6 Strategies to Reduce Recruitment Costs and Hire the Right People

6 Effective Strategies to Reduce Recruitment Costs and Hire the Right People

Whether you are a cash-strapped business or a multinational corporation, the cost of new employees is as high as $4,129 per hire. Additionally, the unavailability of innovative skill sets in the market poses a threat to organizations.

Technology helps professionals from various sectors do their jobs faster and better, but it alone cannot solve all the challenges that HR teams face in hiring. To meet your recruiting needs, you must stay up to date with cost-effective techniques.

To improve your hiring process, embrace changes and plan for the future. Understand future projects and develop a recruiting plan that adapts to market trends and your organizational needs. Build a talent pipeline for job positions that you expect to turn over regularly.

Here are six ways to reduce your recruitment costs without compromising the quality of hire:

1. Tap into employee advocacy: Encourage your employees to share their positive experiences working for your company on various platforms, such as LinkedIn, Facebook, Twitter, and Glassdoor.

2. Automate your resume screening process: Use an Applicant Tracking System (ATS) to automatically screen resumes based on keywords and streamline your hiring process.

3. Introduce an employee referral scheme: Implement a referral program to attract professionals who fit the job requirements and are in tune with your organization’s working culture.

4. Take advantage of social media: Use social media platforms to showcase your company culture and attract potential employees.

5. Create talent pipelines and alumni networks: Build a pipeline of qualified candidates for future positions and keep in touch with former employees who may be a source of future candidates.

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6. Shorten your recruitment funnel: Use video and telephonic interviews to quickly evaluate candidates and reduce recruitment costs.

In addition to these strategies, consider hiring candidates internally, track employees interested in growth opportunities, and create a work environment that values and respects employees. Customize benefits and perks to retain employees and consider implementing flexible working hours and hybrid work models.

Remember to try a combination of these methods and tools that work best for your organization. Figuring out the ideal recruitment strategy may take time, but it will ultimately help you hire the right people while reducing costs. Good luck!

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