Start-ups often look for cost reduction practices to save funds. The ones that have just started their business might not have ample funds. Most of the fund collected by an entrepreneur goes into establishing and registering a company.
One area where start-ups look to reduce costs is recruitment.
Read on to know how start-ups can reduce recruitment costs in 2022.
Start-ups cannot leave their job vacancies open for a long time. On average, a job opening costs the company approximately USD 98 every day. Therefore, start-ups must implement a quick and effective recruitment strategy to find employees.
However, start-ups do not want to spend funds to boost the recruitment process. Does that mean a start-up cannot find ideal employees?
Well, there are several free and low-cost strategies to find the top talent. The average cost of a hire worldwide is a whopping USD 4,000. Start-ups can recruit in much less time with dedicated strategies.
Let us see four recruitment strategies that aren’t expensive for start-ups.
Best Practices to Optimize Recruitment Costs
When ideal candidates can be discovered at fewer costs, there is no need to spend too much on the recruitment process. Some ways for start-ups to reduce recruitment costs are as follows:
Recruit via Social Media
At present, candidates spend more time on social media than reading job advertisements in public spaces. Gone are the days when recruiters used pamphlets to advertise job openings. Start-ups have to advertise job openings where candidates can be found.
Instead of wasting funds on roadshows or billboards, start-ups can attract candidates via social media sites. If needed, you can advertise job openings for free on social media.
Even with limited funds, start-ups can run targeted ads on social media sites to attract ideal candidates. Most people believe that social media can only be used for sourcing candidates. But these platforms can also be used for conversing with candidates or assessing them.
For example, many recruiters take live interviews with the video-calling feature on social media sites.
Before start-ups leverage the power of social media, they have to conduct research. A start-up has to identify the target candidates and social media platforms used by them.
Optimize your Company’s Career Portal
The official website of your start-up should have a dedicated ‘Career Section.’ You can share the latest job vacancies, internship opportunities, promotions, and more in the career section.
Ensure the career site is just a click away from your start-up’s homepage.
You can also share blogs and career tips to boost candidate experience. Make sure to optimize your career site with the latest keywords and appear on the first page in the SERP (Search Engine Results Pages).
Adopt Remote Interviewing
Instead of traveling to a city/college, start-ups should adopt remote interviewing techniques.
Many digital platforms allow recruiters to connect with candidates irrespective of geographic location. With remote interviewing, recruiters don’t have to dedicate a physical space to house candidates.
Start-ups can use many free video-conferencing platforms to find the right talent.
Encourage Employee Referrals
Start-ups should use the professional networks of existing employees to find new talent. By doing so, a start-up can find the right talent without using a paid professional network.
Ask your employees to refer potential candidates and invite them for an interview or assessment. With employee referrals, potential candidates arrive without spending funds on the job advertisement.
Start-ups need expert individuals that can help them in boosting growth. To find the right employees, start-ups don’t have to spend more funds. They can utilize digital channels and employee referrals for recruitment. Slash recruitment costs in 2022 with digital tools and solutions!