Recruiting can take you away from core tasks that help you to reach your goals – and it’s expensive. Build strategies that lower recruiting costs while continuing to access and acquire the best possible people. You can focus on business and rest assured that you have the talent you need for success without blowing your budget.
Here are Some Ideas to Try:
Retaining Current People. Keeping the talent you have is much more cost-effective than recruiting new people. Hiring and training a new employee can cost as much as three times the salary of the lost employee. Build systems that keep your people in place by encouraging ongoing communication and benchmarking your compensation against competitors.
Employee Referrals. What better source of talent is there than current trusted employees? People tend to know others with similar abilities, or they may have colleagues at other companies or know talented people through networking groups. The only cost to you is a referral bonus, should you decide to offer one.
Planned Staffing. Don’t be caught by surprise. Anticipate your staffing needs in advance. This can help you make better hiring decisions allowing you to take your time sourcing and interviewing for a critical role. You can also determine which positions can be filled by contractors. Contract employment gives you access to talent with the specific skill set and experience you need, even if it’s only for a short-term project. This prevents you from having to keep people on the permanent payroll longer than you need them.
Partnering With a Specialized Recruiter. Building relationships with solid, trustworthy recruiters is a must in most any business. Working with an industry-specialized recruiter is even better. In the energy industry, you need a recruiter who understands your specific job requirements, pain points common in the industry and the plethora of regulations involved.
Don’t Take Shortcuts. As tempting as it is to do anything that will drive your recruiting costs down, it’s important that you still focus on quality. Settling for less than an ideal employee can cost you much more in the long run. Find out more about potential pitfalls in our previous post, Understanding the True Costs of a Mediocre Employee.
Is Top Talent Really That Important? Some tasks can be performed by workers who may not reach your normal standards. Is it worth the cost savings to hire lesser quality employees or should you always hold out for the best – even if it costs a bit more.
Do you need a partner who can help you develop and execute more cost-effective recruiting strategies in the energy industry? Contact the experts at FootBridge Energy Services. We can help you reach your business goals while maintaining the health of your bottom line.