Having a small recruitment budget can make it difficult to get exactly what you want. As a startup, many companies look to find the best talent to facilitate growth. Although having a robust team is critical for startup success, it may feel impossible to find the perfect fit.
Whether your recruitment budget has been affected due to external circumstances or you’re starting up still looking to hire the top talent without spending a whole salary trying to find them, we have a few tips that can help you do this effectively without losing quality.
Tips for Recruiting on a Small Budget
- Create a recruitment plan
Establish a recruitment plan that can fit within your financial framework. Consider which positions you’re hiring for, how many open roles you have, what your average employee turnover is and how quickly you need new hires to begin. This will also help gauge what time is needed from your recruiters and HR managers.
- Focus on quality over quantity
Look at the work you need done and assess how many employees you really need to accomplish it. Having one job seeker with higher experience than two inexperienced employees can help save money in the future and achieve the same amount of work.
- Have flexibility in compensation and benefits
Although having a competitive salary and benefits is helpful, there are other ways to attract job seekers to your company. Create a flexible work environment through work arrangements, additional vacation days, or perks that may be appealing to candidates.
By being adaptable, you can show candidates that you value their well-being and work-life balance, but you must be transparent with your intentions.
- Set clear expectations
Whenever you embark on the hiring process, it’s important to set clear expectations with candidates at the beginning. If you wait until the end of the interview process to mention the salary, you may blindside your applicants.
Explaining office culture and job duties in the beginning of the interview process can ensure your time and money are well spent on people who are in line with your vision.
The Cost of a Bad Hire
When you’re seeking budget-friendly hires, keep in mind that making the wrong hire is costly on many fronts. Make sure you ask yourself if you’re hiring an employee simply because they meet your financial limitations or because they are a good fit for your business and the role.
According to research from the U.S. Department of Labor, the cost of a bad hire can equate to at least 30% of that employee’s salary.
Although a limited budget can make it difficult to find top tier talent, making the wrong hire can be more damaging to a company. If you follow the strategies outlined above, however, you’ll have a better chance of successfully hiring employees on a limited budget.
The Key Outtakes
Bringing these practices into your business can help you to successfully interview and recruit top talent without a big recruitment budget. There are more to positions than just money, find what other factors will help you stand out in attracting top talent to your business.
So don’t give up on your recruitment efforts, get creative and stay persistent, and you’ll be sure to find the right candidates for your team. Be sure to get the attention it deserves without having to break the bank on expensive recruitment budgets.
Storm6 is here to help you hire the right senior talent to help with your hiring and growth strategies. Whether you’re a start-up or scale-up, we help organizations in the corporate learning industry achieve their mission. To learn more about corporate learning team sizes, download our latest report here. Contact us now if you are looking to expand your team.