From over $400 for a job listing to nearly $600 for applicant reviews, you can end up spending a lot on the search for new employees. The entire process from recruiting through training could cost as much as $4,000.
Of course your recruitment strategies should prioritize finding a good candidate, but it’s also important to keep the costs manageable. How do organizations do it? We asked around for advice from those who found ways to spend less while still recruiting top talent.
Leverage Your People
HR Manager Glen Loveland from CCTV News considers your current employees a powerful recruiting resource. “Create an internal employee referral program,” he tells us. “I instituted such a program when I joined CCTV two years ago. We've since increased our referrals from 7% to 30%.”
To turn your employees into your recruiters, you have to think ahead, Loveland says. “Always be recruiting. Don't just engage candidates when you have a position to fill. Always be posting, always interviewing, always networking. You need a pipeline of candidates all the time.” Rasheen Carbin, cofounder and CMO of nspHire, also recommends offering a financial incentive to encourage employees to keep an eye out for potential candidates.
And it’s not just about saving money—one of the advantages of recruitment through employees is quality. Loveland finds that referrals have a higher success rate, and Carbin points out that they are “better qualified, better cultural fits, and stay longer.”
Leverage Your Experience
David Waring, Editor at Fit Small Business, shares a learning experience from his company: “When hiring our first set of employees, we spent a lot of time sorting through resumes and speaking with people who were not good fit for the job.” When he reviewed the company’s past hires, he discovered that the best ones all had great cover letters. This knowledge has transformed their recruitment process. “If a candidate does not have a good cover letter, then we do not even look at the resume.”
Try looking back at the employees you’ve hired, including those who didn’t work out. What do they have in common? Is it a standout cover letter, like Waring’s company found? Or is there a certain type of answer to an interview question that correlates with a great fit?
Waring shared another strategy, and that is to use technology to cut down on the logistical costs. Interviews could waste a lot of time, he noted, because “if someone ended up being obviously not a good fit early on in the interview, we felt obligated to spend more than just a couple of minutes with them since they made the trip.” Now his company has an intermediate step between the phone interview and the in-person interview: a Skype call. “This way there is a very high likelihood that we are going to hire the people that we bring into the office.”
Are there any similar time sinks in your recruitment strategies? How can you look differently at your current employees, previous experiences, and technological resources to slim down your recruitment strategies?
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