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4 Ways to Save Money and Time for New Hires

Hiring can be quite the expense. According to a survey by the Society for Human Resource Management (SHRM), the average cost-per-hire for companies is $4,129. That’s a big chunk of money. But not only is hiring expensive, it’s time-consuming as well. The same survey found that it takes an average of 42 days to fill an open position. As we all know, time is money, so this all adds up to a considerable investment in every new employee your organization hires. However, you can make a positive change in your organization by cutting down on the time and money it takes to bring new employees onboard, while still ensuring that you hire qualified candidates who receive the training they need. Want to know how to do this? Just check out these four important methods. 

1. Have a streamlined onboarding process in place. 

When you bring a new employee on to the team, you should do it in an effective, organized way that provides new hires with the tools and skills they need to be successful in their role. Make a chart that maps out the onboarding journey, from when the candidate first accepts the job offer all the way through their training process. You should know exactly what you want from them every step of the way. Let your new hires know what they’ll be doing, and what your expectations for them will be, in the first days, weeks, and months after they start. Have a plan in place, set concrete goals to begin with, and keep your expectations consistent. 

2. Take advantage of technology.

Invest in an applicant tracking system (ATS) that helps you post new jobs, evaluate candidates, and screen their resumes. Some companies that specialize in ATS software offer free trials or demos, so you can try out different systems and see which works best for your organization. Additionally, by combining technology with a well-organized plan in your hiring and screening processes, you can more easily keep new hires informed and respond to their questions. They may ask you, “Does your company have a training program?” or “How long does a background check take?” Using reliable technology, you should be able to quickly respond to these inquiries and give an identical answer every time. 

3. Write an orientation manual.

An orientation manual can prove to be an invaluable tool for both new hires and your organization. It will answer questions and provide guidelines for your new hires, while also saving managers and other more experienced employees the time and hassle of having to answer the same questions over and over again.

The orientation manual should be sent out immediately after making a new hire. In it, include a run-down of all the basic tasks your new employee will be responsible for on a day-to-day basis. Address common problems and issues that arise for employees in that role. Make sure to include the login information for any accounts, devices, or other software they’ll be required to use. 

4. Create a support system. 

Starting a new job can be confusing and stressful, so ensure that your new hires receive the support and leadership they need. If they struggle alone it’s possible for them to waste their own time and drag down the productivity of the company. That’s why you need to create a welcoming environment where new hires aren’t afraid to ask questions and get help. If your company hires multiple people at once, and you as the hiring manager can’t assist them all in their first weeks on the job, consider setting up a peer mentoring program. This not only helps new hires adjust to their role, it also nurtures important professional relationships between your new and more experienced employees. 

Remember that it’s better to retain your current employees rather than having to constantly hire a stream of new workers. And in order to keep people at your organization, you have to treat them well, train them, and support them. Nobody wants to be left to fend for themselves under the weight of new responsibilities. But, by following these methods, you’ll support new hires while saving time and money for everyone involved in the hiring process.