Tips to Hire Cost-Effectively!

Hiring costs and time-to-hire new candidates can increase quickly. One must consider these low-budget hiring strategies for better results.

  1. Boost your careers page
  2. Hire via social media
  3. Leverage employee referrals
  4. Use video-screening methods
  5. Structure the process better to reduce employee turnover

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:

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.

Engage and hire through social media 

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!

Leverage employees referrals

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.

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.

Use video-screening methods

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 recruiters

Prerna Kohli is the Senior Manager – HR at Navisite, Inc., a part of Spectrum Enterprise. Navisite uses Talentpool to automate time-intensive hiring tasks and streamline their hiring process – right from sourcing a candidate to onboarding them.