How to Cut Down On Recruitment Costs?
Talent procurement is a significant factor of any company’s overall cost. Every recruiter understands how expensive recruitment can be, but not every organization knows how to effectively manage recruitment expenses.
Here are a few tips that help cut down on recruitment costs without sacrificing the talent pool:
Make Your Company Website More Effective
Advertising jobs on your company career website help create a secure online environment that attracts a wider pool of applicants and reduces the cost of the paper processes as applicants can directly upload their CVs and other documents. It also saves HR time as applicants self-enter their details, making the application process more cost-effective and simpler to administer.
Adopt Background Screening Solutions
Background screening solutions such as SSN verification, criminal check, drug testing, sex offender checks, credit history, and more help you mitigate your risk and choose only the trusted employees. By weeding out undesirable candidates, recruiters save both time and efforts that can be allocated to other critical recruitment processes.
Also, background screening solutions help to decrease employee turnover, improve safety in the workplace, meet regulatory compliances, and decrease the chance of negligent hiring, which eventually helps to lower your overall recruitment costs.
Engage Automated Messaging
It is not fair to keep job seekers in the dark about their applications. Over time, it diminishes your brand and creates a negative image about your recruitment process. But, with the high influx of resumes a recruiter receives on an everyday basis, it becomes difficult to keep every applicant up to date about their progress.
The solution to these problems is using automated messages to keep all the applicants in the loop at all times. Sending messages like, “we regret to inform you” or “we have received your application” will help to acknowledge the applicant requests and reinforcing your company brand – with minimum efforts and cost.
Reduce Time To Hire
Reducing time to hire not only helps to reduce the cost per hire but also helps to create a much better candidate experience. There are many ways to reduce your time to hire, such as using video calls, consolidating the assessment and first round interviews, drafting a clear job description, and keeping the manager in the loop from the beginning of the process.
Boost Your Employee Referral Program
Study after study has established that employees hired through the employee referral program are the most quickly hired, qualified, and trustworthy candidates overall. Strengthening your referral process and encouraging your current employees to actively participate by providing attractive rewards would motivate them to further participate.
Take Advantage Of Social Recruiting
Social recruiting is not just a fad, but a remarkably effective and economical option to extend your sourcing routes, company brand, and boost your employee referral program. Many companies have been successful in hiring via social channels and these numbers are on the rise as more and more organizations are adopting this method.