Reducing The Cost Of Attracting, Training And Retaining New Hires
According to the Glassdoor, the average company in the United States spends almost $4,000 to hire a new employee and about 24 days to fill the position.
The costs are many including sourcing candidates (job boards, career fairs, website postings, referral rewards, external recruiters, etc.), screening candidates by telephone and in person, testing (hard and soft skills) plus negotiating an acceptable offer. Add to that the cost of training which is estimated at $1,075 per learner according to the 2017 Training Industry Report and you are looking at a tidy sum to attract, train and retain top talent. If they leave for any reason, you are tasked with repeating this process (and cost) all over again.
Attracting Quality Candidates
First, let’s look at attracting quality candidates. If you are able to do this yourself using internal resources, then you can save yourself expensive recruiting fees.
On the other hand, senior / technical roles in smaller municipalities with a limited population may benefit greatly from the relocation services provided by a third-party recruiter. Assuming you do your own recruiting, then taking advantage of free job boards can save you a bundle. Here are some of them.
Don’t invite everyone into the office for a face to face interview until you’ve completed your telephone screening and online assessments. Try to narrow down your short list to be sure you spend your in-person time wisely.
Training New Hires
Second, the cost of training can be reduced by using the following tools:
- Structured onboarding process: be sure the have the new hire on a schedule for the first week or two depending on your industry. This allows them to prepare and feel more at ease regarding expectations.
- Internal mentoring: be sure to team the new hire up for some job shadowing to learn the ropes. Why have them reinvent the wheel when you have a proven system in place with the resources to train new people.
- Self paced online tutorials: this frees up your experienced staff to simply monitor progress while ensuring the new hire is on track to hit certain milestones.
- Webinars: schedule one or two for the trainee to participate in. Interactive and allows them to learn from others in the “room” without leaving your premises.
- Computer monitoring software: this can be an invaluable tool for measuring progress and ensuring direction is followed. This will speed up the learning curve and enable them to be up and running much sooner. Even existing employees who lack productivity may be simply accessing the wrong online resources to carry out daily activity which can be easily monitored and corrected.
Retaining Top Talent
Third, retaining top talent. Sometimes this can be a challenge, but you can reduce the risk of losing someone you’ve invested heavily in by making it more attractive for them to stay. For example: offer them a signing bonus paid out in quarterly increments for the first year. If relocation expenses are involved, then they too can be reimbursed over a 12-month period. Make sure an “open door” of communication exists with the supervisor and direct report.
Studies show poor communication with one’s immediate supervisor is the #1 reason for turnover. More prevalent than money, benefits, location or environment combined! Above all, create an honest and positive work environment that encourages employee input and rewards hard work.
Good luck with your next hire hoping you attract, train and retain the best talent.
– Steve Marshall is a contributing author on cybersecurity
image credit: unsplash