Staffing of various positions in the organisation requires external hiring along with redeploying existing manpower through job restructuring and rotation. Although external hiring will bring in new talent and skill into the organisation, but when the HR department of an organisation has to work on a budget, internal job rotations and transfers come into play. In such cases organisations need to develop their existing manpower through training and development. The policies need to be in place or the organisation will frequently go in for redundancy. The key advantage of hiring an employee from within the organisation is that the employee is already aware of its policies and regulations and therefore wastes no time in understanding the organisational behaviour towards certain issues. While, when a candidate is hired through external sources, the time taken to train and develop his competency will be higher than for the one hired internally. The entire department may work towards training the new entrant thus bringing down the productivity considerably. So what does an organisation in this scenario do? Stick only to internal job postings or look at various other options? But that would mean incurring huge cost of recruitment. Higher the level of skill and knowledge, higher the cost to the company by way of salary and compensation. Organisations can look at alternatives without maximising their budget.
In a futuristic digital world, many businesses are hiring employees on a contractual basis. This means that once the project is done with, the employees are asked to leave or depending on future projects, the contracts are renewed. By doing this the organisation is opening up doors to a lot of talent and new ideas. Outsourcing is another step worth stopping to think. A lot of freelancers are ready to do your job at a price lesser than a full time employee in an organisation.Work related to accounting, marketing, services, human resources can be handled through a freelancer or even through a virtual administrator online.
In smaller organisations, where the employee need not have huge business credentials, candidates from college campuses can be selected. Fresher’s may have fresh new ideas and their cost to company may be lower than experienced professionals.The organisation can offer added responsibilities which could garner further professional growth. The key advantage for a fresher is that he will grow exponentially in the organisation by gaining more experience with the simultaneous growth of the company.
Another effective way of hiring employees on a low budget is through referrals. When candidates are referred to by someone, most of the ground work is done by the referrer. Unless the referrer is convinced of the candidate’s dedication to work, there will be no reference given. So this reduces the cost of finding the right candidate and doing the basic ground work. Once the candidate is settled and is channelizing his efforts towards being successful in the organisation, he will put in further efforts to poach colleagues and friends from the industry outside.
Make it challenging for a prospective employee to take up the opportunity to work for the organisation can also be looked as an alternative method of hiring a potential talent. Introduce agendas and policies that will give the employees the required adrenaline rush to accomplish goals and climb up the success ladder earlier than expected. This will boost the employee and will be ready to take up the offer without making a big hole in the organisation’s wallet.