Our nation may have averted the fiscal cliff crisis, but we’ve still got money on our minds as we move into 2013.  Most workers’ paychecks will be 2 percent lighter this year, thanks to the end of the Social Security payroll tax holiday.  Many employees can also expect to pay more for health care, as more than half of companies anticipate raising health-care premiums in 2013 due to rising costs averaging 5.5–9 percent per year.

The good news is, companies can implement easy money-saving strategies for the new year to help mitigate rising costs.  And what’s better—companies can start saving with easy tweaks to a process they already do: recruitment.

So how can you start lowering your company’s hiring costs?

Proactively, you can avoid bad hires.  Poor hiring choices cost the company coming and going.  Before bringing someone new on board, slow down and do your research.  You can start by posting a stellar job description that is detailed and clear about what you’re looking for, and so is most likely to attract the best fit.  Make sure that “best fit” is qualified, has good references, and fits your company’s culture.  You’ll learn all too quickly if a new hire was a bad choice.  Unfortunately, that’s usually after productivity and morale have suffered, and inevitably comes with an even greater investment of time and money to find a replacement.

Now that you’ve resolved to choose a good candidate, and you have a stellar job description, where are some money-saving places to find top talent?  Consider an often overlooked recruiting avenue: hiring a boomerang employee, which offers one of the highest returns on recruiting investment.  You see, boomerang employees have successfully worked for your company before, so they know the business, the culture, and probably even some of the players.  They’ve seen alternatives to working for your company, so if they decide to come back, their retention rates tend to be better.  Boomerang employees also exist in a ready-made applicant pool, so your HR team won’t have to sort through a stack of résumés.

Speaking of a ready-made applicant pool, remember to turn to your network for referrals.  Send an e-mail blast to current employees, asking for referrals.  Get the message out to friends-of-friends on your company’s social platforms.  Spread the word as much as possible—it’s free!

Keep that word going through free and low-cost online platforms.  Consider posting job openings on old standbys, such as Monster, CareerBuilder, and even Craigslist, but don’t neglect the burgeoning network of free job boards.  Social recruitment through sites like Facebook, LinkedIn, and Twitter is also a popular, economical way to find talent.  Social recruitment provides real-time access to a large group of talent, plus you can customize your posts to attract job seekers who are looking for careers with your company or in a particular field. 

We’ll all be opening our wallets a little wider this year, but we hope these money-saving tips will prepare your company to weather the storm.  And if your business needs a life raft, we’re here to help!  The friendly professionals at YES! Your Human Resources Solution are ready with the tools you need to attract top talent.  Whether it’s optimizing job descriptions, exploring new talent-acquisition platforms, or reworking your salary schedules, we’ll put our 20 years of HR experience to work for your business.  Get a jump-start on the new year by visiting our website or contacting us for a free consultation!