When it comes to hiring and onboarding new employees, the costs aren’t just monetary. The whole process takes time and energy. Hiring managers need time to meet with potential candidates. HR needs time to get the paperwork together. The company has to spend money to list jobs and print documents. The company may also have to splurge to bring in out of state applicants for interviews. They may also pay overtime to employees trying to make up for the loss of their previous employee or the time required to meet with all of the candidates.
Once a candidate is hired, the company needs to shell out more money. Money goes into benefits and supplies for the candidate. Time is committed to training. The new hire may end up costing the company more money in the beginning, if mistakes are made while the candidate is learning. It will take time for the candidate to take on all their new responsibilities too. This may require other staff to make up for the work.
After going through all of this, it’s then imperative that the candidate sticks around for a while. But, if the candidate finds it’s not the right fit or they locate something they like better in the meantime, they may not stay with your company very long. This could mean all of that time and money go down the drain.
To help you reduce costs and free up your precious time, there are two ways you can approach this. First, you can find ways to streamline the hiring and onboarding process. Paperwork could be made accessible to new hires digitally and you can ask candidates to bring it with them on their first day. This could reduce the time spent processing these files in person. Second, you could run a more thorough hiring process to help ensure you hire candidates that are the right fit for the job and your company culture. You could also skip the hiring process altogether.
Instead of hiring more full-time workers, you could hire virtual assistants. This type of labor is more flexible and allows you to get jobs done with more immediacy. You don’t have to pay for benefits or go through the headache of hiring and onboarding, nor do you have to worry about retaining talent. It’s a great solution for helping save a business time and money. If you’d like to learn more, contact us at Cordatus Resource Group. We’d love to assist you!