6 Ways to Cut Recruitment Costs
This article will tell you about all your recruitment & sourcing process and how you can cut the costs without sacrificing the quality of the hire. It is very important for every HR or Staffing manager to create a magic out of very little or nothing at all.
Your career website is a key to attract candidates
Whether your company is coming in fortune top 100 or a very young start up know that be creative to attract candidates to your website, while putting all the relevant information related to job openings, candidates role for the designation, your working environment and don’t forget to upload the images of fun that your organization is providing to your employees, as today employees are more often interested in organization who provide a lot things than just an employment with good perks. “A career page, when properly managed with up-to-date positions and which also has a level of artificial intelligence will cut out hours of work for a recruitment team, and will often do a better job.
Hire good recruiters, and train them to be experts
Very often recruitment staff within companies do not truly understand their role as a ‘business partner’, which is part of the problem. Good recruiters within an organization understand the needs of the organization to which they are sending candidates. Only hire good or expert recruiters who is having domain expertise of recruiting the best talent otherwise it would cost a lot to organization “a great way of wasting everybody’s time”. We understands that ‘time is money’ better than a manager who has his or her time wasted by useless candidate interviews. Again most recruiters are not well trained so make sure you either hire good ones, or train them to be experts. First, a good recruiter should be sensitive to the business and truly understand the competencies of roles in, say, sales or production. Second, they know how to ask smart questions and catch key points from the candidate. Third, a good recruiter has a proactive spirit, and shouldn’t be just waiting for resumes, which we know happens all too often. And finally, a good recruiter is not a ten-to-six person. They are focused on ‘how can I finish this job’, not the clock.”
Think Outside your Networking Comfort Zone
If your company is in the information technology industry be sure to attend industry events. Don’t limit yourself to HR-centric events and by doing this, you can build a network of non-HR professionals from which you can source.
‘Employee Referral Program’ is a master key to not only cut the costs, a lot more
An employee referral program within an organization can be very attractive to employees, since a head-hunter or executive search firm charges a lot amount. Some companies even provide an extra bonus, if candidates are referred from a direct competitor. Another creative technique to find talent is to use the online Professional & Social networking program, Linked In or Facebook, to connect to friends of current employees. A recruiter within your organisation first links to as many current employees, and once the connection is made they can trawl through these employees’ connections.Once an interesting candidate is found, the recruiter asks the employee to make a formal introduction, and within a few days a direct line between candidate and recruiter is made. This can be a lot more efficient than simply telling your employees that a referral program exists, since many won’t know what skills and background their HR department are sourcing.
Reduce Your Attrition Rate
As often says by everyone, employees leave bosses, not companies & it’s true. Managers or team leaders needs soft skills to reduce the turnover of employees in the first place. Recruitment costs can be slashed if the turnover rate is halved, so rather than focusing on reactive solutions, be proactive and help key staff develop people skills so the attrition rate can be cut down.
Manage Recruitment Agencies having Domain Expertise rather than claiming they work for all industries.
While having ten or twenty recruitment and executive search firms assisting your recruitment team in their hunt might appear to give you more choice, but consider time is money the more options you will get that doesn’t mean all are fit up to your organizations requirement. We suggest only join your hands with those recruitment agencies who claims to have domain expertise of recruiting the talent as they will end up saving your HR Managers time & efforts to conduct the interviews with a good result. Organization should also consider ‘Economy of Scale’ so If you give more positions to a single agency you can demand a bigger discount and the more business you give one recruitment firm, the more goodwill you will build, and they will put more of their staff on your case to help you fill faster with effective results.