Finding, vetting and hiring a new employee is an expensive proposition. For example, it is estimated that the costs for even a high-turnover, low-paying job is at least 16 percent of the annual salary for the position . For more significant positions, the total costs can easily exceed $40,000 to $50,000. Moreover, the costs of terminating an employee can be multiple times this number.
Hiring Processes that Fit the Task
Because of these realities, it is important to develop hiring processes that deal with both short and long-term needs for your organization. If a specific position is identified to fill a seasonal or limited time period, there are ways to save on the costs of adding that employee without compromising the process.
For example, many companies incorporate expensive tests in their hiring cycle to evaluate an individual’s long-term capabilities. This is especially the case where there is an expectation of growth and promotion. If that is not a practical consideration for a more temporary position, those types of investment are easily eliminated. On the other hand, certain proven techniques, such as drug testing, should not be taken out of the hiring equation for even short-term assignments.
Another effective way to deal with limited staffing needs is to consider the temporary employee market. An increasing number of qualified individuals now place themselves at the disposal of temporary agencies and corporations. There are many reasons highly qualified talent might pursue temporary opportunities, and you can find employees for everything from assembly work to C-Level executives who will work on short-term projects.
Protecting the Culture
Of course, looking at temporary employees does not mean accepting a compromise in quality or expectations. This is especially the case is the need extends beyond a few months. It is important to only bring in shorter-term hires that fit the corporate culture and are willing to show the same commitment and performance during their tenure as expected from established staff.
Taking the time to streamline hiring processes that fit the need will help you meet corporate goals while saving on the costs involved.