Regardless of your type of business, recruiting can take a significant chunk of your money. It not only takes a lot of time and effort to find the right candidate but there are also different costs associated with the recruitment process – starting from outsourcing fees and onboarding costs to advertising and processing expenses.
Most businesses usually fund recruitment as it takes longer than expected to close the position. Since startups and small companies cannot provide enough funds, they typically refer to small business loans and other funding options to keep the budget safe and hire the needed employees. However, you can also use some ideas to reduce the costs while hiring the best talents for your company.
Turn To Internal Talent Pool
Recruiting internally helps reduce costs and time on sourcing and advertising while increasing productivity and retaining employees. Companies can create a program that encourages existing employees to advance through positions in the organisation’s hierarchy. From the outset, hired employees who have already been identified to show a willingness to learn, have a preferred temperament and demonstrate an adaptive capacity may have the potential to fill a number of roles in the company. Being able to provide opportunities to invest in these new candidates and existing team members are more likely to remain in the organisation for a longer period.
You can also check with your current members of the team if they know a person who would be suitable for an open position. This is the easiest way to minimise the time of the hiring process as referrals from your employees cuts down on search time and allows you to go straight to the interview stage. Make sure to encourage workers to share your job postings and offer incentives for attracting quality candidates to increase interest in bringing new people to your organisation.
Develop A “Careers Page” On Your Website
Since potential top talent or job seekers can easily access all information about your business, its purpose or culture by simply visiting your website, you need to create an irresistible company career page. Your company’s career portal is an essential tool for job seekers who can use it to learn more about open positions, what it really is like to work for your company, and why they should apply for this job.
Make sure your career site is easy to navigate, mobile-friendly, has an eye-catching design as well as represents your company and reveals its personality. An accessible portal with a clear job description can motivate candidates to apply for positions right on your website, eliminating the need to rely on other external sites and tools to find the top talents.
However, not just your website but also social or digital media pages, blog posts about your business and your current staff are sending out more information than you think. Therefore, try to take advantage of this fact by keeping up the goodwill through your website and maximising your web presence to attract and engage the best talent.
Take Advantage Of Social Media
As we have already mentioned the importance of your social media accounts, why not use your platforms to notify people that you are hiring new employees? For example, on Facebook, you can post and advertise job opportunities right on your company’s page. Ads on Twitter or Snapchat can help showcase a corporate culture and entice talent to apply for open positions right from their phone. At the same time, LinkedIn is considered the best networking site where you can upload your hiring post along with eligibility criteria and URL of your company’s website so that candidates can learn more about your business and find out what you are looking for in them.
Plus, using these platforms to find the right talents allows you to attract better quality candidates because your brand profile followers probably are already interested in your industry and have a solid understanding of your company’s culture.
Review The Number Of Interviewers
Many companies tend to include six or more interviewers in the recruitment process. While a general agreement can be important while seeking candidates, this is one of the biggest business costs. An excessive number of interviews significantly slows down the hiring process. In this case, you are wasting time and money of your company, HR professionals or managers, and these not so obvious expenses will go up as time goes on.
Not to mention, the presence of too many interviewers can increase the chances that the spirit, ego and feeling of self-worth of candidates will unnecessarily be crushed. It is generally recommended to have two or three well-structured interviews with three to five interviewers.
Partner With A Reliable Recruiting Agency
Poor recruitment might cost your organisation dearly. One way to reduce hiring costs is by partnering with recruiting agencies to find the right talents.
In general, partnerships with professional recruiting agencies or headhunters tend to be more cost-effective and effective in the long run than using solely in-house recruiters. No matter if your company is large or small, hires frequently or rarely, a recruitment agency can save you time, money and headaches.