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Small business is the backbone of our economy and recruiting employees is the most important part of the business. 64% of all new jobs are created by small and medium businesses. They are responsible for 99.7% of all employment in the USA*. You’re ready to hire- but you need to find the employees first.
What is The Law of TQM and why you should be aware of it when looking for new employees
The Law of TQM states that there are 3 important factors in recruiting employees: Time (to hire), Quality (of hire), & Money (cost of hire). There are other factors we can evaluate for recruiting but these 3 are the most significant.
When Recruiting Employees You Can Control Only 2: Time, Quality, or Money
In the world of traditional recruiting, you only get complete control over two of these three factors when trying to find and hire the best candidates. Time, Quality, or Money.
The third factor is controlled by the Law of TQM.
Remember – you get to choose which two of the three factors you can control…but there’s one that you’re probably not likely to want to skimp on…keep reading and it’ll make sense.
Speed-to-Hire!
If you want to hire FAST, then you’re controlling the TIME. The Law of TQM states that you will have to compromise on either Quality or Money in the hiring process if you want to hire quickly. To control the cost of hiring, along with the speed, you’ll likely have to give up on hiring the best, and just hire “good enough” in an effort to get someone you can afford- in the time you want to hire.
Increasing your speed to recruit employees requires that you get your job in front of the right candidates as quickly as possible. There are hundreds of job sites dedicated to recruiting employees. You want to make sure your job is posted to the right ones so that the people you’re looking for can see you. You have to research the right job sites, the niche networks, and the social media hang-outs where your candidates are likely to be. And then get your job out to those sites. Or let MaxRecruit® help you.
Saving Money While Recruiting Employees
And if you want to hire cheap (how much you pay, how much you spend for advertising, online posting, or recruiters) then the Law of TQM states that you’ve got to compromise on Time or Quality. When you are recruiting employees traditionally you can only control 2 of the 3 levers. And you find a way to leverage your money to get the absolute most bang for the buck!
However, sacrificing Quality is usually the least acceptable solution for an employer. We all want people who represent our business well, reflect the values of our Company, will do the job to the best of their ability and fit in with the existing team.
Do Not Sacrifice Quality When Recruiting Employees
Given the Law of TQMand the fact that we rarely want to sacrifice Quality- we have to accept that we EITHER have to spend more money or take more time to find the right person. So we’re going to have to get really creative recruiting employees to find the people we want to hire at a price we can afford. It’s not easy but with the right solution you don’t have to break the bank to recruit. MaxRecruit® scientifically optimizes the spend for each site to make sure you’re not wasting a dime.
Best-of-the-Best?
And of course, you want to hire Quality people. The Law of TQM states that you must compromise on either time (speed-to-hire) or money. When you are recruiting employees you will need to possibly pay much more than you originally wanted to find the right person and get their attention. There are ways to ensure that you get your job in front of the highest quality candidates available. People who meet your job requirements, fall within your salary guidelines, and who will make your business shine. Finding those folks takes a bit of know-how. And there are ways to make sure you’re not missing out on getting your job in front of the best-of-the-best! With the power of MaxRecruit® you can distribute your job to the places where the best are likely to be.
It's against this backdrop that you need to attract a pool of possible hires, interview them, keep them engaged in the process, extend them an offer, and ultimately- find your new employee.