Hiring costs and time-to-hire new
candidates can increase quickly. One must consider these low-budget hiring strategies
for better results.
Boost your careers page
Hire via social media
Leverage employee referrals
Use video-screening methods
Structure the process better to reduce employee
According to a study conducted
by SHRM, “the average cost-per-hire is
around $4,129.” This ends up becoming an add-on for companies who are planning
to fill multiple positions in the entire year.
You could go with
vendors/consultancies or any external services, if you don’t have an in-house
recruiting team. The only aftermath is that it cuts into your organizational budget
and could prove to be expensive. You may also post on various job portals, but
that’s just another way of splurging money only to market your open position.
Not just that, you’re also investing
a lot of time in the interviewing process, and with that hope of reducing the
costly risk of recruiting we bring onboard, a bad hire.
The bottom line is – to find the
right fit at the right time is more important than ever!
Here are some ways to reduce your
time-to-hire without having the need to splurge money every time:
1. Boost your careers page
Your company’s career site is like a
window to your company’s open job opportunities and the people and culture. In
this mobile age, you must ensure your careers page is mobile-friendly that does
not compromise your employer brand. Your careers page acts as an accessible
portal that helps motivate job seekers to apply for positions directly on your
website. This way, you’ll also reduce dependencies on job portals and other
external sites to acquire top talent.
2. Engage and hire through
To spread news about your
organization’s job openings and advertise your employer brand,
social media is an effective and a low-cost option. For example, you could post
on Facebook/ LinkedIn and advertise open positions directly on your company
page. Through Twitter or Snapchat ads you could showcase your company culture
and encourage quality talent to apply for a job, right from their phone!
3. Leverage employees
It’s easier to get quality talent
when it comes to referrals as they already are pre-filtered by your employees,
on the first go! Thus, it is the simplest way to reduce time-to-hire with minimal
onboarding. Motivate your employees to share your open positions on various
sources to bring in quality talent and to create an atmosphere of enthusiasm about
bringing new people on board.
4. Come up with
strategies to reduce employee turnover
Consider hiring any eligible
internal candidates who could benefit from a
potential employee development opportunity. Build a culture in your
organization that nurtures career growth and is employee-centric. This is the key
to retaining top talent, as it cuts the turnover rate and saves hiring costs in
the long run.
5. Use video-screening
With digital interviewing, your
recruiters will be able to screen candidates anywhere and at any time.
Implement the right video interviewing software to reduce expenses like travel and
reduce time-to-hire rates.
Getting high performing people
onboard and making them ready to contribute towards your organizational goals
is a key to winning the talent game and helps companies succeed faster.
Therefore, you need to structure your hiring process in such a way that you
speed up the process and save time and efforts of your candidates and