Prioritise key roles first

When resources are limited, you need to be clear on who will make the biggest difference to your goals right now. Start by listing the must-have skills and look for people who can fill those critical gaps.

Sometimes, one person with the right expertise can save you from needing multiple hires – and that’s a win for both your team and your budget. For example, a team member skilled in both project management and digital marketing can handle diverse responsibilities, potentially saving thousands in hiring expenses by going through the recruitment process less often.

Tap into the benefits that remote work offers

Remote work can be a lifesaver for companies on a tight budget. With remote hiring, you’re no longer limited by location, meaning you can tap into a broader talent pool and often access specialised skills, all without the overhead costs tied to maintaining office space. It’s a win-win for employees and employers alike, too – as research continues to show that remote working has strong potential to increase productivity and workplace satisfaction.

Use smart recruitment tools

Hiring takes time, and time is often just as valuable as money. With smart recruitment tools, you can automate many aspects of the hiring process, such as sorting through applications or scheduling interviews.

AI-powered tools can help you quickly shortlist candidates based on their skills and experience, saving hours of manual work and helping you focus on candidates who are a strong fit. One study by Korn Ferry found that companies using AI for candidate matching reduced their overall cost-to-hire by 35%, making it a great option for smaller teams.

We might be slightly biased, but we think platforms like Osavus can be incredibly helpful for small businesses and startups looking to build a great team without draining resources!

Promote internally and encourage employee referrals

If you’re tight on funds, look to your current team before recruiting externally. Often, your best future hires are already in the building! Promoting from within not only saves on hiring costs but also boosts morale and retention, as employees see there are growth opportunities available. Internal promotions can reduce hiring costs significantly, which is crucial for resource-limited companies.

Referrals are also invaluable, but rarely considered. A study by Toolbox showed that referred candidates are 55% faster to hire, and additional research by ICIMS found that referred employees stay at a company 122% longer.

Invest in your employer brand

When you’re working with limited resources, culture can be your biggest asset. A strong, positive culture attracts candidates who value more than just a paycheque, making it easier to hire people who align with your goals. Small, thoughtful perks like flexible hours or regular team lunches create a work culture that’s attractive to talent, and according to HBR, culture-driven companies see up to 90% better retention rates.

Make sure your culture is visible online – share testimonials from your team, give a behind-the-scenes look on social media, or dedicate a section of your website to what makes your company unique. It’s an easy, affordable way to attract candidates who are interested in being part of something meaningful.

Read our blog on creating a great employer brand here!

Plan for the future

When hiring, and especially when hiring with limited resources, every hire should be viewed as an investment. Think about where your company is headed and look for people who can help you grow in that direction.

Hiring someone who’s not only right for today’s needs but also a good fit for future goals can make all the difference. It’s a slower approach, but it’s effective and can help you create a team that sticks around and grows with the business. According to LinkedIn’s Global Talent Trends report, companies with a future-focused hiring strategy are an impressive 36% more likely to achieve their growth targets and adapt to new challenges in the market.

The ending note

Building a team on a tight budget is challenging, but with a few strategic decisions, you can bring on the right people and make the most of your resources. Find out how Osavus’ hiring tools can make your life easier, and sign up for our Early Access list!