive at work, add value, and help bring your company to the next level.
Create a seamless onboarding process
Now that you’ve sent an offer letter and a candidate accepted, you want to make sure you have a seamless onboarding process in place. On average, it takes an employee anywhere between 8 and 26 weeks to fully integrate into their role and achieve full productivity. The longer this lasts, the more money you’ll be losing, which is why you want to help them transition into their role as fast as possible to avoid wasting excess money. So, create an in-depth training manual, train current employees to train new employees, and teach them about the ins and outs of how your company operates.
Finding the right candidate for the right price can be a long and arduous process. However, with these tips and tricks at hand, you’ll find the perfect employee for your team without spending an arm and a leg.
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