Recruitment comes at a high cost of both time and money. Many companies find themselves burdened by the costs and ultimately left with the wrong candidate because of them. Use these tips to reduce recruitment costs with your next opening.
Streamline Your Process
While there are a lot of upfront costs associated with recruitment in the form of job postings and recruiter costs, many are less tangible. The time and productivity sacrificed to conduct multiple interviews can be taxing on a business. One of the best ways to reduce these costs is to create a streamlined recruiting process that minimizes the amount of time spent on finding the right fit. Reduce the total amount of interviews for each candidate and try to condense interviewing to a single day rather than dragging it out over weeks. Make decisions quickly, preferably the same day as interviews to select and begin the on-boarding process for the new employee.
With any job, there will be a lot of unqualified applicants. Whether they don't meet the job requirements or don't have the experience, many of these candidates can easily be eliminated with a little bit of automation. A workforce management system is a great way to compile and eliminate unsuitable employees easily. Multiple managers can be included on each job posting and notes can be sent about candidates. A workforce management system can also include screening questions to easily identify which candidates are not good applicants for the job. Using automation can reduce the time and effort spent, reducing overall recruitment costs.
Enact Highly Targeted Marketing
Everyone uses the big name job boards. Monster, Indeed, and Craigslist may be your go-to job boards, but those avenues may not reach the specialized candidate you need. Instead of pursuing a scattershot approach to hiring, use a laser focus to find the best candidates. Publish your job posting in industry-specific magazines or online journals. If a specific certification is needed, reach out to that society to see whether they offer a job board to their members. By focusing in on where the right candidates are located, you can save time and effort finding them.
Drop The Outsourcing
Many companies rely on external marketers or recruiters to get their next employee. While this tactic saves time and money spent sorting through candidates to find the best, it also can eliminate some qualified candidates. The best source for identifying great candidates is current employees. They know what the job entails, who fits into the work environment, and what skills are needed to successfully perform. While companies may gain short-term benefits from outsourcing, ultimately, more money is saved by identifying the right candidate from those who know best.
Focus on Retention
The best way to cut back on recruitment costs is to not lose valuable employees in the first place. If you have a high turnover rate and those employees aren't moving up in the company, it may be time to focus on retention. Increasing employee engagement and satisfaction to create a cohesive and challenging work environment can help companies reduce their recruitment costs by keeping employees longer.
Recruiting doesn't need to cost an arm and a leg. With some simple steps, businesses can ensure that they use their recruitment budget is used on high-impact advertising and managers aren't spending weeks forgoing normal job duties to find the right candidate for your job opening.