Assessing the True Cost of Hiring Employees to Your Organization
Staffing agencies believe that a great team with the right talent can help take your business to the next level which is why they strive to match potential candidates with the right organizations. This is the reason why employers must manage the recruiting process to have a competitive edge in the market.
Understanding the Costs Associated with Hiring the Right Individuals
Hiring is a complex and lengthy process that requires skills, time, patience, and money to find the right person to fill a position. The experts from our employment agency have put together a list of hiring expenses that companies typically incur to help you assess the overall cost:
- External Hiring Team
Many companies do not have their own HR team to hire new employees because they have a small team with only 2-3 positions to be filled, in which case it would not make sense to have a separate HR department. Thus, it helps to hire a staffing agency if your company is small and has very few employee requirements.
- Internal HR Team
If your company is larger, an HR department can take care of the hiring process. The experts will do everything from assessing the requirements to putting an ad out, screening, interviewing the candidates, and selecting the right ones. It is reasonable to have an internal recruiting team only when their salary is less than the money you would spend on doing HR-related jobs. As such, an internal HR department is more economical than outsourcing only if your business is big enough.
- Career events
Although most things can be done online today using technology, it helps to meet the prospective employees in person. There are many job fairs and recruitment events you could attend to meet new talent. However, this could prove to be expensive because of the travelling, accommodation and other related costs.
- Job Advertisement Fees
To let candidates know that your company is looking to hire new employees, you must create an ad mentioning the essential details, and post it on popular sources such as newspapers and job websites. This comes with a cost which forms a part of the overall expense of hiring new talent.
- Screening and Background Checks
Once you have narrowed down the individuals according to your requirements, it helps to run a background check to learn more about them. You can review anything including checking criminal database, verifying their education, and previous employers.
- Training New Recruits
When you hire new individuals, it could take a few months for them to get acquainted with the responsibilities and learn about their new role. Training new candidates also comes with a cost.
- Careers Page & Advertisement
In addition to putting out advertisements on many boards, it also helps to have a separate careers page on your organization’s website, mentioning the details about vacancies and keep it updated.
- Salary and Extras
In addition to offering a salary to the new employees, employers also incur additional costs in the form of taxes to be paid to the government. This also forms a part of the total cost of hiring.
We Can Help Find the Right Talent & Reduce Your Hiring Costs for Your Company
Winters Technical Staffing is a leading staffing agency in Toronto when it comes to finding suitable candidates for companies. We understand how essential it is to find the right individuals that meet the requirements of the employers.
For more information about our recruiting services and to get qualified individuals that meet your needs, call us at 647-556-2408 to talk to our staffing consultants or fill out our online form to discuss your requirements and request a no-obligation consultation.