Top 5 Tips for Business Hiring on a Shoestring Budget

Mon, Aug 27, 2012


Your business is growing, volume of work is increasing, and your existing staff can no longer handle the amount of work coming through the door. This is a blessing, really. Growth means nothing but positivity for any business, but the additional workload is certainly not without its stresses. If your company is unable to meet deadlines, valued clients are going to look elsewhere and profits begin to dwindle once more. Naturally, you’re going to need to expand your team, but in these tough economic times, you’ll often find yourself struggling to do so under tight budget constraints. Consider these 5 tips for hiring on a shoestring budget.

  1. Internship Programs
    Offering an internship could be a great thing for both your company and the younger generation of workers. Many young graduates find it difficult to land even entry level positions, and the experience gained through interning can be a great help to them. Likewise, you’ll be able to delegate work to your interns and improve productivity in the workplace. Interns often work unpaid, for small stipends, or college credit.
  2. Avoid the Over-Qualified
    Many employers have a tendency to look for applicants who are over-qualified, believing that their experience in the field makes them more reliable workers. However, these types of applicants are more likely to expect high salaries and may not be putting their best foot forward if they enter into positions lower on the ladder than they should. These applicants are also more apt to leave the company quicker as soon as a better opportunity arises. Over-qualified applicants will come into your company with a sense of entitlement and superiority, which is bound to have negative side effects down the road.
  3. Look for the Young and Ambitious
    On the other hand, applicants you should be looking for are the younger generation of recent graduates and upstarts. These are your ideal applicants because they are more passionate about new opportunities and more likely to stay with you long term. Much like interns, young entry level employees are more accepting of the lower salaries you may be restricted to, because of the valuable experience they’ll gain. They can also bring fresh perspectives and new ideas to the workplace, making young novices ideal applicants.
  4. Save on Recruiting
    It is not necessary to pay recruiters to find worthwhile applicants for you; in fact, it’s a waste of money. You can find plenty of applicants yourself using online advertisements on sites like HirePulse and Craigslist. You can then review potential applicants yourself and decide who is fit for interviewing and consideration. Do your own recruiting to save time and money, and find exactly who you’re looking for.
  5. Be Smart About Interview Times
    Many business owners and managers fail to realize this, but interviewing takes valuable time out of your schedule and decreases productivity. Think carefully about when you schedule your interviews. Try to shoot for slow times in the day, perhaps on your lunch break or even after business hours end. You could meet your applicants at a neutral location in your off time to interview them without breaking up productivity.
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