Are recruitment costs eating into your profits? Your team is key to your success, but we understand that new hires don’t come cheap. Follow our five simple steps to help reduce your hiring spend, especially if your current processes have got you feeling like this guy…
1. Leverage Recruitment Technology
If you don’t have the right recruitment technology, your capacity to reduce cost per hire is already limited. The recruitment technology that you use should be to help you identify well-suited candidates quickly to save time during the time-consuming ‘sourcing’ phase. Ideally, this technology should give you a 360-degree view of the candidate’s professional background and career history, including their qualifications and experience.
2. Make the Right Hire, First Time Around
A huge amount of time and money is wasted when you think you’ve hit the jackpot and have found the dream candidate, only for their experience to fall short during the onboarding process or their first few months in their new role. It means you have to start back at square one all over again – effectively doubling your recruitment costs for this one role. Get things right the first time around by verifying the information provided to you during the recruitment process – check and validate qualifications, experience and references to confirm each applicant’s claims.
3. Build a Talent Pipeline
Just like when it comes to creating new business, a talent pipeline should follow the same pattern as your inbound sales pipeline. If you are leveraging your employer brand and communicating the great work you’re doing outwardly, industry professionals will view your company as a promising potential employer. Having a strong pipeline of potential hires who are interested in a new role will cut recruitment costs quickly. There will be no ‘downtime’ caused by vacant roles while one employee finishes and you wait to hire a new one.
Of course, sometimes hiring needs cannot be foreseen, but if you know that you have forecasted recruitment and growth within specific areas of the business then start reaching out to candidates in this area. To ensure that you secure the best talent, use recruitment databases which showcase the profiles of verified professionals who are open to a career move.
4. Encourage Employee Advocacy
What’s the first thing most people do before booking a hotel? They check review sites. Your employees are no different: before they even commit to an introduction, the majority of job seekers will do their research. Encourage your employees to use platforms like GlassDoor to give a positive, honest account of what working life is like. This way, your company culture will be outlined and you’re far more likely to attract candidates who are aligned with your ethos.
5. Adopt an Employee Referral Scheme
Another way to utilise your existing team is to create an employee referral scheme. This means that should an employee recommend a current vacancy to someone in their network, they receive some kind of discretionary bonus once the employee is past a certain probationary term. By putting the initial stages of recruitment in the hands of your team, you also empower them to recommend applicants who they know would be a good fit and have the right qualifications for the role. After all, it’s in their best interests to work alongside other professionals who can contribute to the success of the team.
Do you need some help with cutting your recruitment costs?
We’d love to provide our input on how the TrueProfile.io platform can help you to cut recruitment costs, source great talent while safeguarding the hiring decisions you make.