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3 Ways to Reduce the Cost of Hiring & Increase Your Bottom Line

Boosting the bottom line is always top of mind for business leaders, however when it comes down to exploring solutions–the answers typically fall on revenue lines, such as how to acquire more customers and close more sales. That is all certainly true, but sometimes it’s possible to revitalize your bottom line with simple ideas that help control costs and enhance productivity. 

The cost to hire a new employee is often an overlooked number, as it’s more than just the salary and benefits your company offers. It’s a culmination of multiple resources including: advertising open positions, attending job fairs, investing in technology, time your own staff spends on the hiring process, and even lost productivity the business experiences while a position remains open. 

There are a few very simple things you can do to reduce your time, resources, and ultimately your total hiring cost, by improving your overall approach to hiring. 

Start with Job Descriptions 

Ensure you have an accurate job description for the role you are trying to fill. This seems like a no-brainer, but you’d be surprised how many hiring managers use a “copy and paste” description for their open roles. Make sure your description covers the duties and responsibilities of the role, as well as required experience. The right job description should both attract top candidates and get them excited about working for your company—think of your job description as an advertisement for your position. All of this takes some extra time upfront, but in the long run will help ensure the right people are applying for the position and will reduce the number of unqualified resumes to sift through. 

Pro tip: Don’t wait for a position to open to develop the job description, have a handful of key positions pre-madeTake an hour every quarter to keep them updated and fresh, so they are ready to go when needed. 

Leverage Video Technology for Screening 

The cost of hiring an employee can greatly rise when you spend time interviewing multiple candidates who look great on paper but fail to hit the mark in person. Video technology has come a long way; adding in a video screen is a simple step that can help weed out any candidates who are underqualified or missing a particular quality or skill the role requires.  

Pro-tip: Set up a standard 10- or 15-minute screening process before anyone is considered for a face-to-face interview. This can even be done by an admin or third-party staffing firm, who understand the role you’re trying to fill. 

Re-evaluate Your Staffing Resources 

One of the largest hiring costs that will impact your company’s bottom line is the cost of a bad hire. When an employee doesn’t work out it can cause delays on existing projects, postponement of initiatives, not to mention the time spent on training and the possible down spiral of employee morale. When a new hire doesn’t work out, take inventory of your options. There are plenty of great resources out there to ease the process and lessen the chances of a bad hire. 

Pro-tip: Many employers leverage a professional staffing agency to help lower the upfront costs that come with recruiting and increase the chances of a successful employment contract. Per Se Group’s team consists of industry experts, with a network of available contractors at our fingertips. 

We offer diversified staffing services to help attract and retain qualified employees—contact us today to set up a quick phone conversation