09 Oct Reduce Recruitment Costs with these 6 Tips
Recruitment can be expensive – from advertising vacancies to onboarding and training. With hard work and inside knowledge, however, your recruitment efforts can be much more effective for a lot less money. Here are 6 ways you can reduce recruitment costs:
Quality over quantity
You may think that attracting the largest number of applicants makes it more likely for you to fill your vacancy with the best candidate. This can quickly become expensive though and is not necessarily true. Sponsoring advertisements for lengthy periods will push up recruitment costs while potentially overwhelming your HR team with irrelevant applications. It’s better to focus on attracting the right fit for your role and company. You can do this by including a detailed vacancy description that will encourage only the right candidates to apply. Perhaps you only need to advertise the vacancy for perhaps one week instead of two.
Invest in the best
Don’t throw your money away on job board subscriptions that don’t return on your investment. If a platform is not attracting enough of the right applicants for your vacancy, try investing in another. There are some recruitment solutions that cost significantly lower than multiple job board plans. Using them can make your recruitment process much more efficient and cost effective.
Utilise social media
Social media is a free resource you should be using to recruit talent to your team. 79% of jobseekers used social media in their job search in 2022. This makes it an invaluable tool in reaching the professionals you’re looking for. The best part is that you don’t even have to pour money into sponsored ads to get the most out of social recruiting. Sharing quality content and building your employer brand on social media are far more effective ways to recruit high-calibre candidates.
One of the many changes the global pandemic brought was that remote working, meetings and interviews became the norm. Interviewing over video call is another great way to reduce recruitment costs as it negates the logistical hassle of face-to-face interviews, making the whole process more time-efficient and streamlined.
Encourage employee referrals
Word of mouth is still an effective form of marketing; especially when you’re utilising the networks of individuals you have already established as ideal talent that you want on your team to drive your business forward. In order to incentivise employees to share vacancies with their network and refer candidates they know, create a formal employee referral scheme with gift card rewards or other benefits for each successful hire.
Build a pool
Not that kind of pool. A YourCode talent pool. Do you receive candidates from recruitment agencies and wish you could hire them without the fee? That’s where we can help. We work with Internal Teams to enable them to subscribe to our ever-growing talent pool and hire agency candidates without having to pay any agency fees. One monthly subscription, nothing extra. Interested? Email Josh at email@example.com for an information pack or to schedule a 15-minute call to explore your options.