When you're hiring employees, you're making a long-term investment that can have positive or negative effects on your company for years to come. The right hire can help your company advance, taking advantage of innovation or new technology to improve the way business is conducted. A wrong hire can cost thousands of dollars and hundreds of hours, not to mention making you start the search all over again, LinkedIn reported. In some instances it can cost 30 percent of the position's average salary. That's why it's important to focus on results when making new hires.
One major piece of advice is to take longer during the hiring process, according to Modern Distribution Management. In many cases, it may seem imperative to fill an open position as soon as possible, all the better to keep the business functioning and productive. This approach can easily backfire, however. If the wrong hire is made because of a gung-ho attitude, where an open position is filled by any means necessary, the costs, distractions and toxic environment involved have the potential to be destructive on a long-term basis, with the effects including but not limited to that 30 percent loss. An extra day, week or month of appraising candidates will be much better than seeing an immediate hire flame out early.
That said, if you're having struggles in the hiring process, you shouldn't focus on salary as much as an overall business strategy to draw in potential new hires. While pay is an important piece of the process, it isn't the only tool necessary for hiring. A cohesive market strategy that keeps employees' needs, training and advancements in mind will garner good results. Adding perks like flexibility of schedules or the ability to earn days off will reach the same results and draw in a better applicant base.
It may also be a good idea to search for new employees at lesser-known locations, Business News Daily reported. One example is by hosting an industry-related panel or lecture. Participating in, sponsoring or hosting a panel with your company not only positions you as a public entity with knowledge of the industry in question, but helps you improve the quality of your candidates as well. Members of different industries or leaders of a specific industry speaking together will interest many driven workers, many of whom may be looking for a new opportunity.
Networking events can also be a good way to advertise open positions to candidates and hopefuls. Taking an hour or two out of your day for such an event will help you find many individuals interested in your company. If you can remove some of the stresses of the average job fair by keeping things low-key, you'll likely help your chances more, as the lightened mood will allow for easier conversations.
Modern Distribution Management added that there are a few other ways you can improve the prospects of your hiring attempts. One way to do so is to let the candidate do the talking. As much as the interview is about selling the candidate on the position, you should also take that time to dig into their preferences and ability to succeed in the job. Planning the interview with open- and closed-ended questions will draw better reactions from the market.
It's also a good idea to look at current human resources processes. If there's anything that the company does that can be deemed inefficient or doesn't make sense, changing it can speed along the hiring process or keep good candidates from jumping ship early.