How To Better Manage Your Hiring Costs

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With the help of an EOR like AYP, your company can handle resource management with ease.  Regardless of your company’s size and years of being in the business, the costs of your recruitment process do add up over time. This is unsurprising, since hiring talent involves manpower, administrative work, as well as comprehensive onboarding.   This is why many companies turn to an EOR—Employer of Record—to take charge of their recruitment process. Not only does an EOR like AYP manage hiring and onboarding, but also manage payroll and greatly help with business expansion.   But of course, there are still effective ways that your company can directly adopt to save on hiring costs. Here are three ways to hire well without accumulating unnecessary costs in the long run.  

1. Hire based on quality, not quantity

Your company would ideally want to hire talent who is the right culture fit and has the necessary skill sets, someone who would grow alongside the company and stay for a longer period of time. This way, in the long run, you would save on training and onboarding costs, as well as costs set aside for job advertisements and promotion. So, what are some ways that you can attract suitable talent? You may consider being as detailed as possible in your job advertisements, such as stating the job scope and salary range, so interested and qualified talents are more likely to apply for the role. You can also make better use of targeted job posting platforms that are more industry-specific to hire from the appropriate fields.  

2. Reduce the need to hire, focus on employee retention

Your company will not end up with hiring costs if you don’t have a need to hire in the first place. By working on employee retention, your company can easily cut costs in terms of hiring, training, and onboarding fresh faces. Your company also gains better internal employer branding in the long run too.  How do you go about doing this then? Your company management can consider implementing more supportive and engaging policies that benefit the employees. This can be in the form of improved employee benefits, performance bonuses, or even cultivating a healthier work environment that is diverse and inclusive.  

3. Rely on automation, not a manual hiring process

A manual hiring process is very dependent on your HR department, which has to carry out mundane and tedious tasks. These tasks range from posting job ads on career sites and job boards to screening every email and scheduling individual interviews. Needless to say, it is a process that takes up a lot of man hours and that leads to increasing costs.   With automation, your HR department can save all that time while making an even bigger impact on your company’s recruitment process. You can make use of data analytics and Artificial Intelligence (A.I.) to carry out a comprehensive hiring plan that is smooth-running from beginning to end.    In fact, automation also allows you to easily post your job ads, gain more interested job candidates, and eventually pick the most ideal talent from the increased selection pool in a shorter amount of time.  

Let AYP Help You Out

AYP Global Pay is a single digital platform that offers both Professional Employer Organisation (PEO) and Employer of Record (EOR) solutions. With a single dashboard, you can easily access all the HR features that your business needs, and that includes automation for your hiring process too! And with AYP Global Pay covering all bases when it comes to managing your business, you never have to worry about anything HR-related again.   Ready to let analytics, data, and algorithms help you improve your HR processes? Learn more about our platform by scheduling a demonstration today!  

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