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Five Ways to Reduce Hiring Costs
Safari Solutions Newsletter February 2007, Volume #31
What does it cost to hire employees? Unlike large companies, smaller companies may not know their “cost per hire.” Read on to learn what you should expect and how to control your costs!
Ann Clifford
Dos and Don'ts
Can you check a candidate’s credit history without their knowledge?
See answer provided below.
Cost-to-Hire: Are You Prepared?
According to a recent survey by the Employment Management Association, the average cost of hire for a non-exempt position is $10,000! The cost is much greater for senior level exempt positions. And, perhaps three times greater if contingency search fees are involved. When hiring new staff members, the first cost that comes to mind is often salary or benefits. However, don’t forget to also budget for the costs related to the hiring process.
Keys to Reduce Hiring Costs
Quality hiring that reduces turnover is essential to controlling your recruiting costs. Strengthening key areas of your hiring process can improve the quality of your hire, decrease turnover, and thus, reduce your hiring costs.
Safari Interview Tip
Discuss compensation early in your interview process and revisit the issue often as you continue your talks. Ask, “How much do you need for this career move to make sense for you?” Be honest with the candidate about your own budget for the position. If your expectations don’t match up, move on to other candidates!
Safari Success Story
Single Source Systems, an ERP software firm, hired 16 people with Safari Solutions assistance in the past 18 months, ranging from an Accounting Assistant to the VP of Sales. Their cost was less than $3,000 per hire!
Did You Know
Monster and CareerBuilder have increased their prices for single postings. A CareerBuilder posting costs $419 and Monster’s cost is $475! Receive a 20- 25% discount by purchasing job postings when through Safari Solutions.
Safari Quiz
What is one of the most cost-effective ways to reduce overall hiring expenses?
Answer to Today's Dos and Don'ts
Can you check a candidate’s credit history without their knowledge?
Federal regulations require a signed release form from the candidate prior to conducting a credit report. You must also have a signed statement that you made them aware of their rights. These rights include a copy of their credit check and ability to dispute the findings. If you are not up to date on the regulations, consider outsourcing this important function.
(Source: Allison Witmeier, HR Consultant, Safari Solutions)
What does it cost to hire employees? Unlike large companies, smaller companies may not know their “cost per hire.” Read on to learn what you should expect and how to control your costs!
Ann Clifford
Dos and Don'ts
Can you check a candidate’s credit history without their knowledge?
See answer provided below.
Cost-to-Hire: Are You Prepared?
According to a recent survey by the Employment Management Association, the average cost of hire for a non-exempt position is $10,000! The cost is much greater for senior level exempt positions. And, perhaps three times greater if contingency search fees are involved. When hiring new staff members, the first cost that comes to mind is often salary or benefits. However, don’t forget to also budget for the costs related to the hiring process.
Don’t overlook these hiring costs:(By Allison Witmeier, Safari Solutions, HR Consultant)
Internal hiring manager’s time Advertising Travel Assessments/testing Third party recruiting services
Keys to Reduce Hiring Costs
Quality hiring that reduces turnover is essential to controlling your recruiting costs. Strengthening key areas of your hiring process can improve the quality of your hire, decrease turnover, and thus, reduce your hiring costs.
Easy ideas to implement include:(By Janine Shockley, HR Consultant, Safari Solutions)Conduct in-depth due diligence throughout the interview process. Attract passive candidates through a robust career site. Promote employee referral programs. Draft ads with the candidates’ interests in mind. Implement new hire “onboarding” or training programs.
Safari Interview Tip
Discuss compensation early in your interview process and revisit the issue often as you continue your talks. Ask, “How much do you need for this career move to make sense for you?” Be honest with the candidate about your own budget for the position. If your expectations don’t match up, move on to other candidates!
Safari Success Story
Single Source Systems, an ERP software firm, hired 16 people with Safari Solutions assistance in the past 18 months, ranging from an Accounting Assistant to the VP of Sales. Their cost was less than $3,000 per hire!
Did You Know
Monster and CareerBuilder have increased their prices for single postings. A CareerBuilder posting costs $419 and Monster’s cost is $475! Receive a 20- 25% discount by purchasing job postings when through Safari Solutions.
Safari Quiz
What is one of the most cost-effective ways to reduce overall hiring expenses?
A. Reduce AdvertisingClick Here for the Answer.
B. Avoid Hiring Mistakes with Reference Checks
C. Interview Fewer Candidates
D. Hire Passive Candidates
Answer to Today's Dos and Don'ts
Can you check a candidate’s credit history without their knowledge?
Federal regulations require a signed release form from the candidate prior to conducting a credit report. You must also have a signed statement that you made them aware of their rights. These rights include a copy of their credit check and ability to dispute the findings. If you are not up to date on the regulations, consider outsourcing this important function.
(Source: Allison Witmeier, HR Consultant, Safari Solutions)
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