When you hire on your own, you are responsible for all costs associated with the activity. This includes paying for advertising, software to handle screening, the time required to review applications, and even website management expenses.
While many of the costs of hiring are easy to recognize, others may fly under the radar. Here are three hidden expenses of hiring on your own that you may not have noticed before.
1. Company Career Websites
Many job seekers still turn to company career websites for information about available jobs and what the company has to offer its employees. While most businesses have a website already, adding and/or maintaining a career segment does come with a cost.
Keeping the content optimized can be a challenge, particularly as search engine algorithms change on a semi-regular basis. Using proper SEO tactics may require assistance from a specialist, necessitating a new hire or the services of a consultant. Adjusting the page to meet today’s standards, particularly when it comes to mobile platform compatibility, and that the content remains fresh usually means having a web developer available. And, if you want to have a section dedicated to internal opportunities for current employees, you’ve added another layer of complexity.
Ultimately, having a company career website is a smart move, but it’s important to understand it comes with a cost.
2. Social Media Advertising
While adding a post that discusses a vacancy won’t cost you a dime, actively promoting that post comes with a price tag. Social media ads and sponsored posts give you the ability to spread the word about your open position with greater ease. You can even target users, like those in a particular physical location or with specific personal interests, to help track down an ideal candidate.
Typically, individual ads are very affordable. But, depending on the number of positions you are looking to fill and how difficult the skill set is to find, the costs quickly mount. If you aren’t budgeting for these costs and controlling the amount you want to spend on these ads, you may discover you are sending more money out the door than you intended.
3. Candidate Management Software
Applicant tracking systems (ATS) and customer relationship management (CRM) solutions can both be used to help keep tabs on candidates, handle initial screening, and even send out automated email updates to job seekers. But, as with any other piece of software, these require a financial investment, and high-quality solutions often come with a significant price tag.
While having an ATS or CRM can increase hiring efficiency, making them a valuable resource, it’s important to fully budget for their cost. If you are going to embrace a new solution or add services to your current system, make sure to look for hidden expenses, like implementation fees, that can increase the initial price, as well as any monthly service costs.
Even though the three areas above represent expenses, that doesn’t mean they aren’t good investments. However, you may find other arrangements more cost-effective, including partnering with a staffing firm for your hiring needs.
If you would like to learn more about how a staffing agency can help you keep your expenses low, the professionals at The Advance Group can help. Contact us to speak with one of our skilled team members today and see how our services can make hiring more affordable.