4 Strategies to Reduce Recruitment Costs and Hire the Right People

Recruiting is expensive. In most organizations, it’s a bottom-line imperative to keep hiring costs as low as possible. But like other functions in the business, recruiting needs to be optimized to achieve the best outcome for the organization. While cost-effectiveness shouldn’t be the only factor when choosing a recruiting strategy, it should certainly influence how you approach your recruitment efforts. Reducing recruitment costs and finding the right people can seem like two unrelated concerns at first glance. However, by working together to address both of these issues, you can find a much more efficient way to go about hiring new employees and reducing your recruiting costs. Read on to learn more about the different strategies that can help reduce your costs while still hiring the best employees available.

Be Simple When You’re Recruiting

When it comes to recruiting, keeping it simple is the key. There are four stages to recruiting: open, candidate, referral, and employee. When you’re in the open stage, you’re actively trying to attract potential new employees to your company. You might send out resumes, post job openings on job boards, or send emails to current employees.

While you should never spam your workforce, you want to make sure that you’re actively seeking out new employees during this stage of the hiring process. In the candidate stage, you’re actively trying to attract new employees who are interested in applying to your company. You might send out resumes, conduct industry surveys, or conduct in-person interviews. This stage is also the most important one to keep organized. You want to make sure to track down and contact every potential new employee you’ve listed on your job postings. After all, you want to make sure they know where they stand with you and if they have a chance to apply, they should definitely come forward.

In the referral stage, you’re actively trying to bring new employees into your organization through referrals from current employees. This stage is also the most common and the one that most people move through on their way to becoming an employee of yours. In this stage, you can also look for opportunities to get involved with recruiting efforts on the employer-side.

The final stage of recruiting is employee. After you’ve hired someone, it’s important that everyone in your team works together as a team and performs at their absolute best so that they can produce at their best and have the best team dynamic possible.

Use Technology to Boost Efficiency

One of the most effective ways to boost efficiency in any department is through technology. Whether it’s using the latest version of Google to bring up job postings across the entire internet, or using Slack to keep track of who you’re hiring and when, you want to make sure that technology is used efficiently. When you have a huge operation, it’s easy to fall into the trap of trying to do everything with too much technology. You want to ensure that you’re using the right technology for the right job. After all, there is a reason why every company’s main technology platform is different. There is a reason why Google is the main internet search engine. There’s a reason why Microsoft is the main software platform for business.

Make Your Culture responsive to recruiting

One of the best ways to ensure that you’re keeping your recruiting costs down is to make your company culture more welcoming to new employees. This applies not just to your hiring managers, but to every level of leadership in your organization. When you have a culture that is welcoming to new employees, you have a much higher chance of attracting top talent to your organization. This can have a significant impact on your ability to grow and scale. It can also help your ability to stay competitive in the marketplace.

Some companies have a “new hire” event, where employees can meet with executives to learn more about the company and its culture. If you have this kind of event, make sure that the new employee meeting is particularly engaging. Have fun, make eye contact, and treat everyone as if they were your best friend. Engaging your employees in this way can make a huge difference in their decision to work for you.

Hiring the Best People You Can, and Forget the Others

One of the most important things you can do to reduce your recruiting costs is to find the right people for the job. This means looking holistically at the person, their skills, and the position. When it comes to hiring, you want to forget about their title, and only focus on the person’s skill set. From there, you can take a look at their experience. Did they come to the company with the right attitude? Were they able to get along with others in the organization?

Experience counts for a lot when it comes to determining how effective a person will be with your team. Is that person a natural leader? Are they able to spark an energy within the team that they can carry into their work? As you can see, it’s very important to consider the “whole person” when it comes to hiring. This means looking at not just the how, but the why as well.

Bottom Line

The cost of hiring new employees can be a significant expense for any business. The best way to reduce these costs is by using effective recruiting strategies. By following these tips, you’ll find that you have a much better chance of finding the right people for the job, and can save time and money in the process. With the right strategy in place, you can find the best talent and keep your recruitment costs low.