Save Money on Recruitment Costs | Lean Leverage #005

Lean Leverage: The best SMB operations newsletter on the internet

Author

Nathan Fales
June 01, 2024 • Estimated Reading Time: 5 minutes

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Things Worth Checking Out:

Hiring overseas to find the best team members for your agency or small business is all the rage right now. And for good reason, in the digital age, there’s no reason NOT to hire the best and the brightest from around the world!

Over the last two years, I’ve met and worked with hundreds of agencies and small business owners to help them find, vet, and manage their overseas teams.

Now, this Wednesday I’m co-hosting a FREE 1-hour workshop on how you can find, vet, and manage your own overseas team so you can grow faster with less stress.

We’re capping the room at 100 attendees, so sign up now to reserve your spot!

This Week’s Lean Leverage Tip:
How can I spend less money on recruiting costs?

There’s a famous quote out there that goes something like this: “organizations are perfectly optimized to get the results that they get.”

It’s a bit cheeky but the point is sound.

If you’re not satisfied with your hiring outcomes, be that in terms of cost, time, or quality, your current system is set up to get those results.

The good news is most businesses have poor hiring outcomes because their systems are a mess!

The #1 mistake I see business owners is putting all their time and money into their marketing funnels to get clients and exactly 0 effort into their recruiting funnels. Here are three easy steps to dramatically improve your recruiting funnels.

1. Setup an Applicant Tracking System (ATS)
This is a CRM for your recruiting efforts. Use it to collect emails and phone numbers for interested candidates. (If you’re not collecting applicant emails & phone numbers when you run recruiting ads, you’re literally lighting money on fire.) We use Notion, but you can use Airtable, Hubspot, Gem, or even a Google Sheet. The important thing is that it gets done.

2. Post Content
Especially if you’re not a big company, the best thing you can do to market yourself to potential hires is publish content on platforms that already have your potential hires. People work for people. It takes time, but if you can capture the attention of potential hires, this will be a huge unlock for your recruiting efforts.

3. Stay organized
The new most important metrics that nobody seems to track are “time to hire” and “cost to hire.” Time to hire is how many days it takes you to find a good team member. Cost to hire is all the associated costs to find that person including training & assessment costs, recruiters, ads pend, and/or bounties paid to network referrals. Once you get your baseline you can make informed decisions about where to allocate recruiting resources– just like you would with a marketing funnel.

Top Global Talent Picks
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In recruiting, we look for evidence of excellence. Often, this is shown through promotions or career advancement as responsibilities and roles expand as more and more folks in a company become familiar with someone’s skills and approach. Olivia started as a marketing assistant in one part of the company and then was promoted to executive assistant, project manager and finally chief of staff for the group CEO. This is a killer chief of staff or high level executive assistant.

Alex is a real all around marketing manager. A Meta expert, he worked as a contractor for Facebook, helping agency owners and ads managers improve their metrics across the meta platform. In his last role, he increased lead generation by 300% through retargeting, audience diversification and improving creatives. Alex has lived internationally and led projects and teams ranging from account management, automation and AI implementation to email marketing. If you're looking for the perfect match of expertise, professionalism and leadership, you're crazy if you don't talk to this guy.

Odds are you’ve never worked with someone whose work helped get their nation recognized by the international community. You’ve also never worked with Nina. Over the last 15 years Nina’s helped the new nation of Kosovo achieve broader recognition through tourism facilitation, legal proceedings, and promotional marketing. She has the attention to detail, vision, and passion to succeed in any marketing, managerial, or operations role you could throw at her.



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