12 Smart Ways to Lower Recruitment Costs

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Welcome to Recruiter Q&A, where we pose employment-related questions to the experts and share their answers!

Today’s Question: What is a good way to cut the costs of recruiting?

The answers below are provided by Young Entrepreneur Council (YEC), an invite-only organization of the world’s most successful young entrepreneurs. YEC members represent nearly every industry, generate billions of dollars in revenue each year, and have created tens of thousands of jobs.

1. Automate Recruiting Tasks

For many businesses, recruitment chips away a huge chunk of their overall operational costs.

First, determine how much recruitment is actually costing your company. Next, consider automating some of your recruiting tasks to get some of that money back. There are software options available that can help you automate time-consuming tasks like social media, FAQs, post-application messaging, etc.

— Blair ThomaseMerchantBroker

2. Create an Employee Referral Program

Instead of spending money on job ads and spending a ton of time interviewing many unknown candidates, create an employee referral program. Employee referrals typically bring in candidates who are more qualified and more loyal. Plus, an employee referral plan will get the whole team involved; team members can spread the word about the new position to their friends and connections.

— Stephanie WellsFormidable Forms

3. Incentivize Recruiting Activity as a Whole

Most companies only reward employee referrals if they lead to a hire and after a probationary period. Generally, employees give up if they don’t get a win after a while. We like to incentivize the activity of referring itself, which means fast responses to referrals, frequent contests, and encouraging all passive referrals. Essentially, we convert all team members into recruiters.

— Brian SamsonBali Staffing

4. Leverage a Contract-to-Hire Pipeline to Build a Talent Pool

Use contractors when it makes sense, and vet them while they’re on the job. When a new workforce need arises, you will already have several high-quality candidates in house, decreasing the amount of time you spend putting up ads and the commissions you pay out to recruiting agencies.

— Yaniv MasjediNextiva

5. Reduce Your Time to Hire

Sometimes the main issue is that it simply takes way too long to make a hire happen. When you spend too much time managing the administrative aspects of the hiring process instead of actively interviewing and making decisions, it drains a lot of resources.

— Nicole MunozNicole Munoz Consulting, Inc.

6. Join Local/Industry-Relevant Groups

Our company is deeply involved with the local community. Our employees make it a point to participate in multiple groups that are relevant to their core disciplines. Being active in these groups allows us to stay top of mind for talent who may be looking for new opportunities.

— Dalip JaggiDevise Interactive

7. Use Premium Job Boards

Premium job boards allow high-quality employees and employers to connect. This method works well because a majority of people who use premium job boards are there based on a referral or contribution, which helps build their credibility. You do have to remember that no filtering process is perfect, so be mindful of scammers and con artists who might make it through the cracks.

— Syed BalkhiWPBeginner

Source: Recruiter.com – Daily Articles and News

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