Reducing the costs of recruitment is something that every business owner or HR Department should make a priority. In many cases, you can cut your recruiting costs by simple changes to your hiring process.
Hiring is one of the top expenses that many businesses have to manage, particularly if they have high employee turnover. With more companies trying to hire great talent, it’s important to do what you can to cut those costs.
If you’re wondering how to keep the costs low without compromising quality, read below for 3 tips to decrease recruiting costs when you’re ready to hire new employees.
Tips to Decrease Recruiting Costs
Recruiting and hiring are two of the most important priorities for any company. Unfortunately, they can also be two of the most daunting, time-consuming, and expensive tasks on any HR professional’s plate.
If your team is looking for ways to cut costs, recruiting might seem like an area you can’t afford to invest in. But a tight job market means there isn’t a lot of wiggle room when it comes to hiring quality candidates. So how do you balance these two competing priorities?
Use Employee Referral Programs
Your employees know your company better than anyone else — and they probably know a lot of people who might be interested in working there too!
Referrals from current employees can be a great source of candidates. They may even be more qualified than applicants who respond to your job ads because they’re already familiar with the company culture and values.
When your employees find a strong candidate, it could be easier to convince the candidate to apply than it would have been if you’d found them yourself.
It’s also probably cheaper than using other sources like job boards or staffing agencies because you don’t face competition from other employers — since your own employee recommended them, they’ve probably already decided they want to work for you!
Another benefit of referral programs is that they provide an incentive for your team to participate in the recruitment process. Consider offering referral bonuses or other incentives to encourage your employees to recommend the company to their friends and family members.
Use Social Media
Today, most companies rely on social media to increase brand awareness and strengthen consumer relationships. It’s a great way to grow your customer base and generate leads, especially when you’re attracting the right people. And it’s just as effective when you’re trying to recruit employees.
Social media has made recruiting easier and less expensive than ever before. Sites like LinkedIn have become powerful tools that recruiters can use to connect with the best possible talent.
Make sure your company has a professional-looking social media presence, so you can post job openings online and attract the right candidates. A well-maintained company Facebook page or Twitter account is also a great way to get people interested in working for your organization.
Streamline Your Application Process
Reducing the cost of recruiting includes making your application process less expensive and more efficient. This work is where technology comes in handy. Leveraging applicant tracking system, like we do with our isolved system, can help you reduce the time to hire while increasing the quality of hires by automating many of the tasks associated with the hiring process.
Many organizations still struggle with their first-hand application and onboarding experience. By using an applicant tracking system, you can improve this experience and make it more seamless for applicants. It does this by providing a centralized location for candidates to submit their applications and then provides feedback on the status of their applications in real-time.
This approach reduces inquiries about application status from candidates, creates a seamless onboarding experience, and reduces administrative effort to answer questions and manage the process.
Take Recruiting to the Next Level with AssetHR
It’s time to step up your recruiting game. AssetHR’s integrated platform isolved offers HR Talent Solutions like Applicant Tracking and Employee Onboarding, Workforce Management, Payroll and Leave Management and Retention Strategies. What’s more, our implementation process delivers a unified human capital management experience featuring automation, visibility, and collaboration.
Contact us for a complimentary consultation to see how AssetHR can unlock the full recruiting potential of your business by enabling you to better target and track candidates, cut time in the hiring process, and create actionable reports that drive better decision-making.