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How To Cut Costs When Hiring

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You need new employees—that’s non-negotiable. But why does it have to cost so much money just to hire someone who you then have to pay more money?  

There might be a few workarounds for that.

“It’s nearly impossible to get through the hiring process without spending a dime, but this guide will help you cut costs left, right, and center. ” 

Create A Referral Program

This strategy follows the “ounce of prevention is worth a pound of cure” logic. Yes, you’ll need to allocate a small budget for a referral bonus, but the cash you save on recruitment costs will more than makeup for it. 

Every few months, solicit recommendations from your staff—especially the high-performers. If they succeed at your company, chances are their friends and colleagues can, too. And now, you’ll have a handy reserve of potential employees for later down the line.

Use Social Media to Your Advantage

Job listings on major sites are expensive, without being especially effective. The same advertisement on your social media pages will reach a larger audience without costing you a single cent. 

But there’s more to social media than your official company pages. You can get free or cheap company publicity through your employees’ pages, too:

  • Encourage your current employees to share their positive experiences with your company on their personal pages.
  • Conduct a small internal contest to incentivize these personal testimonials.
  • Post engaging content about your employees, which will encourage them to share to their private channels and simultaneously make them feel appreciated (a bonus!).

Reduce Pre-Screening Expenses

Taking the time to verify your candidate’s employment histories, criminal records, and credit reports are important in finding trustworthy employees with a low turnover rate. 

But those costs can add up fast.

For starters, reduce the number of people you even need to look into by conducting more extensive first-round cuts. Then, order a cheap background check with ShareAble For Hires before moving forward with the candidates you have left.

Capitalize on Virtual Recruitment Technologies

If any good has come from this seemingly never-ending work-from-home period, it’s that companies have realized just how much they can accomplish through remote platforms.

With the right digital interviewing software, you can completely eliminate travel expenses and reduce the time between posting your job opening and securing your eventual candidate. 

Eliminate the Need to Hire Altogether

The cheapest recruitment process is no recruitment process. But that requires maintaining company satisfaction across the board—on their end and on yours. 

Here are a few ways to focus more on solid employee retention:

  • Invest in long-term benefits like good medical coverage, ample vacation days, and higher wages, rather than flashy perks like an in-house masseuse, Taco Tuesdays, and free swag (though those can be fun too from time to time).
  • Conduct regular one-on-one meetings to discuss employee performance, provide meaningful feedback, and brainstorm solutions to problems for either party.
  • Create a culture of respect and collaboration where employees from all ranks and departments feel comfortable making suggestions, expressing concerns, and requesting the support they need to do their jobs.

The Right Employees Are Worth It

“As much as we love to slash prices and eliminate expenses, there’s only so much cost-cutting that can happen before your recruitment process becomes entirely ineffective. ” 

And as they say, sometimes you have to spend money to make money.

There’s no reason this can’t apply to people, too. By putting down a little extra time and money up front, you’ll hire a better long-term fit, thereby reducing turnover and future hiring costs. So feel free to use these money-saving tips, but don’t lose sight of the big-picture: hiring the best possible fit for your company’s success.

Also, Read How AI is Changing HR in Post Coivd Era

Source: https://www.aiiottalk.com/business/how-to-cut-costs-when-hiring/

Blockchain

Thieves Stole About $450,000 from Crypto Trader at Knifepoint

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A Hong Kong woman has fallen victim to a gang of robbers after conducting a crypto transaction worth almost $450,000.

Gang of Four Steal $450K From Hong Kong Crypto Trader

According to a report by the South China Morning Post, a female crypto trader was held at knifepoint by a gang of thieves, who stole HK $3.5 million ($448,700) from the victim.

As part of the robbery operation, one of the thieves posed as a prospective cryptocurrency buyer. The woman had earlier conducted different crypto transactions for the man, ranging between HK$600,000 and HK$700,000.

Hong Kong authorities stated that the trader sold Tether (USDT) tokens to the man via her iPhone and was later lured to an office to receive payment in cash. Shortly after receiving the money, other members of the gang held the trader at knifepoint to steal the money and her iPhone.

Authorities were able to get wind of the robbery after the victim contacted her husband with a second phone, who in turn called the police. Meanwhile, authorities are conducting a search for the gang.

The woman’s uncle, who escorted her to the location of the transaction, also told the police that he saw four men fleeing the scene of the crime.

The details of the attack also closely resemble another incident from earlier in January when a gang of four robbers stole HK $3 million from another crypto trader. In the earlier case, the hoodlums also posed as prospective buyers, completed a few transactions to gain trust before pouncing on their victim.

Armed Robbers and Kidnappers on the Prowl for Crypto Owners

Physical crypto-related thefts are reportedly a regular occurrence in Hong Kong, with the number of such incidents doubling between 2019 and 2020. Indeed, the growing value of cryptocurrencies seemingly provides incentives for armed robbers looking for victims.

Back in 2018, a police officer in India was among a group of people arrested in connection with the kidnapping and extortion of a businessman to the tune of over $49 million.

CryptoPotato compiled a list of crypto security tips for investors and traders to safeguard their wallets and crypto. One of the important things to consider is keeping your holdings private and be very careful when it comes to peer-to-peer transactions.

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Source: https://cryptopotato.com/thieves-stole-about-450000-from-crypto-trader-at-knifepoint/

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Blockchain

3 key reasons why Polkastarter (POLS) price rallied 500% since December

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Polkastarter (POLS) is a cross-chain token pool and auction protocol built on the Polkadot (DOT) blockchain. It launched in October of 2020 as a way for projects to raise capital in a decentralized environment and since January the token has rallied 500% to a new high at $1.78.

Three possible reasons for the recent growth of POLS are the strong rally seen from Polkadot, strategic partnerships and exchange listings and an expanding list of token launches via auctions.

POLS/USDT 4-hour chart. Source: TradingView

The rise of Polkadot

The rising popularity of the Polkadot network is arguably the most significant influencer on the price of POLS. Similar to Kusama, Polkastarter’s association with Polkadot could attract additional user and investor attention.

POLS price vs. Social engagement. Source: LunarCrush

Polkadot’s rally began on Dec. 27, 2020, and it culminated on Jan.15 as DOT saw a 75% price increase in one week. POLS strong rally also reignited on Dec. 27 and followed a similar trajectory to DOT.

Now that DOT has flipped XRP to become the fourth-largest cryptocurrency by market cap, further price strength for Polkadot has the potential to have a positive impact on the overall performance of Polkastarter.

Exchange listings and partnerships

Prior to Jan. 14 POLS was only available on Uniswap and Poloniex. At the time its liquidity was limited and high ETH gas fees also complicated matters for those thinking about trading the token.

After the Huobi exchange announced plans to list POLS on Jan. 14, its trading volume increased from an average of $2 million to $22 million overnight.

Now the POLS community is working on being listed at OKEx and a recent tweet from the project informed supporters that the project only needs 2,000 more votes to qualify.

Listing POLS on another high-volume exchange has the potential to further boost the token’s price as more people will have access to one of the fastest-growing Polkadot based projects.

Successful auctions and token launches

Similar to the initial coin offerings (ICO) that occurred in 2017 and 2018, Polkastarter is gaining momentum due to its ability to attract capital heavy investors looking for the opportunity to get first access to the newest blockchain projects.

Polkastarter’s protocol is designed to enable cross-chain token pools and auctions as a method of raising capital in a decentralized fashion. To date, the platform has conducted 12 separate Initial Decentralized exchange Offerings (IDOs) with 20 different pools consisting of both public and private offerings. To date, only one pool failed to sell out.

The strong rally seen from DOT has only increased the desire of projects wanting to develop on top of Polkadot in order to capitalize on its growing popularity as well as avoid the challenges associated with building on Ethereum.

List of initial decentralized exchange offerings on Polkastarter. Source: Polkastarter

Tosdis, the most recent IDO conducted on Polkastarter, tweeted the following after its successful auction as an example of the platform’s growing popularity:

“We are really delighted to announce that our IDO on Polkastarter is sold out. POLS pool was sold out in record 30 seconds. After fixing some overloading and gas issues, the public pool was sold out in 90 minutes. We are overwhelmed by the support. Thank you and Stay tuned.”

Polkadot’s rise, successful IDOs on the Polkastarter platform and the listing of POLS on new exchanges have helped propel the value of the token to new highs and investors are optimistic that these strong fundamentals will push the price higher.

In addition to these fundamental factors, Ether’s (ETH) recent surge to a new all-time high has many analysts calling for the start of a new ‘altcoin season’. According to Raoul Pal, the CEO and co-founder of Real Vision Group and Global Macro Investor, traders are likely to plow into “higher risk alts” after Ether secures a new all-time high.

If this prediction does come to pass, it could also mean even brighter days are ahead for the Polkastarter ecosystem.

Source: https://cointelegraph.com/news/3-key-reasons-why-polkastarter-pols-price-rallied-500-since-december

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Blockchain

Latest CME Report Reveals Growing Appetite for Bitcoin Amongst Institutions

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  • Bitcoin has been consolidating within the $30,000 region throughout the past few days and weeks
  • Bulls and bears have largely reached an impasse, with buyers and sellers both being unable to spark any trend
  • This comes as large institutional inflows show some signs of tapering, with these buyers largely being viewed as the ones responsible for the recent market-wide surge
  • The latest Commitment of Traders (CoT) report from the CME reveals a striking trend – institutions are increasingly adding to their long exposure
  • This seems to invalidate the notion that institutions are slowing their accumulation habits and may point to an imminent wave two of buying from these parties

Bitcoin has seen mixed price action as of late, with the selling pressure in the upper-$30,000 region slowing its ascent as bulls and bears largely reach an impasse.

Where the crypto market trends in the mid-term may depend largely, if not entirely, on whether or not Bitcoin can continue stabilizing or break above $40,000.

Any strong rejection here could cause the crypto to see some notable losses that potentially lead altcoins to follow suit and selloff as well.

One positive trend that seems to bode well for Bitcoin’s outlook is growing long-exposure from institutions using the CME.

This trend suggests that institutions are still pouring money into the market.

Bitcoin Stagnates as Consolidation Phase Persists

At the time of writing, Bitcoin is trading up just under 2% at its current price of $36,700. This marks a notable decline from daily highs of nearly $38,000 set just a couple of hours ago.

The entire market retraced with BTC, but ETH and other altcoins are all trading up significantly from where they were just a few days ago.

Institutional Traders Are Increasingly Long on BTC

One positive trend for Bitcoin is the growing presence of institutions in the market, which is a large part of why it has been rallying so heavily throughout the past few months.

Although they may be bidding less aggressively on BTC as it hovers around its all-time highs, data from the CME’s latest Commitment of Trader’s report indicates that long interest for BTC amongst institutions is steadily climbing.

“12 – January CME $BTC Commitments of Traders (COT) report – Open Interest: 12,039 up 6.5%”

Bitcoin

Image Courtesy of Unfolded. Source: TradingView.

The coming few days should shine some light on whether or not the constant rejection seen by Bitcoin in the upper-$30,000 region will have any impacts on its mid-term trend.

Featured image from Unsplash.
Charts from TradingView.

Source: https://www.newsbtc.com/analysis/btc/latest-cme-report-reveals-growing-appetite-for-bitcoin-amongst-institutions/

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