It’s an additional expense that can be sprung on you at any time, making it difficult to budget for, and if you’re a small organization it can throw you off balance. Recruitment is something that even larger businesses struggle with, not least because the options that make the most sense for undertaking it have been changing fast. The positive side of this, however, is that many of the costs of traditional recruitment processes can now be avoided. How could your organization save?
Identify your costs
Before you begin trying to save money on recruitment, it helps to understand exactly what you are spending on it and how. Because it can involve a lot of small tasks, sometimes carried out by different people and with funds often being drawn from petty cash, this isn’t always easy. The number one cost that most organizations need to budget for is the time that could otherwise be spent on day to day tasks. You’ll also need to factor in advertising costs, printing, postage and so on. Once this is done it will be easier for you to identify areas where you can reduce your costs.
Be clear about what you want
You’ll be able to find the right candidate much more quickly if you’re clear about exactly what you’re looking for. This starts with making sure you are aware of that yourself, which might require some careful thought if you’re a young organization and still figuring out what each new role requires. You can then develop adverts that spell out what you need and what additional skills, qualifications or experience you would prefer applicants to have. If you also have an FAQ about your business, a mission statement and your diversity policy in a place where it’s easy for people to find them, it will be easier for prospective candidates to work out whether or not they’re likely to be a good fit.
Use social media
Increasingly, businesses are choosing to do most of their recruitment online. Posting an advert on social media is much cheaper than posting one in a newspaper and there are plenty of specialist forums you can use that offer targeted advertising potential equivalent to industry journals. if you aim to reach as many people as possible, a well-designed advert posted across several major social media platforms can be incredibly effective. What’s more, if people who see your adverts can apply online, you’ll receive their applications immediately, speeding up the whole process and thereby reducing your time costs.
Use a professional online recruiter
If you don’t have the time to oversee a social media recruitment campaign yourself, especially if you’re looking for something very specific and you find that you’re getting overwhelmed by the sheer number of applicants, bringing in an online recruiter might save you quite a bit of money. Joanna Riley launched her company, Censia, because she realized that businesses needed help to sift through large numbers of potential candidates in a search to find the right people. By using artificial intelligence to do most of the legwork, Censia can filter out the very best potential applicants with impressive speed.
Improve employee retention
It may sound obvious, but many employers still don’t seem to get it: the better you are at holding onto employees, the less often you’ll have to recruit new ones. Although many people out there offer formulas for keeping employees happy, there is no one size fits all solution – you need to get to know your workforce and find out what they want. It could be something as simple as a salary increase, it could be increased opportunities for training or better equipment, or it could simply be having more chance to contribute ideas and help move the organization forward.
Develop an employee referral program
When you have happy employees they can become a positive asset in the recruitment process itself. Setting up an employee referral program enables you to make them still happier by considering applications from their friends and giving them bonuses if they refer a candidate you like, and it has been demonstrated to be a very effective way of finding good quality candidates who will stay with your company for a long time. This is because the right people for you won’t just have the right skills and qualifications, they’ll also fit your workplace culture, which your existing employees understand better than anyone. When good candidates come straight to you like this, the potential savings are clear.
By making use of methods like these, you can significantly reduce your costs, especially as your business grows and the need to recruit new people becomes more frequent. There’s no need to compromise on quality. With the right approach, you can save money and attract the kind of high-quality applicants who will help to ensure future success.