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Hire More and Spend Less in 2016

Posted by Eric Friedman

hire more and spend less eskill

As the economy continues to improve, more companies are increasing their business activity while hiring additional employees to keep up production. While this is great news for companies’ bottom lines, it doesn’t necessarily mean that they are increasing their hiring budgets. In fact, many companies want (nay, need) to hire more employees, but they want to keep their hiring budgets low. How can companies hire more yet spend less on hiring?

Here are 5 ways you can help your company to hire more and spend less in 2016:

  1. Prioritize your company’s hiring needs
    It is essential to keep communication open between company members who are responsible for hiring and those who will be managing the hires. Usually, there are some jobs that are more important to fill first due to an immediate need. Understanding the company’s goals and prioritizing the jobs that need to be filled will allow you to plan where to allocate your time and resources appropriately.
  2. Use technology and recruiting tools
    The phrase “work smarter, not harder” also applies to recruiting. Using technology like pre-employment skills assessments can dramatically reduce the amount of worker-hours spent on recruiting. By properly vetting potential candidates from the beginning of the process, you can narrow down the talent pool and focus your efforts on candidates who show the best potential. Although implementing these tools may cost a little up front, you’ll end up saving more money in the end through better retention.
  3. Make sure your recruiters are sharing
    Recruiters usually have specific jobs that they are responsible for filling. They spend time drafting the position description, reviewing resumes, and contacting candidates for interviews. They also spend hours talking to candidates that end up not being right for the job. However, just because a candidate isn’t a good fit for one job doesn’t mean he or she is not perfect for another job within the company. Make sure your recruiters are sharing information about the different candidates they review. Interdepartmental collaboration can save significant time and money by preventing duplicate efforts.
  4. Craft a strong brand to attract high-quality employees
    The responsibility of hiring quality employees does not have to fall solely on a company’s recruiters. Potential candidates usually have developed an opinion about your company before they even apply. Make sure you work with your marketing department to help them strengthen the company’s brand for applicants. High-quality candidates want to work for a company with a recognizable name and a stellar reputation.
  5. Build a solid company-referral program
    Current employees are one of the most useful recruiting tools that a company has. Don’t overlook employee input or take your employees for granted. They are valuable assets that can bring top candidates to work for your company. Consider establishing an employee-referral program as an affordable way to recruit high-quality candidates and to reward your current employees for their efforts.

With the economy expected to continue improving in 2016, next year will be busy for recruiters. No need to panic – there are ways to hire more efficiently without shelling out extra money. Planning ahead, having open communication, and using recruiting tools can facilitate significant business success for your organization.

What other ways allow companies to save money while hiring more employees?

Beating the Odds

Hiring employees is only the first step on the way to building a strong and engaged workforce. Employee retention is critical to a successful business, since you cannot achieve your goals without experienced and qualified staff. Retaining the best talent is a real challenge today, and one that requires a complex and careful approach.

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About Eric Friedman

Author

Eric Friedman is the founder and CEO of eSkill Corporation, a leading provider of Web-based skills testing for pre-employment and training. With academic degrees in Psychology and Business, and experience with both mature and expansion-stage company growth, Eric has focused on how best to hire and motivate team members to be the best they can be for their companies.

3 COMMENTS Join the discussion
  • Rachel A. January, 04, 2015

    We use the existing workforce too little for the potential they have. They know the culture, and the people they refer to HR departments could be a match in behavior and knowledge. 

  • Kayla M. December, 21, 2015

    HR needs to adapt to the world of candidates, which is an online world. Building a hiring brand is a must these days, and so is getting your existing employees involved in the hiring process. Skill assessments are a fast and fair way to test candidates, and sharing between recruiters will assure you won’t lose any great potential employees.

  • Katherine S. December, 23, 2015

    Thank you for the article, I think all your points are valid, and they focus HR’s attention on the right things that need to be done for 2016. No one can deny the power of an online presence, or the fact that skills assessment is one of the best ways to reduce time and cost for recruiters. 

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Guest December, 23, 2015