That age-old phrase ‘it takes money to make money’ can be as true now as ever. Even for an established business, what you choose to invest in is crucial, and the investments your company makes when it comes to your employees is so often the difference between success and failure.
If you’re new to the processes of recruiting new staff you might be in for a surprise when it comes to the time, skill and costs involved. In this blog we’re focussing on the last one, costs. What are the costs associated with hiring a new employee? And are there any ways of avoiding them?
- Utilising an external hiring team
Depending on the size of your company, it might not make sense to have an in-house HR department. If this is the case, you’d probably be much better placed to use an external team. This way, you can benefit from the expertise and skill of specialists, without having to use your own team’s resources.
Using a recruitment company of course can come with a price tag. As a business owner, you will need to weigh up if the assurance of quality candidates is worth this cost, try to choose a genuine recruitment partner that reflects the way you would recruit, understands your culture fully enough to make long terms hires that benefit your teams and the candidates careers, and wants to work with you over many years to come. This way any investment can be offset over years rather than weeks or months.
- The cost of training a new employee
Even the most perfectly suited starter will need some level of training. Whether it’s just going through the systems, phones and processes in your office or fully training someone new to the role, you will need to dedicate time to get your new team member up to speed. This time is an investment in future proofing your team, a well inducted, well trained new starter, becomes a loyal employee adding value quicker and for longer than one who feels ‘rushed in’ and undervalued.
- Advertising for a new role
Career events, job boards and forums will all generally have a fee attached to them. This is after you’ve spent the time locating the appropriate platforms from which to target your ideal candidates. Depending on the structure of your business’s website, you could add a ‘Careers’ page, but unless you work for a digital marketing company, just paying the developers to add this page can be costly.
If you choose to use an external hiring team for your recruitment they will come with the added benefit of handling advertising for you.
Would you like to know more about how Nicholas Howard can help save you money on the hidden costs of onboarding a new employee? Get in touch with our expert team today. http://www.nicholashoward.co.uk/contact/