How To Build A Cost-Saving Recruitment Strategy

Hiring great talent is no easy game. It’s a risky business. However, the fact is that no business can survive without human resources. Doesn’t matter if your company is big or small, the truth is that it thrives on the capabilities of your team, your employees. So, recruiting great candidates is one of the crucial operations. It can make or break your company. Given how important hiring great candidates is, it is also a time-consuming and expensive process. The recruitment budget is one of the most important aspects while building a recruitment strategy. Here is how you can build a cost-saving recruitment strategy.

Hiring candidates is not only time-consuming but is also a costly process. Right from sourcing candidates, to onboarding and training them, recruitment costs a lot. In fact, hiring is one of the most expensive HR operations. Did you know that a majority of recruiters report their average cost-per-hire is $3000 or less? Which doesn’t seem much but consider the situation when you have to hire 10 or more workers. That’s $30,000 right out of your pocket!

Also, as a result of the COVID 19 pandemic, talent acquisitions from around the globe are under immense pressure to build a cost-saving recruitment strategy. Having said all this, it is important to understand, that just reducing your time-to-hire is not enough in building an effective recruitment strategy. You also need to make your recruitment strategy pocket-friendly. Here are 5 amazing tips on how you can build a cost-saving recruitment strategy.

How To Build A Cost-Saving Recruitment Strategy

Automate Your Recruitment Tasks

We’ve all heard of the phrase, time is money. This phrase becomes quite literal when it comes to hiring. So, recruitment automation is one of the most effective ways of reducing your cost-per-hire. It reduces the time invested in doing various recruitment tasks. This has a direct impact on the productivity and thinking capabilities of recruiters and the HR team which eventually allows them to hire more candidates in an efficient way.

There is multiple automation software available in the market that allows recruiters to automate various recruitment tasks like applicant tracking, interview scheduling, and many more. You can use them and automate the tasks that you needed to do manually. By doing this, you will save a lot of time, and in turn, a lot of money.

Run Targeted Advertisement Campaigns

Do you want to know how to save cost and time on hiring? Advertise exactly where it’s worth it. The best of the job boards can be utterly useless if the right people aren’t seeing your ads. The main problem with conventional recruitment advertisements has been that it’s expensive. Also, the data is difficult to measure and analyze. However, it is important to understand that a targeted approach will fetch better results.

So, to achieve this, the best tactic that you can use is to analyze the data. Every job posting platform comes with analytics and metrics tools. You need to analyze the data from these platforms and figure out which channels have been efficient for you. Decide what channel works for you and invest your job ads budget only on these channels.

Encourage Employee Referral Programs

If you already have a great team and looking to expand it, employee referrals are the one-stop solution to find candidates who are a good cultural fit. Your teams surely know other talented and skilled individuals like themselves. So, employee referrals are one of the greatest ways of finding perfect candidates for your company. It saves you the trouble and cost of recruiting employees from the scratch.

By encouraging employee referral programs in your company, you can easily make top-quality hires at a very low cost. Encourage your existing employees to refer eligible candidates in their network. You can offer bonuses and various other perks to employees who refer great candidates. By implementing a great employee referral program, you can enable your employees to become your brand ambassador.

Employ Social Media Recruiting

There’s no denying the fact that millennials are a social media savvy generation. Social media today is more powerful than it ever has been. Especially in the field of recruiting. Social media has been a major hotspot for recruiters today for sourcing and hiring great candidates. According to research, 71% of hiring managers said that social media recruiting reduces their time-to-fill. Reduced time-to-fill means reduced cost-to-hire.

So, along with job boards, social media networks like LinkedIn and Facebook are a great platform to not only post your job ads but to connect to your candidates. You can easily spread the word about the openings in your company. You can also advocate your company’s culture and why working for your company is so great.

Build A Talent Pool For Future

Sometimes, when you post a job ad, you can receive a lot of highly eligible applications. The best thing to do here is to add them to your talent pool. Building talent pools is the most efficient way to ensure that your future hiring needs are fulfilled. A talent pool is like a safety net you can fall back to whenever you need to. Add all the candidates in the pool who are willing to work for your company.

Save all the pre-screened candidates, pre-qualified candidates who didn’t make the cut the first time in your talent pool. This way you don’t have to source candidates from the scratch and hire them when the need arises. Re-engaging candidates who didn’t get the job the first time will help you reduce your hiring cost drastically.

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