When the budget is tight (as it often is) hiring staff can pose a pricey investment for companies who can’t afford to make a mistake. Luckily though there are some of pocket-friendly methods to find top talent, at minimal cost. Here are our top 5 tips for recruiting on a budget:
1. Word of Mouth
When a position opens one of the best budget methods to fill the spot (with the right person) is via your own employees. Firstly, it may be that someone is willing to climb the ladder and fill the position themselves, leaving a less demanding spot for you as an employer to fill. However, when internal recruitment isn’t an option, spreading the word via your staff can rapidly generate interest.
Lots of companies offer bonus incentives to staff who actively recruit new members. This might seem scary when you’re recruiting on a budget, but you can bet that it costs a lot less than the fee of a professional recruiter. Plus your chances of finding someone who will fit into the team personality-wise are dramatically increased, all that’s left for you is to access their skills and experience.
2. Try Something New
Approaching your clients or suppliers for new recruits may seem like unconventional but sometimes it pays to think outside the box. Your business associates could be your answer to a budget hire, after all they know you and your business and are likely to have contacts that will fit to your company.
Also, it pays to keep an eye out for hidden potential wherever you go – that exceptionally friendly hotelier may well be your next customer service genius. Keep in mind that many skills can be taught on the job, the right attitude is much harder to find.
3. Make the Most of Social Recruiting
According to a recent Jobvite survey 73% of US employers have successfully hired a candidate through social networking. 43% of recruiters who use social recruiting saw an increase in candidate quality and 31% of recruiters using social media have seen a sustained increase in employee referrals. The best part, it’s all free.
Twitter, Facebook, LinkedIn etc are excellent ways of recruiting on a budget. The only thing it will cost you is the time you put into making the most of these platforms (significantly less than the cost of a professional recruiter). See our overview on Social Recruiting for more info on the topic.
4. Low Cost Recruiting Solutions
If you do decide to opt for a more classic approach and advertise via job boards, consider using low cost recruitment software to make the most of it. Most companies offer free trials to employers interested in using the software, which can be handy if your recruiting on a budget.
If you decide to go ahead and buy the software it can save you money in the long run – asides from optimizing your entire recruiting process most recruitment softwares allow you multi post to mainstream job boards at a discount – handy, when the average price of one posting on mainstream boards such as Monster is around $200 – $300.
5. Internships
Hiring an intern to work for your company can be one of the most cost effective ways to recruit bright young talent into the company at very little cost. There are many students and recent graduates who may not have much experience but are very willing to learn.
Interns are great budget hires are they’re low cost, and generally very bright and talented individuals with a lot to offer the company. Following a period of 3-4 months it is standard practice to then hire or dismiss the intern on valid grounds. Paying minimum wage, or at least expenses is considered decent however some companies do only offer unpaid internships in exchange for work experience.
Any tips or suggestions for recruiting on a budget? We’d love to hear your thoughts, please leave your comments below.
Image Reference – Flickr, Maclufus
