The costs of hiring continues to rise. Between the price of listing on various job boards, the cost of lost productivity associated with open positions, and the labor and time spent sorting resumes, scheduling interviews, and writing recruitment emails, the cost of acquiring the talent your business needs can add up quickly. Here are some expert recruitment tips to help you reduce hiring expenses and spend less onboarding new candidates.
Incentivize employee referrals.
You employee quality people – chances are they know people like them. Offer your current employees a bonus if they can bring in talent. Some companies offer their employees several hundred dollars per employee that’s hired on their referral after the new hire reaches 90 or 120 days. The cost of paying a bonus to an existing employee can still be much more cost-effective than sourcing an employee from scratch – plus referral bonuses help build goodwill with your workforce and serve as a good retention strategy.
Don’t underestimate social media.
It’s easy to cross post your company listing to your social channels – all without spending a dime. Sharing a link to a newly created position on Facebook, Twitter, LinkedIn, or even Instagram asking followers to learn or find out more is a good first step for businesses looking to save on their hiring costs; if you can generate enough interest and quality resumes by simply sharing on social platforms, you can avoid the cost of listing on a site like Indeed or Monster.
Pay attention to your pipeline.
Not everyone who applies for a position with your company is going to be the best fit for that position, but that doesn’t mean they aren’t a good fit for any position. Keep a record of the people who apply with your company, from those whose resumes don’t make it a hiring manager to those who are the second-rated candidate for their initial application. Having these records on hand will save you a lot of time in the hiring process as a starting off point for filling a newly opened position. Instead of passively waiting for candidates to find your listing, you can start reaching out to candidates who showed interest in the past.
Finding quality candidates doesn’t mean spending the most money – sometimes it comes down to being more creative and resourceful and tapping into your existing assets, like past applicant records and current employee referrals.
Another way to save time on your employee search is by working with an expert recruitment team like Evolving Talent Group. If you’re looking for leadership talent, connect with our industry experts today.