Recruitment is one of the highest operational costs in any company. The goal of any employer is to device ways to reduce recruitment costs while maintaining the quality of employees being hired. To do this, you need to understand how much your current recruitment strategy is costing your company and then identify areas that can be eliminated or reduced.
Here are some of the most effective ways you can save on recruitment costs without sacrificing the quality of talent being hired:
- Reduce your need to hire in the first place – It is important to improve the way you support and engage your existing employees, this will help to reduce turnover, so there’ll be less need to hire replacements for staff who leave. it’s never a good sign to see the same vacancy ad month after month, year after year; you’ll leave potential candidates wondering if people keep leaving the company for all the wrong reasons.
- Maintain a good online reputation – Your online reputation as an employer/business is critical to the success of your overall recruitment strategy. Doing a better job at managing your online reputation is an inexpensive but highly impactful way to improve the quantity and quality of applicants you receive, while also driving down recruiting costs.
- Automate some of the recruitment tasks – There are several alternatives to the manual process of recruitment such as recruitment agencies, Skills assessments, ATS etc. This isn’t only cost-effective but also time-saving because when you reduce time to hire, you reduce the cost per hire.
If you think it’s expensive hiring quality professionals, wait until you hire the wrong person; the ripple effect won’t only take a toll on your business but on you as a person.
