The cost of hiring new employees can take a high toll on a company’s overall expenses. However, with correct management, recruitment costs can be properly distributed and even reduced. Cutting down on recruitment costs for your franchise requires executing the right strategy for your business.
Assess Your Costs
Before you decide where to cut spending, you’ll have to determine how much employee recruitment is actually costing your company. Take a look at both your direct costs, like turnover, advertising fees and processing fees, and your indirect costs, like additional training fees or loss of business during a position vacancy. Another fee that can cause a dent in your recruitment spending is interviewing costs. Traveling to visit interviewees or paying for them to visit you can start to rack up the recruitment bill.
How to Spend Less
- Preserve Time
Timeliness is the key to spending less money in any forum. However, you must have an idea of the best candidate already in mind for your franchise so you don’t waste time shopping around. Furthermore, the process will be much quicker if the majority of your interviewees accept the job. The hiring manager should be deciding early on which candidates they’ll be offering jobs to and what exactly the offer entails.
- Social Networking
Social media is also an efficient and helpful resource for recruiting and networking. Not only is it relatively low in cost, it’s also an excellent way to connect with potential employees. Over 73 percent of companies have made a successful hire through the use of social networking. Marketing your open positions through social media is also a great way to grab the attention of aspiring candidates. Through the use of marketing, you’ll be able to reach multiple potential employees at once.
- Employee Referral Program
Employee referral programs encourage your current employees to recommend potential candidates from their existing personal networks. Having your employees share the job post link on their social media sites in exchange for some type of small monetary incentive (e.g. bonuses, gift cards, etc.) can oftentimes lead to quality, cost-effective hires. If your employees refer new candidates, it is not only a great way to cut costs, but it can also make your chances of finding candidates you can trust and feel good about hiring even higher.
Hiring Smart From the Get Go
In any case, wagering your options and hiring the best candidates to fit the position will ultimately save your franchise money by avoiding costs through employee retention. This starts with the proper strategies for hiring seasoned employees who will bring in more business to your franchise while being satisfied with the culture and values of your brand.
There are several ways to cut down on recruitment costs. However, by creating a loyal staff of employees and a positive work environment, you’ll keep your positions steadily filled and avoid recruitment costs overall.
Want to spend less on your franchise’s hiring processes? Take advantage of these recruiting and hiring tips by downloading the free guide below!