After the COVID-19 crisis, many businesses are searching for ways to save money in 2021. So, you may be wondering, “Can I cut my recruiting costs without sacrificing quality?” Although it’s possible, proceed with caution. The RIGHT strategy is key.
Cost Effective Recruitment Strategies
Clarify Job Descriptions
When you post a job opening, do you have lots of applicants but only a few strong candidates? If so, you probably need to clarify your job descriptions. Otherwise, you’ll be wasting lots of time (and therefore money) sorting through subpar resumes and interviewing unqualified candidates. Begin the hiring process by clearly defining your ideal employee.
Apply ATS Technology
If your company uses an ATS (Applicant Tracking System), don’t waste energy hand sorting through piles of resumes. Set your ATS to automatically pull only applicants with the right education and skill requirements. This allows you to zero in on the best candidates from the start.
Post Openings on Social Media
Advertising on the job boards adds up. Yet, posting on your organization’s social media sites is free. Plus, if you encourage current employees to share these posts, you can expand your reach even further.
Ask for Referrals
Soliciting referrals tends to be a less expensive and more effective form of recruiting. Since referrals are already familiar with someone at your organization, they’re often stronger hires. However, be careful not to overuse this strategy as it could interfere with diversity efforts.
Build Your Talent Pool
Let’s say you’re interviewing for an open position and you have three amazing candidates. Unfortunately, you can only hire one. Oh well. That’s too bad. But… what if you kept in touch with those other candidates and added them to your talent pool? Then, the next time you have an opening, you’ll have a go-to list of top options.
Partner with a Staffing Firm
Even though staffing firms charge fees for placing employees, ultimately, they can save your company money. Recruiters have large databases of potential candidates, so they will quickly and efficiently locate top talent. As a result, you end up with higher-performing employees plus less downtime.
Reduce Turnover Rates
The best way to cut your recruiting costs is to keep the people you have. According to a recent report, businesses lose up to 33 percent of an employee’s annual salary when they depart. (Forbes, 2019) Expenses include not only recruiting, hiring and training but also, downtime, lower productivity and reduced morale.
Is Your Organization Trying to Cut Recruiting Costs Without Sacrificing Quality?
The recruiters at FirstStaff would be happy to save you money by finding the right employees the first time. We place light industrial, administrative staff and other professionals with top companies throughout Arkansas and eastern Texas. Learn more about the advantages of partnering with FirstStaff today!
