A recent survey says that about 52% of employers SMBs are facing problems like labor quality, and 76% of recruiters and the hiring managers say getting or even attracting the desired or top candidates is the primary challenge in the process. Business could be of any size, what runs it are the people who work with them. For SMBs or small-medium businesses or more about small ones, hiring in the budget yet getting the right talent is a pain point.
Considering today’s highly competitive job market, reaching to and hiring the right talent is a daunting process for many HR managers. It’s not about the qualified candidates, they may be available, what hinders them is the budget constraint which kills the limit hiring opportunities further making it difficult for businesses to grow as desired.
Many small businesses and start-ups are bound to operate with limited budgets, which is a struggle in itself because hiring in low-budget implies compromising with quality and this scheme will never let you grow and hence impacts the retention. In case you get some top talent, they would always be more eager to work with prominent companies with deeper pockets. How could a small business get the right talent in their budget, is defined by the process they undertake, the one designed by our experts, is discussed below.
Simple Steps For Hiring In A Budget
As a part of my job, I have interviewed many employers who are founders and co-owns the company at the same time. What I have observed is that until the owner/founder is directly involved in hiring/management/salaries, they are not ready to build a company, because they are not ready to trust in the first place, which hinders them to lay responsibility on reliant shoulders, as they are self obsessed. Staying true to yourself and understanding your weaknesses more than your potential, is the foremost step towards a journey of wonders.
Also Read: What Are EOR Solutions and How Do They Work?
Below I have explained simple steps for hiring in budget;
Form a realistic hiring budget
Understand your company’s finances to know how much of your overall available budget can be dedicated to hiring. Always remember that, hiring a new employee would always cost you more than just their salary. When you start to form the process for hiring a new employee, you must consider essential costs beyond salary which includes recruitment expenses such as job postings, background checks and agency fees.
A Recruitment plan
With a more practicality, which means capped properly allowing the hiring team to get the company right talent, you would now need to establish a recruitment plan that fits within that financial framework. For instance, consider which positions you need people for and how many are the open roles you have and what your average employee turnover is expected at and the timeline when you need onboard new hires.
Check Internally
It works always, a known name in the retail market laid posters in their warehouse walls for some higher positions available, trust me they got some 20 applications in a day and promoted 17 of them and saved the cost of advertising, fees on platforms, equipment needs of new hires and the time they would have spent in all this. Always check with your existing staff first when hiring for new, as the recruitment process is always expensive, but with this smart move you may be able to save time and money by promoting internal candidates.
Outsourcing
Many third party staffing companies have needs in every budget and they also provide options for third party payroll, desk as required, remote and office spaces as required. This all takes the pain of hiring on your own and then paying for what you are not sure of, but with services like EOR, you can trust their network as they also have agreemental terms for complete compliance, saving cost of your accounts and HR department also.
Use Your Network
Leveraging the social media platforms is the key to reach the right talent anywhere over the globe and that too without any cost and in much lesser amount of time. Establish a business profile and connect witty right people of your industry and market. Adding a job poster on your LinkedIn profile could get you what you have been looking for since long.
Tip is to use the #Hiring hashtags which would optimize your post and make the right reach. Remember it’s not about LinkedIn only, other social media platforms could also be used to their fullest.
Hire From Local Colleges/Universities
It’s a cheat which always works. Even the leading employers in the market conduct job fairs in association with local colleges and universities. Students are always eager and full of energy and enthusiasm to work and earn money. You could definitely get the right talent in a much much lesser budget. Later forming a process with your operations team, you can understand which ones you need to promote to retain earning you laurels.
This can be done by offering an internship or apprenticeship program which always helps in getting the quality of people and that too in much less budget.
How Recruitment Central Helps In Hiring In Budget?
A multi-award winner for Best Recruitment Firm, Best EOR Company and Best Workforce Management Platform company helping thousands of employers getting the right talent in their desired budgets. I have below explained some key considerations to partner with Recruitment Central;
Global Talent Access
They own local entities in several countries which are known as EOR or employer of record services. The term is getting popular in Singapore because many have been using these services as a solution to recent restrictions on work pass quota for foreign employees. Recruitment central enables employers to get the desired talent from anywhere over the globe and that too in their budget.
Complete Workforce Management
Recruitment Central doesn’t only get you new hires, they hire, onboard, manage and disburse the payrolls for your team. Which implies managing tax compliances as per local laws of working employees along with statutory deductions. This takes off all your load and you can simply grow your team globally sitting anywhere in the world.
Workstation Needs
Recruitment central owns workspaces with varying options of equipment required by your team. This is not all, to save the cost further, they also have a remote stations process and completes the needs of your new hires by providing them with any workstation and machine needs.
60% Less Cost with Transparent Fees
Yes, you read that right. No one else in the market is doing that. With Recruitment Central’s transparent cost to hire calculator, you can understand what would be the cost of the talent you need. Just enter your budget, number of employees, select country and that’s it. Crystal clear and easily comprehensive propositions without any further fees will be displayed. Many of the employers associated with Recruitment Central have been saving more than Save $2,000–$2,500 per employee.
Conclusion
Business owners must understand that it’s not always taking everything on their own, it’s about teamwork to make the things flow as desired. It’s your idea of course but the ones who would be materialising it for you would be the people you hire to work with you. Long-term planning for consistent flow of processes always demands entrepreneurs to be diligent while they analyze their business’s strengths, weaknesses, opportunities, and threats (SWOT).
