Hiring employees is very costly. In fact, Indeed.com states that companies can spend upwards of $20,000 on one hire. That’s a lot of money. So it better be the right fit!

Yes, you guessed it – we’re talking about cost-effective interviewing techniques to help us identify the perfect candidates without draining our resources. Be as efficient as possible while making your dollar go even further.

Leverage Video Interviews: Thanks to modern technology, we can now connect with potential candidates from all corners of the world without hopping on a plane (And, thanks to the 2020 pandemic, most of the population is accustomed to video conferencing). Video interviews save time and money, allowing you to screen multiple candidates efficiently on minimal resources. Plus, it gives you a chance to assess their communication skills and see if they’re a good cultural fit for your company.

Be as efficient as possible while making your dollar go even further.

Utilize Social Media and Online Platforms: In this digital era, social media and online job platforms are your best friends when it comes to finding talent. Not just LinkedIn but Facebook, Instagram, and Twitter have become beacons of employment opportunities. They provide a cost-effective way to reach a vast pool of candidates. And these platforms offer targeted advertising options, ensuring your job posting reaches the right employee pool.

Go for Group Interviews: Why not make the most out of your time and resources by conducting group interviews? Invite multiple candidates for a session, and observe how they interact with each other. Group interviews give you a glimpse of how they perform in a team setting and how they handle various personalities. Plus, you get to see their communication and leadership skills in action.

Tap into Employee Referrals: Your current employees can be your most potent recruiting allies. Encourage them to refer potential candidates from their networks. Employee referrals not only widen your talent pool but also tend to result in hires that align better with your company culture. Literally, your employees are conducting preliminary interviews for you without you doing anything. And the best part? It’s often a cost-effective approach that comes with a high success rate.

Don’t forget to incentivize it, though. If a referral is hired, then make it worth the employee’s time to recruit on your behalf.

Your current employees can be your most potent recruiting allies

Behavioral-Based Questions: Instead of relying solely on hypothetical questions, use behavioral-based questions during interviews. Ask candidates to share real-life examples of how they handled specific situations in their past roles. This approach gives you insights into their problem-solving abilities and how they deal with challenges, helping you assess their fit for your team. If there is time, give them specific problems and gauge how they would approach the challenge.

Consider Virtual Job Fairs: Virtual job fairs are the new frontier of recruiting. They allow you to connect with numerous candidates in a short period without the expenses associated with physical job fairs. These online events often have pre-scheduled time slots for interviews, making the process organized and efficient. Get the word out in local advertising and online social media. And watch your next top candidates show up in your schedule.

Did you know that 41% job seekers search for jobs from the comfort of their bed?

Internship-to-Hire Programs: If you have the bandwidth, consider setting up internship-to-hire programs. This initiative allows you to assess potential candidates while they work with your team. Your building culture into an employee before bringing them fully to the team. By the end of the internship, you’ll have a clear picture of their skills, work ethic, and how well they integrate with your company culture.

It’s a simple list but a good beginning to save on the cost of hiring employees. Remember, it’s not just about skills; it’s about finding candidates who align with your company’s values and vision. 

If you get stuck or need some help working through the process, we’re here to help. And we’re excellent at it, too.

Until next time…

The HR Lady