When you need to bring in a new employee to fill a position within your business, be prepared to spend a lot of time and money finding the right candidate. From posting a job opening to conducting interviews and finally bringing on the employee, there are a lot of resources spent on just this one process. However, the hiring and onboarding process doesn’t have to be as laboriously or financially intensive as it has in the past. To show you how, here are three tips for saving money during the hiring and onboarding processes.
Take Advantage of the WOTC
If you’re not necessarily interested in changing up the way you conduct the hiring and onboarding processes you currently have but are looking for a way to offset the costs, Rieva Lesonsky, a contributor to Intuit QuickBooks, recommends looking to hiring employees that can give you a financial benefit through tax breaks. Using the WOTC, which is the Work Opportunity Tax Credit, your company can receive tax breaks by hiring workers from certain groups that often find it hard to gain employment. Different groups have different percentages for their tax break, but many range from 25 to 50 percent for that specific employee. To learn if this option would work for you, research which groups are included in this tax credit and determine if this type of tax credit would be worthwhile for your organization.
Capitalize On Current Employees
Leveraging your current workforce can be a great way to minimize the costs brought on by the hiring process. Larry Alton, a contributor to Business.com, shares that one way tapping into your current employees can help is by promoting from within. When you do this, you don’t have to post a job opening and go through a rigorous interview process, which saves both time and money. Another way your current staff could help is by searching their own personal networks for potential employees. If someone on your team refers a potential employee to you, costs can be saved with a job posting, traveling for an interview, potential relocation assistance and more.
Use Technology When Onboarding
The time, energy, and money it takes to train a new employee can be overwhelming for many businesses. But with the amount of technology now available to us, we don’t have to train the way we did previously. Jeff Weber, a contributor to TheBalance.com, writes that by creating content used for the onboarding of employees, you no longer have to spend the time of your current employees to train a new recruit. This means your employees don’t have to sacrifice their working hours in the efforts of teaching a new employee something that could easily be learned via a video or training brochure.
Hiring and onboarding employees doesn’t have to be a financial burden. Use the tips mentioned above to find ways to cut these costs for your own company.