Every HR professional’s dream: Reducing cost-per hire
Cost-per-hire is one of the most important and most commonly used hiring and recruiting metric.
➡️ Download the Checklist of Most Important Hiring Metrics & Tips for Improvement!
It is also the metric which gives most HR professionals a serious headache!
They are asked to find and hire top talent fast, but often lack all the needed resources, especially financial.
So without further ado, let’s take a look at the 7 most effective ways to reduce your cost-per-hire!
Most effective ways to reduce your cost-per-hire
Here are top 6 ways companies can reduce their cost-per-hire:
1. Free job boards
Many companies spend a lot of money to post their job openings on job boards. However, there are also many free job posting sites and job boards which allow employers to post their job openings for free and reduce their recruiting costs.
➡️ Check out the list of The Best Free Job Posting Sites!
2. Employee referral programs
Do you have a structured employee referral program? Is it effective? Did you think about offering innovative employee referral incentives in order to increase its popularity? Employee referral programs can improve time, cost and quality of hire. It’s a win-win-win!
➡️ Check out our Guide for Setting Up an Employee Referral Program!
3. Talent pools
Building and maintaining a talent pool of interested, qualified candidates can do wonders for your cost-per-hire. Imagine tapping into a pool of great, interested candidates every time you have a new open job position!
➡️ Learn Everything You Need to Know for Building and Maintaining a Talent Pool!
4. Group interviews
Conducting interviews with multiple candidates at once is a great way to save your time - and money! Group interviews are a fast and affordable way to test a group of candidates and select the best ones among them.
➡️ Check out the Guide for Conducting Group Interviews!
5. Outsourcing
Using a recruitment agency is not always expensive. Sometimes you can even save money if you decide to use a recruitment agency’s services! Just make sure you weigh all the pros and cons of using a recruitment agency in order to make an informed decision.
➡️ Check out The Ultimate Guide for Choosing a Recruitment Agency!
6. Recruitment software
Modern recruitment software has many benefits and features which can help you make your hiring process faster, more streamlined and effective, thus saving your time and reducing your recruitment costs.
➡️ Download free eBook 2019 Guide for Buying a Recruiting Tool!
7. Social media
Do you use social media to proactively search for candidates totally free, promote your employer brand and showcase your company culture? It’s a highly effective way to attract potential employees - and it’s totally free!
➡️ Learn How to promote your employer brand on social media!
