Recruitment costs and time to hire periods can add up quickly. Consider these low-cost recruitment strategies to help you increase hiring efficiency:
According to a recent SHRM study, the average cost-per-hire is around $4,129 — which can seriously add up for companies recruiting for multiple positions throughout the year.
How do costs accumulate so drastically? Those who don’t have an in-house recruiting team often consider using an external agency. While this option may seem hassle-free and convenient, having to pay off associated fees can seriously cut into budget. Even job boards, which are a cheaper option, often charge several hundred dollars per ad, which accumulates quickly when you’re trying to get the word out about your open position. Then there’s the consideration of diverted time. Employers invest countless hours in the interviewing process, trading in current time and effort with the hope of reducing the costly risk of recruiting a bad hire.
It’s crucial to find the right fit in a timely manner — your bottom line depends on it. Luckily, there are ways to reduce your time-to-hire without breaking the bank. We have some simple tips to lower your recruitment costs and reduce your time to hire:
Your company career site is an important tool for job seekers to use while learning more about open job opportunities and what it’s really like to work for your company. Make sure your career site is robust, mobile-friendly, and representative of your employer brand. An accessible portal can motivate job seekers to apply for positions directly on your website, reducing the need to rely on job boards and other external sites to acquire top talent.
According to a recent study by Jobvite, 92% of US companies are currently making an effort to recruit through social media –and for good reason! A single listing on a major job board can run over $400, a cost that balloons into four digits quickly if you have multiple positions to staff. Despite the high price tag, the reach isn’t nearly what you get on social media because it does not include passive job seekers— candidates who are ready to make a move but not actively seeking new opportunities yet.
Social media is also a great, low-cost way to advertise your employer brand throughout the recruitment process. For example, Facebook allows businesses to post and advertise open positions directly on their company page. Twitter or Snapchat ads can help showcase company culture and prompt talent to apply for a job directly from their phone. Additionally, using these channels to source talent allows you attract higher quality candidates because followers of your brand’s profiles are likely to already have an interest in your industry and a firm grasp on your company culture.
Always check with your current employees to see if they know someone who would be right for an open position. This is the easiest way to minimize time-to-hire because it cuts out search time and skips straight to the interview process. Encourage employees to share your job postings and offer incentives for bringing in quality candidates to help boost excitement about bringing new people on board.
Consider hiring any internal candidates who may be eligible and could benefit from a potential employee development opportunity. Stay in-the-know about employees who are interested in making lateral or vertical moves in the company by having managers schedule regular goal reviews with their subordinates. Keeping your finger on the pulse of employee aspirations will help you best leverage the candidate pipeline already on your team. It will also create a culture where staff feels respected and heard, a key component in reducing turnover rates.
Further increase candidate satisfaction by considering your employees’ needs as people and designing benefits and perks packages with this knowledge in mind. While opting into a higher-coverage insurance option may seem pricey at first, it may save money in the long-run by keeping employees with your company for significantly longer spans. Even cost-free options, such as allowing for flexible work hours or occasional work from home time, may have a major impact on reducing your recruitment costs.
Digital interviewing allows recruiters to screen candidates anywhere, at any time. Having the right video interviewing software helps reduce expenses like travel while also reducing time-to-hire rates.