Success is synonymous with rapid structured expansion, and successful companies often hire employees rapidly and retain them much longer than their competitors. It costs resources to fill every position, and when done correctly, the ROI is promising. With increasing demand on finding the right talent for the job, companies are consulting with recruiters and executive search firms for immediate results.

Managing new hires and ensuring that they deliver maximized returns depends on many factors. Here’s what you can do to create and maintain a successful pool of talented professionals even in a competitive market.

Refine your hiring policy

Whether you are hiring directly or outsourcing it to consulting services, there is a specific cost of recruitment involved. To find the right set of professionals, the traditional hiring policy budget will cover the cost of recruiter service, interviews, on-boarding the candidates and training them to speed up their rate of return. What you should do right away is equate the probability of break-even likely to be delivered by the newly hired candidate/team/channel.

In short, hiring policy does not end with on-boarding but continues until the company actually achieves tangible services. And it involves a sizable investment. Most companies expect the candidates to take off from the point of joining, while others are more realistic and actually give time for acclimatization. In either case, there is a cost of operation involved, but the way you train the candidate builds a sense of security and belonging, which ensures your hiring budget cost is more likely to be recovered in the near future.

Cost of retention versus the cost of attrition

The cost of losing an employee is always higher than the cost of retaining. Every time you hire a new manager, it involves staff time and money. But when you lose one, the loss is counted not only in terms of finances, but also as man hours lost and the time to find a replacement. On average, cost of attrition for a company could be 2X the annual salary of the employee. Turnover may vary depending on the wage, role, industry, and even age of the individual.

In a way, your rate of employee retention will remarkably show its effect on the customer loyalty as well. When making a new hire, set goals and benchmarks for the new employees as part of the on-boarding process.

The power of mentoring

Not to be confused with coaching, mentoring is more of a buddy relationship where a senior manager is assigned to the new hire. In organizations with a diverse cultural environment, mentoring is a key strategy. Daily communication between the mentor and the mentee ensures that there is a certain level of comfort.

One of the innovative ways to make your hiring productive is to let the new employee choose his/her own mentor. Moreover, the mentor also has the opportunity to contribute to the overall productivity of the organization.

Pay for the skills as much as for the qualifications

A strong hiring policy will give equal weight to the skills and the qualifications required for the position for which the candidate is being interviewed. In a competitive market, the unemployment rate for high-qualification jobs is almost zero. This means, you might lose the candidate to a rival in the near future, if you fail to engage the employee.

With every company designing its own applications, employee interfaces and compensation benefit models it would be hard for a skilled candidate to head for the exit door in search of bigger windows in career.

Find the work/life balance: Use technology to assist you

Whether you are a startup or an established business house, being online 24/7 is critical to productivity. What worries most organizations is that employees  misuse technology for their personal use instead of business purposes.

Try RescueTime to track the time spent in browsing through productive websites and applications without obstructing the privacy protocols. You can install time management applications to track how the new hiring uses technology when given leeway.

Explore BYODs and apply collaborating technologies

The cost of running systems and maintaining security in the office is costly. If you have a new hire, try collaborating technologies like Jive-n, Yammer, Kaltura, and other reputable, enterprise-level social network software to streamline communication beyond the walls of the company without risk to the firewall.

The bottom line

To build a productive strategy, use hiring technology collaboration to focus on every individual like a winner. Once your hiring policy is capable of predicting the employee behavior, you can establish the time management apps to set higher professional benchmarks to ensure a competitive career path.