Recruitment Costs Reduction Strategies for 2022
Recruitment may be expensive, therefore it makes sense that agencies and internal teams are always looking for methods to cut expenses.
Every HR professional is subject to the same old demand to reduce costs. Even though we can all probably agree that cost-cutting is a good idea, knowing you should and knowing how to do it are two very different things.
6 practical methods to Reduction Recruitment costs in 2022
1) Take advantage of employee advocacy
Recall the last time you visited a restaurant or went on vacation. Most likely, you did some web research or sought counsel from your closest buddy. The same strategy is used by job seekers, who enlist the help of coworkers and friends to impress prospective employers.
Encourage your employers to share their experiences on websites like LinkedIn, Facebook, Twitter, Glassdoor, and others if you are sure you are doing everything possible to help them feel content, engaged, and supported at work. Employee advocacy is a fantastic instrument that can assist you in luring professionals that are sincere about working for you.
2) Automate the screening of resumes
A recruiter is in charge of a variety of duties, such as posting job descriptions on various job boards and social media platforms, following up with applicants, scheduling pre-employment tests or interviews, and so forth. However, you may automate tiresome chores like screening a large number of resumes using an applicant tracking system (ATS).
With the use of programmes like SmartRecruiters, LinkedIn Recruiting, and Greenhouse, you can give each job posting a few keywords, such as requirements, location, and years of experience. This gives the system the ability to automatically check each application to determine if certain keywords are there.
With a strong ATS, you can speed up the Recruitment process, reduce redundant data entry, and protect candidate information. Without the proper tools, you will lose a lot of time performing activities manually, which will raise your recruitment costs.
3) Introduce an employee referral programme
This is a cost-effective alternative, albeit you will need to set aside money to reward staff members who successfully recommend candidates to you.
This is so that you can recommend professionals who are compatible with the working culture of your company and who meet the job requirements.
These workers are more likely to stick around in the long run. Plus, you do not have to devote much time and resources to recruiting employees actively. In contrast to the average Recruitment time of 55 days for other candidates, Jobvite claims that it only takes 29 days to Recruitment a suggested candidate.
The numerous processes generally involved in Recruitment, such as evaluating resumes, publishing job ads on job boards, and cold phoning, are all eliminated by a referral network. This ultimately lowers your Recruitment costs.
4) Make use of social media
By being open and able to communicate on these platforms, businesses may give the public a glimpse into their everyday activities, missions, and employee demographics.
This level of openness and transparency contributes to an increase in the number of job applications you receive from candidates who are eager to join you and your business.
More crucially, social media is free. All you have to do is take the time to create the best messages and campaigns. If you’re just getting started, concentrate only on a few social media platforms rather than all of them. Build a solid strategy for LinkedIn to increase the effectiveness of your Recruitment, as it is the most relevant platform for your needs.
5) Build alumni networks and talent pipelines
There may occasionally be an abundance of qualified applicants for a single position. Even if you may only select one, you may always develop a talent pipeline of candidates you can contact if a position comparable to this one becomes available in the future.
Pre-qualifying candidates expedite and lower the cost of the Recruitment process. The further an applicant has travelled in the Recruitment funnel, the more you know about them.
6) Reduce the length of the hiring process
Use video interviews to swiftly form an opinion of candidates. The interviewing Recruitment procedure is standardised by this method. It enables the communication between job seekers and recruiters from the convenience of one’s own home. Take notes during the video interviews, then watch them at a convenient time in peace. Reduce the time spent on each candidate by quickly weeding out suitable applications.
Employers can keep tabs on staff members looking to move up or down the corporate ladder by mandating that managers schedule one-on-one meetings and reviews frequently.
This will contribute to the development of a culture in which your team feels valued and heard, which is essential for lowering employee attrition. Define rewards and bonuses with your employees in mind as well. However, keeping your current personnel could result in long-term financial savings. Other cost-free choices, such as flexible work schedules and hybrid working arrangements can help you keep your Recruitment costs down.
Read More How to Use Social Recruiting To Its Full Potential