Recruitment is a crucial part of running a successful business. However, it can often be an expensive process to manage. Here we give our tips for how employers can reduce recruitment costs, while promoting an efficient hiring process.
#1 – Optimise your recruitment advertising strategy
Advertising spend contributes to a large portion of recruitment expenditure. By correctly focusing your campaigns, and optimising your advertising strategy, you can cut costs while maximising results.
Use analytics tools
Use analytics tools and advertising management suites – these will enable you to regularly review and adapt individual campaigns, based on real-time performance. Analyse factors such as clicks vs views and form completions to identify the successes and challenges of your advertising strategy.
Adapting your campaigns in real time will help you to reduce recruitment costs, ensuring money is spent where it counts – maximising your reach. This also ensures your vacancies are exposed to more of your industry’s best talent.
#2 – Utilise recruitment software
Recruitment platforms such as applicant tracking systems make managing hiring campaigns easier for your HR team. This ensures candidates are engaged through high-quality contact, screening/interviews are conducted effectively, and positive hiring decisions are made.
Hiring software helps to reduce costs in a number of areas, including:
- Reducing candidate turnover
- Lowering attraction costs
- Saving time for your HR team
- Reducing reliance on outsourced recruitment
Utilising technology to streamline your hiring process will improve the experience of both candidates and hiring managers – while reducing associated costs.
#3 – Increase employee retention
One of the most effective ways to shrink hiring costs is to reduce your reliance on recruitment to begin with. Hiring is, of course, necessary for any business to expand, but improving staff retention will reduce the need to replace your employees.
Start by optimising your engagement strategy; observe your employee value proposition, and adapt this to meet the changing wants/needs of your employees.
Employee feedback is valuable – ask your colleagues how their experience with your company could be improved. This can halt engagement issues in their tracks, promoting a happy, productive, and retained workforce.
#4 – Try free recruitment tools
Believe it or not, there are many free alternatives to various popular recruitment tools. Utilising free job boards, such as those included with social media platforms, is a great way to reduce your advertising spend.
Another great way to recruit employees for free is to design and build your own careers website. This acts as a hub for all your company’s opportunities and employer brand material. A careers site not only reduces your reliance on paid job boards, but also increases candidates’ engagement with your brand values and workplace culture.
Recruitment sits at the core of any expanding business; in order to grow and prosper, employers need to attract a strong team of dedicated talent.
Hiring can be an expensive process, but luckily, there are a number of ways in which employers can reduce associated costs. These include:
- Optimising recruitment advertising / using analytics tools
- Utilising recruitment software such as applicant tracking systems
- Increasing employee retention by maximising engagement
- Trying free recruitment tools and dedicated careers sites
With the right approach, employers can watch recruitment costs shrink – while maintaining a strong, supportive, and successful hiring journey.