MBA1321 5 Ways To Save When Hiring

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Prices and participation may vary. Taxes, tips and fees extra. Hey O welcome to the Hundred Dollar RBA show, the business podcast that always has your back with daily 10 minute business lessons for the real world. I'm your host, your Coach, your teacher Omar's at home all. I'm also the co founder of the $100 MBA, a complete business training and community online. And in today's episode you'll learn five ways to save when you're hiring Hiring new employees can be costly. Just the process itself can cost big bucks. So in today's episode I'm going to share with you 5 Ways to Save some money in the process. Many of us spend a lot of money just to get a new hire. A lot of us, and I'm including myself, have spent a lot of money to make a hire before. But along the way I've learned the hard way how to make my dollars go a lot further when finding new talent. Many of these strategies are totally underutilized and can save you thousands of dollars. So let's get into it. Let's get down to business, alright? Let's jump right into it and save you some money when you're making hires. Tip number one Many people, the first step they take when they want to make a hire is they hire a recruiting firm. They get a recruiter to find them some great talent. This is a tried and true way to do it. But it's not the only way to do it. You can do the legwork yourself or somebody on your team can do it for you like an ea, an executive assistant, or you can train any member of staff. What a recruiter basically does is post your job listing on several sites, vets these cvs, vets these resumes and gives You a short list of people to interview. Many recruiters charge 20% of the annual salary of of that employee. So if you're hiring for somebody who is going to get paid $100,000 a year, they're going to get 20 grand just for doing that legwork. A lot of that is not worth 20 grand. And you can do it yourself or somebody on your team can do it. I definitely recommend somebody else on the team to do it. Maybe you can split the work where they post a job and then you vet the CVS or the resumes or. What I like to do is delegate that task to a manager, somebody that is empowered to make decisions on who they want to work with, who they want to manage. A lot of sites like ZipRecruiter and Upwork and WeWork remotely are great sites to post jobs. A recruiter's not going to write your job description for you. You're going to have to do that anyway. So you might as well just take that job description and post it on a job board and start going through CVs or having somebody on your team do that. So that's tip number one. Do the legwork yourself. Don't go the recruiter route. Tip number two, if you want to save some money when hiring, hire remotely. That means hiring somebody that is anywhere in the world. Our whole team at Webinar Ninja is a remote team. We have nearly 20 people working on the team and everybody works from a different part of the world. And when we hired each person, we got a whole lot more value for our hire because we were not restricted to a geographical area. Say, for example, you're based in San Francisco, you're going to have to hire somebody in San Francisco. And your range of salary that you have to offer is going to be quite narrow versus hiring across the world. You can get somebody just as qualified, just as good, and a perfect fit for your team. Sometimes 30, 40, 50% of that salary that you had to stick to in your restricted area. And I'm not talking about another part of the world. It could be in another part of your own country. Hiring somebody that lives in Detroit is going to require to be paid a lot less than somebody who's living in New York City. By hiring remotely, you open yourself to opportunities to not only save some money, but to also have the best candidate for the job. Tip number three, when you want to save some money when you're hiring, you don't need to make a full time hire right away. You can actually start out with part time or Hourly sites like Upwork.com are great for this because they will bill you per hour for their work. And this is great when you are not sure if you have enough work for this position, but you want somebody in that role. It's also a good way to transition to a full time job to test the waters and see if this person is qualified to do it and deliver and will work within your team. A lot of people say I can't afford to make this higher and they don't consider the part time hourly option. They might say, I can't afford a marketing person or a salesperson. Well, who says you have to drop a hundred grand a year? What can you afford? Can you afford $1,000 a month? If somebody's charging, let's say $50 an hour for marketing services, that means you can afford about 20 hours a month for, for marketing and that's a start and it gets things done. So consider starting out with part time or hourly work when you're hiring to save some money at the start. Number four, project based hiring. Sometimes you just need to get something done like your website needs to get done or you're creating new sales copy for that site and you need a copywriter or you need some editing done for some videos. You don't need a full time hire right now, but maybe down the line you want to build that relationship so you can make that hire. Set up a project where you have a defined amount of money, a budget, a narrow scope and have somebody deliver that project for that price. Again. Sites like Upwork are great for this because you can create a project and not go hourly and say, hey, I have a budget of $3,000 for this project. Who wants to take it? This is what the project is and this is what we want to get done. This keeps your finances tight, keeps you within budget and allows you to feel a little bit more control of what you're going to be spending to get something done rather than hiring somebody and have them twirl their thumbs if they have nothing to do. So just to recap the first four, number one, you can do the legwork yourself. You don't have to hire a recruiter. Number two, hire remotely. Number three, hire part time or hourly at the start. Or number four, go with a project, a project based hire. All right, number five, and this is the other side of the spectrum. A lot of people don't realize that this is actually a huge money saver and that's the higher expert level people for a position. Hear me out. Hiring a web developer that charges $100 an hour will most likely get your job done better, more efficient, quicker than somebody who's charging $30 an hour. Somebody who's charging $30 an hour is just not an expert yet. It's going to take them longer to get the work done. It's going to take them longer to clean out bugs in this example, to perfect it, to make sure it's good. So that $30 an hour person might put in a hundred hours to get your job done versus an expert who's been there done, that knows what they're doing. They're going to save you time, they're going to save you money, they're going to save you headaches in the long run because they built it right and in short time. So instead of a hundred hours, they might spend 20 hours to get this work done because they're just at that level. It's sometimes worth to pay more so you can get more. It's seen as kind of investment. I've learned this the hard way so many times with so many hires that getting somebody experience that knows their worth will save you money and time in the long run. Remember, it's not just the time they spend, it's also the time that you spend or somebody else on your team that spends getting them up to speed, getting them on the task, informing them, course correcting them, giving them feedback. All that stuff costs you time and money because obviously people working for you are spending time and they're getting paid during that time to help this new hire. So if somebody who is highly, highly sought after and it's a bit on the expensive side, often it pays off in the long run. When I look for a new person to fulfill a job role, if I'm on a site like Upwork, I only go for the experts. I only go for people with salaries that are on the higher end because I know they're not going to waste my time. Chances are they're going to get things done quicker, more efficiently, and I won't spend money and time later on cleaning up a mess.

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To wrap up today's lesson, hiring doesn't have to be super expensive. You can start small. You can start with a budget. And as you grow and as you get an ROI or return on investment for that hire, you can reinvest and make more hires. Or like I said, hire an expert who's going to save you time and in the long run, money. Question yourself when you say I can't afford that hire and ask yourself, well, what can I afford and what can I do with that budget? Hiring a part time salesperson or marketing person or even a part time manager on your team can make a lot of difference. Even if they're not putting in 40 hours, if they're putting in 20, 30, even 10 hours a week can make a difference if they're efficient. Thank you so much for listening. And thank you for subscribing to our podcast. If you haven't hit subscribe yet, please do that right now. By hitting subscribe on whatever you use to listen to podcasts, you get access to all our archive episodes. Over 1300 episodes. It also tells the podcast app that, hey, you like this show? And to give you the latest episode once it's ready. Before I go, I want to leave you with this. When it comes to creating job descriptions and putting up a job post, keep it simple, okay? You don't have to be complicated or long winded for the sake of trying to look professional. Break it up into three parts. Who you are, who you are as a company. A little background, who they are, what you're looking for in this candidate, and what will they do? What's the job look like? What is it like to work at your company? That simple. Make it your own. And make sure you sell more than just the benefits of the job, like the salary or the perks. Sell what makes it exciting. Sell what's so awesome about working at your team. Sell what you guys build together and create together for your customers. We've been able to attract a lot of great talent on our team because we do that, and I encourage you to do the same. All right, I'll check you in. Tomorrow's episode, free Art Friday. I'll see you then. Take care.

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