Getting the Best For Your Bucks
Author: Paul Cantelli
Hiring on a shoestring budget can be challenging, especially if you want to get the best talent available. While you may not have the cash to recruit based on a high salary alone, you can still attract top talent if you play your cards right.
Use the following tips to get qualified applicants when hiring on a shoestring budget:
- Learn how to hire the right people. Hiring the wrong person can be very expensive, both financially and in terms of time lost. Create a clear job description with detailed criteria for the type of employee you are looking for so you can better select the candidate that will best match the job and the company culture. Be patient through the hiring process and only hire the person who you truly believe is the right fit for the job.
- Keep the hiring process inexpensive. While it's important to cast a wide net, multiple job postings can get expensive. Ask your employees if they have any referrals and consider offering them a bonus if you hire a person they recommended. Use free websites, social media and industry contacts to spread the word about your vacancies. The more you can save on posting a position, the more you can pay your new employee.
- Focus on the intangible perks. If you can't offer a big salary, perhaps you can offer other meaningful incentives. Allow employees to work on flex time or to telecommute on some days. Keep the office kitchen fully stocked or offer discounts at a local gym. Small investments that benefit all employees are as important as payroll.
- Offer profit sharing or other future incentives. If you are a start-up or small business that expects to grow, offer shares in the company as partial compensation, bonuses based on profits or other incentives that will help motivate and attract top talent.
