Many companies look at HR and recruiting as an expensive luxury when they don’t need to hire or a necessary evil when they must hire. This is especially true with small, growing businesses where money is tight.
However, according to Inc.com, there are a few inexpensive hiring practices performed by large companies that work equally well for small companies.
Get The Executives Involved
Goldman Sachs -- ranked in the top 100 best companies to work for by Fortune magazine -- has always placed emphasis on recruiting by their company partners. For example, a junior partner was requested to attend a required meeting by one of their most prestigious clients. However, he already had a commitment to conduct interviews for potential employees at Stanford Business School. The junior partner went to a senior partner for advice regarding the issue. The senior partner told him: “You go to Stanford. I'll cover your meeting." An easy way to get execs involved is through a digital interviewing platform.
Take-away: A candidate recruited by a high-ranking executive --receives a greater feeling of worth. This can be as valuable as pay, location, or job description. Use a digital interview platform to allow easy
Conduct More Interviews
Consider how many interviews you conduct when hiring. Capital Group conducts as many as 20 interviews for a single candidate. McKinsey, on the other hand, has analyzed that their optimum number of interviews in eight. Both organizations have found that such a lengthy process allows them to find candidates that are actually engaged with the work rather than just looking for the compensation.
Take-away: Are you conducting only two or three interviews when looking for a candidate? In doing so, you’ll likely see some tangible returns on your investment.
Hire Ahead of Need
Many (if not most) small companies delay hiring until their growth demands it. Then it becomes a matter of focusing on getting workers in the door rather than finding the right candidates.
In 2008 -- when the economy was in turmoil and jobs were scarce -- McKinsey hired 2800 new people for the 2000 positions that they had open. Although it initially hurt their compensation package, it paid off when the economy began recoverin and their growth continued.
Take-away: You’ll want to hire ahead of need to eliminate the panicked (and usually inaccurate) hiring practices. It’s necessary when you want to calmly evaluate candidates and find those that will stay for the long-term.