What are the best strategies to reduce hiring costs without compromising on quality and diversity?

Firstly, it's important to consider the nature of the role and the industry you're hiring for. Some industries may require specific certifications or qualifications, while others may value practical experience or soft skills. Additionally, you may need to consider how rapidly the industry is evolving and what skills will be necessary for the role in the future. Secondly, Different teams may have different needs and priorities, and you may need to tailor the job requirements and responsibilities accordingly. By considering these factors, you can ensure that you're hiring candidates who not only meet your immediate needs but also fit into your long-term hiring strategy.

Totally agree here. A poorly defined role doesn't just waste time; it can lead to a bad hire that could set back the team, both in terms of morale and productivity. I remember hiring for a project manager role without clearly defining expectations. The result? We ended up with someone who was excellent at process but lacked the soft skills necessary to get the team on board. Lesson learned: be clear upfront about what you want.

Diversity in engineering is a critical topic that impacts the growth and future success of the profession. 1)Innovation and Creativity: When engineering teams comprise individuals with varied backgrounds, experiences, and ideas, they are more likely to make groundbreaking discoveries and solve complex problems. 2)Gender Disparity: Despite progress, gender diversity remains a challenge in STEM fields. Globally, fewer than 30% of professional researchers are women. 3)Systemic Barriers: Minorities and women face systemic barriers that hinder their access to STEM. These barriers include racism, sexism, financial pressures, lack of culturally responsive mentorship, and inequities.

Defining our needs is crucial in the hiring process to ensure we find the right fit for our company. Without a clear understanding of the required skills, qualifications, and experience, we risk attracting unsuitable candidates, wasting time and resources. Additionally, failing to articulate the role's goals and expectations can result in misaligned hires who may struggle to meet our standards.

To manage hiring costs in $$ and time, define the role clearly, be realistic in your ask, and write a detail-rich JD! A well-written, detailed job description, is always more compelling for candidates. Include details about the company, role, pay & benefits and importantly, the responsibilities & deliverables. The more experience and skills that you want, the higher the compensation and the more expensive the search. So pare down on all the 'extras' and focus on bringing on a team member who has the main requisites AND also aligns well with the org culture. Your JD and brief MUST reflect your voice - are you a small, family-run business or a young, scrappy startup? What excites your team? So choose your words well there! :-)

A 'Looking for a Sales Lead...' post on your LinkedIn feed will likely inundate your inbox with resumes, and most won't be a fit! Networks are great to source new hires at little cost, BUT... * Only if you target your search instead of a blanket ask. Else, you will waste tons of time sifting through resumes, and sending rejections (if you're considerate :-) Instead, * You are better off reaching out to a few people who have relevant referrals & connects in their area. * Target niche networks in a particular industry or function e.g. Women in Startups or a Fintech professionals group. * Offer a small fee if their recommendation gets hired or goes to interview.

Referrals and networks can be powerful tools for finding the right candidates for your organization. By leveraging your existing relationships and connections, you can tap into a wider pool of potential hires and increase the likelihood of finding someone who is a good fit for your team. Additionally, candidates who come through referrals may be more likely to be a good cultural fit for your organization, as they have already been vetted by someone who knows your company well. To maximize the impact of referrals and networks, be sure to communicate your hiring needs clearly and proactively reach out to your network to ask for recommendations.

Referrals can indeed be a cost-effective way to hire. However, caution is needed to avoid an echo chamber effect that may inadvertently stifle diversity. At a previous team I worked on, an over-reliance on referrals led to a homogenous team, which eventually created challenges in creativity and problem-solving.

Neglecting referrals and networks can lead to missed opportunities in finding diverse, qualified candidates, increasing hiring costs and time to hire. This can often result in a less diverse team, which can hinder innovation. To counter this, we leverage our existing connections, including employees, customers, and partners, to find suitable candidates. Additionally, we use social media and professional groups to extend our search. This strategy not only reduces advertising expenses but also accelerates the hiring process and enhances the quality and diversity of our talent pool

Time is money. We often forget the true cost of spending hours reviewing 100s of unqualified candidates and going back and forth with candidates who ghost to schedule interviews. Proactively reaching out to candidates via text to schedule interviews within minutes can save you from hours of back and forth and free up time to focus on other priorities, thus saving on costs.

Can't stress this enough. A candidate with the right attitude and foundational skills can be more valuable than someone who ticks all the boxes but isn't adaptable.

Potential is always priceless! If you're budget-sensitive, instead of experience, prioritize aptitude and willingness to grow, a comfort with risk taking, and the excitement around the role and your venture. Many startups offer a bigger role title to their employee that adds to their resume value. This is critical if you're an early-stage startup, with low cash or all-equity payouts. But be clear on your expectations as well - you will need to factor in the learning curve. Some amount of mentoring and training will be needed too.

Tracking key performance indicators like 'time-to-hire' and 'cost-per-hire' can offer illuminating insights into the efficiency of your hiring process. But also, look into qualitative metrics like employee engagement and turnover rates among the recent hires, as they can reveal if you're truly hiring the right people.