Regardless of the industry you’re in, the hiring process can be costly. In fact, 35 percent of businesses cite expense as the biggest issue associated with talent acquisition, according to LinkedIn’s Global Recruiting Trends 2017 report.
This is especially true if you’re not taking advantage of hiring technology as you seek out top tier talent. Want to cut costs without sacrificing the quality of professionals you’re adding to your team? Consider incorporating tools like video interviewing and scheduling software into your hiring process.
Avoid these common mistakes of wasting money during the hiring process:
Mistake #1: Flying candidates when you’re not sure they’re a good fit.
If you’re still paying to fly candidates out for interviews, it’s likely you’re losing hundreds (if not thousands) of dollars during your hiring process.
Think about the cost you’re paying for airfare, meals, and hotel rooms for candidates. You may be shelling out a significant amount of money on individuals who might not be a good fit for the job.
Instead, try using video interviewing software to save time and money during the early stages of the hiring process.
Adcap Network Systems, for example, discovered that hiring for an open role in their company would normally cost them up to $3,000. However, by using video interviewing technology, they were able to get that cost down to just $49 — all while evaluating more than 500 candidates in a little over a month.
Mistake #2: Posting job descriptions that quickly become outdated.
Paying to post job descriptions should only be used when you are targeting a larger pool of candidates than you’d normally be able to reach. Avoid doing this as you’re posting a job listing that will quickly become outdated.
If you opt to pay to post job ads, make sure they are effective. Verify the description is as detailed as possible, and that it will remain relevant for several weeks, if not longer.
Another alternative might be to use your company’s website, social media, word of mouth or employee referrals to attract job candidates without spending a dime.
Mistake #3: Wasting time and money scheduling dead-end interviews.
There is either enough time or money; never both. You need to conscientious of both when operating on a company budget.
Going back and forth trying to schedule an interview with candidates, can cost your company to lose valuable resources. Instead, use your commodities wisely.
Use software designed for scheduling interviews to take the hassle of scheduling job interviews off of your plate. This allows you to redirect your attention to other parts of the hiring process.
Mistake #4: Not knowing what you need before you begin.
You need to be certain about what you’re looking for in an employee before you begin the hiring process.
What skills should this person have? Who will they report to and work with on a daily basis? What kinds of tasks will they take care of in both the short- and long-term?
For example, you waste time and money if you hire a graphic designer, only to realize you actually need a web designer.
Before having a conversation with a candidate make sure your team is on the same page about who should fill the role. This is true for both face-to-face interviews and video interviews.
There will be some degree of financial investment required to ensure you’re landing top tier talent. However, implementing smart adjustments can help save on resources during the hiring process. Use effective planning and technology to keep the cost of hiring to a minimum.