An efficient hiring process can be difficult to perfect. It’s even more of a challenge when you’ve got limited resources to deal with. From budget limitations, to lack of time, to a small hiring team; these obstacles can all be damaging to your hiring process. Especially in an increasingly candidate-driven market.
The U.S. job market is particularly volatile right now, with the China trade conflict continuing to threaten a full-blown global downturn. With broader economic growth beginning to slow, it’s important for businesses to secure the right candidate for their roles and avoid repeating the hiring process unnecessarily.
Smaller businesses that are battling with tighter budgets and lack of resources are likely to feel the effects more keenly. However, a vacant position that goes unfilled for many months is likely to cause big problems for a company of any size.
And in the current economic climate, can you really afford to make mistakes in your hiring process? Smoothing out the problems in your strategy will result in an increase in business productivity, improved employee morale and a better brand reputation. Getting the right person on board really will make a difference to your company.
In light of this, this guide will help you learn how to hire with limited resources and level the playing field. Can’t afford to invest a ton of money into your hiring process? No problem! It’s easier than you think, and you’ll still be able to reel in fantastic candidates.
Develop a Strong Employee Referral Scheme
Every company, no matter what size, should have an employee referral system in place. After all, your existing employees are the best resource you already have for finding new candidates.
They’re able to refer people who they know will mesh well with your company culture, while also providing an honest testimonial to the candidate. This means the potential recruit is less likely to leave further down the line due to unmet expectations.
Moreover, employee referrals are a cost-effective way to hire with limited resources. Sure, you may have to offer a cash incentive to your staff, but you don’t have to bust the bank. In many cases, you can save money this way and most employees will be happy to assist their friends and family in landing a job.
Not to mention that your employees’ contacts will widen your talent pool exponentially. If one employee shares a job vacancy on their LinkedIn network, you’ll automatically be reaching a multitude of potential new candidates. So, can you afford not to have a strong employee referral scheme in place?
Consider Advertising Internally
The dream hires that you’re looking for could be right under your nose, so why not advertise internally first? It could be that a member of your team has been after a new position for ages. It’s worth giving them the chance to apply before offending them by searching externally.
Furthermore, it’ll increase employee loyalty if you’re able to offer them new opportunities internally. Increasing staff retention rates is a more cost-effective and sustainable solution than continually bringing in new team members.
If you decide that you need to post jobs externally, then use job boards to find the best matches for your vacancies. Many of these sites have cost-effective options which take your needs into consideration.
Promote Your Company Culture
A renowned company culture is highly desirable and will go a long way to solidifying your employer brand. When competing against companies with seemingly unlimited resources, promoting your company culture is a great place to start. Salary alone may attract candidates; but isn’t always enough to retain them.
Unfortunately, it’s difficult for candidates to see if they’ll like your company culture before they get settled in. However, it’s not impossible. Candidates will often scour employee review sites before accepting a job, as they want to hear from employees themselves. You can make this easier for them by uploading their testimonials to your careers page.
If you know that your company really hits it out of the park when it comes to rewards and socials, don’t be afraid to ask employees to comment on this! It only needs to be a line or two to add credibility to your claims and encourage more candidates to respond to your job adverts.
Offer Competitive Benefits Packages
Hiring with limited resources doesn’t mean you can’t offer a killer benefits package. In fact, remote working is one of the most important factors in improving employees’ work-life balance right now. 82% of U.S. workers say the ability to work from anywhere, at any time, allows them to maintain a healthy work-life balance.
When you implement remote and flexible working options, you’ll be able to attract more applicants without breaking the bank. Other budget-friendly ideas include dress-down Fridays, birthdays off work, free food and drinks in the office and other retail discounts.
Most importantly, however, is to offer employees training and development opportunities. Ensure that your employees can see a future with your company by helping them gain new skills and increase their market value. You’re bound to improve your retention rates and reduce your need to hire.
Maximize Candidate Experience
As mentioned previously, a salary isn’t everything when it comes to securing candidates. Of course, it’s still a primary factor, but candidates may also measure their future with a company based on their happiness and wellbeing.
If you can offer a great candidate experience, you’ll show why they should choose you over another company. Therefore, the interactions you have with the candidate throughout the hiring process count for more than you might think.
The key to creating a positive candidate experience is honesty. Be upfront about crucial aspects like salary, location and the job role from the onset. Keep the lines of communication open throughout; from inviting the candidate to interview, to telling them the outcome of the process. Even if it’s bad news; it shows that you value their time.
Don’t Let Limited Resources Hold You Back
Learning how to hire with limited resources can be a slow process, but it shows that there’s no need for you to miss out on top talent. Candidates want so much more than just a bumper salary nowadays, so it’s crucial that you can offer the whole package.
Make the most out of your most valuable assets; your current employees and develop a well-rounded benefits package, alongside create a fantastic candidate experience. When you’ve perfected the process for your business, you’ll have no trouble in hiring with limited resources.