In this blog post, we will outline our top 8 ideas for reducing recruitment costs. Let’s dive in!
1. Be proactive
Instead of relying on using recruitment responsively, you should be proactive in your recruitment activity by planning and identifying candidates for best fit before they are needed. This can cut recruitment length down by up to 4 weeks- making huge savings to your costs!
2. Reduce employee attrition
Did you know within one year, an average of 20% of the workforce leave?
Using Talent Warehousing, companies can build a better rapport with candidates by being in touch with them for a longer time than the recruitment process. This enables candidates to familiarise themselves with the role, colleagues and company culture to determine a better fit.
3. Encourage advocacy
Encourage your existing employees to advocate for the company by using employer review sites and social media. To do this, you need to make sure your employees feel secure, happy, supported and engaged at work. If they are satisfied, they will happily advocate the job for you.
4. Use social media to share company culture
More and more customers follow their favourite brands and companies on social media. They enjoy the affiliation with the company, especially as they get to know the culture. This is a great way to recruit new candidates as they’ll already know about the company, vision, and values and envision themselves working.
5. Introduce a referral scheme
It will cost you upfront, but in the long run, a referral scheme will pay dividends.
Employees who can refer successful candidates will more than likely choose candidates who are similar to them to fit within the company culture and stay with the organisation longer. This will also encourage loyalty with existing employees.
6. Have smarter advertising
Use clear and compelling job advertisements on job boards. This will not only portray your branding and image but will need to attract top talent! A successful job board will also include SEO keywords to get your job ads to appear on search engine result pages such as Google.
You also need to clearly identify the key responsibilities and job requirements clearly. This is so candidates know upfront the expectations of the role, which can refine candidate pools and quicken the recruitment process.
7. Use video interviewing
Video interviews help to reduce recruitment costs greatly.
They are to be used in the initial steps of the recruitment process, usually where phone interviews take place. This helps greatly free up recruiters time and not take managers away from their primary role on the company floor.
Recruiters can watch all the pre-recorded video interviews from candidates at once and make better decisions on who to move onto the next stage of the recruitment process.
8. Reduce the need to recruit
Going forward, one of the best ways to reduce recruitment costs is to reduce the need to recruit so often by employing employees who are a better company fit.
Reducing recruitment costs
Keeping your recruitment costs in check has a wider benefit on the organisation. But balancing that line between keeping costs low and high-quality talent needs to be carefully considered and thought out properly.
We hope you found this post on reducing recruitment costs helpful. As always, if you enjoyed this post, please share it on your social media and tag us! If you have anything to add, please feel free to comment below and provoke an engaging discussion!