Recruiting qualified and suitable people for the job is no an easy feat. And sometimes, the major cost that’s involved with the recruitment comes in the form of opportunity cost from the long hiring time. If you aren’t properly budgeting your recruitment expenditure, you could face some serious steam for the higher authorities.
So what to do?
Well, there is a solution and it’s called simplifying the whole recruitment process. Here, I don’t mean changing your recruitment policies entirely—some minor tweaking could also work. Check out these 4 techniques to reduce the recruitment cost.
- Recruitment technology matters
Reducing on the hire-time could largely reduce the corporate recruitment cost, but this could mean investing in some kind recruitment tool.
Using electronic technology over manual sifting and employee-comparison could mean longer recruitment time.
There are different tools that are equipped with features like talent assessment, decision making and candidate flow management. This data-drive automated technique can greatly reduce hire-time, reduce cost and improve the quality of hire. Get a free trial of Tazio, if you want to know what that means.
- Aim for quality, not quantity
The groggiest way to hire a new employee is to put up a job opening on Monster or Indeed. If your purpose is not to hire but to waste a lot of time and money, this would work great with all the influx of resumes. If not, cut on this behavior, because as an HR manager, your posting should attract only the qualified individuals who would be most suitable for the job.
Use industry-specific job boards that will attract only the right candidates. Even if these websites cost you a few hundred dollars, they are definitely worth every penny. You can also find candidates for the job by posting on LinkedIn, as there will be many individuals who will be following your company’s LinkedIn profile and may know about your organization’s corporate culture better than the rest.
- Make a consolidated recruitment process
Cut on the multiple round of interviews as they are just adding to the hiring cost by making the whole recruitment process long. Keep it simple—analyze everything in a single interview; get all the decision makers on table for one-off interview. This consolidated recruitment process could mean having more group interviews and scheduling back to back interviews on the same day. A lot of companies are doing this; you should do it too.
- Work on reducing the turnover
To reduce the recruitment cost, you will have to ensure that the turnover is low; if not, this could mean you might never end up with spending less on the hiring process. If you haven’t worked on the compensation packages or increments lately, it’s time you do.
