Bringing down hiring cost: Increasing your hiring speed

You could quickly reduce hiring costs by refining the process, and we all know how important it is!

June 19, 2024

According to the Society for Human Resource Management (SHRM), the average cost-per-hire is $4,129, while the average time it takes to fill a given position is an astonishing 42-days.

You could quickly reduce hiring costs by refining the process, and we all know how important it is to recruit top talent overall.

What happens when hiring employees takes a long time, and hiring freelancers through traditional means takes even longer? And what if hiring skilled workers could be a quick, painless process?

Avoid losing your mind over how long it takes to onboard talent

It can take several weeks to months to find and onboard freelancers and up to 3-months to source, hire, and onboard full-time workers, and this doesn't even factor in the time it takes to recruit the talent to begin with.

Worksome offers one database to house your vetted freelance talent, a marketplace to source from when you're in need and lowers onboarding times from weeks to days.

We also recommend worker classification so that you can compliantly hire and leave behind worries of misclassification lawsuits. Worker classification can take weeks to complete but can be done in minutes with Worksome classify, which speeds up the onboarding process.

For more information about cases of worker misclassification, read “Cases of worker classification going horribly wrong - Lawsuits and settlements”.

We satisfy your need for compliance, contractor management and, overall, can save you money by optimizing the speed of time to hire and onboard.  

Optimize your sourcing so that when you are ready to onboard, you can do so quickly

So, you've decided to hire a bright new worker! Now, you are tasked with quickly finding the best candidate available and deciding whether or not the position will be freelance or full-time.

If you don't know yet, don't worry because Worksome can help recommend accurate worker classification when the time comes.

Recruiters seek to improve the most critical metrics, their cost-per-hire, candidate quality, long-term retention, and other key performance metrics.  

Tracking your cost-per-hire will help you better understand your recruiting initiatives' performance and minimize your expenses across the board.

There is a delicate balance between recruiters and hiring managers on a strict budget between minimizing your cost-per-hire and getting the most out of your resources. Here are some ways you can start cutting back on cost-per-hire and still maximize the results of your recruiting efforts.

Are you trying to measure your return on investment? Take Worksome's ROI calculator for a spin. Companies using Worksome see substantial savings every year by automating payments, contracts, and billing.

Use the calculator to understand the current cost of your freelancer hiring process and calculate your potential savings using Worksome.

Drive down cost and speed of hiring with social media

Social media serves a massive purpose in all of our lives. Try to link job postings on all your social media channels like LinkedIn, Facebook, Twitter, and even Instagram and Snapchat.

Social media allows you to showcase your employer's brand and recruitment process.

The cost of advertising on job boards can quickly multiply, so tapping into talent communities, and keeping consistent interaction with them even when you're not hiring, can be helpful.

Another way to source talent is to target passive job-seekers by providing an opt-in form on your careers page that allows interested parties to make general inquiries about being updated on job openings.

Hasten the interview process by conducting video interviews

Conducting video interviews can reduce the cost of flights, lodging, and meals, which can add up quickly. Using a video interviewing platform can significantly speed up candidate selection while saving some costs associated with screening candidates.

Yes, interviewing people face-to-face is always ideal, but not always practical. Free options include Zoom and Google Meet.

Leverage your employees and their communities to find better talent for less - Create an ideal candidate persona

You should know exactly what background and experience you want to hire from. Paint a picture of the perfect candidate you want to interview, and ask yourself which relevant personality traits would best serve your purposes.

Engage talent communities on platforms like Linkedin and ensure your reviews on Glassdoor are accurate. Encourage the people already in your organization to contribute to your Glassdoor ratings, and as new positions become available, ask them to share them with their friends and family.

Your employees already understand the work ethic and attitude it takes to succeed in your workforce. You can reduce the cost-per-hire by engaging your already-employed talent to refer friends, family, and alumni network.

You can get creative with your advocacy incentives instead of the typical practice of offering a bonus by providing special recognition, discounts, prizes, cash, and non-cash rewards such as free parking or extra PTO to motivate employees to give referrals.

Dodge the consequences of poor hiring and hire the right person, to begin with.

Poor recruitment decisions and a bad hire can have long-term implications for any organization, and fixing an underperforming employee can take time.

Organizations must take all reasonable steps to avoid making hiring mistakes. Don't hesitate to look at candidates' work history, and if you have chosen to go the freelance route, sign up for a demonstration of our freelance management system.

Look for consistent patterns that bad hires display, like missing deadlines, falling out with colleagues, ignoring the company mission and values, and general bad reports among senior staffers.

If you've made bad hires before, think back to when you interviewed them and note some of the signs you might have missed or ignored.

Hiring freelancers can be the key to satisfying company needs, especially if hiring full-timers isn't in scope.

With tools like Worksome, you don't have to turn to the traditional but lengthy process of hiring full-time workers or trying to manage freelancers on your own. Improve your hiring practices and management systems, and then your cost is naturally reduced.  

You can compliantly source and manage top-notch freelance talent, quickly onboard them, and save money doing it with Worksome.

Looking for more ways to bring down cost? Checkout, "10 Ways freelancers can help your business."