Recruiters are under pressure to find the best talent without blowing the recruitment budget. Yet, many businesses still use outdated recruitment software, inefficient processes and systems, and ineffective advertising techniques. This prevents them from properly leveraging digital recruitment channels and increases hiring costs.
Finding the ideal candidate for a position takes time, which is something recruiters have little of. Rushing a hiring decision often results in bad hire, which is not only expensive and inconvenient, but also impacts the entire team’s performance, productivity, and morale.
Businesses need to improve the way they collect and analyse recruitment data if they want to make the right hire the first time, every time.
Here are three ways to reduce recruitment costs when sourcing top talent:
- Know who you’re looking for
When looking for a candidate, focus on the quality of applications, not quantity. This is easier said than done, since an advert for a corporate role receives, on average, 250 applications. You can outsource recruitment to a hiring agency but this could end up adding to your recruitment costs.
If you know what you’re looking for in a candidate beyond their qualifications and experience (think personality traits, preferences, work ethic, values, willingness to learn, etc), it’s easier to categorise them – especially if you use the right tools, recruitment software, and targeting strategies.
Spend some time researching and really understanding your target audience, so that you can find the right person faster.
- Make people want to work for you
Use social media to give potential candidates a glimpse into your company culture and your broader industry. Before applying for a role, the average job-seeker reads six reviews about the company, and 69% of candidates would turn down an offer from a company they perceive as having a bad brand.
Treat your social media platforms as marketing channels: balance engaging, relevant, and useful content with stories about what goes on inside the office on an average day. A successful social media strategy should make people want to work for you. The aim is to get talent to come to you so that you can build a pool of potential candidates, rather than you having to hunt them down when you need them.
- Dive into your data
Data is everything. The first two points will not be effective if you don’t regularly measure your recruitment success against the business’s wider goals. If you’re not finding people whose values match your own, you might need to tweak your audience personas and social media targeting.
Tap into your business intelligence to track performance and identify opportunities to improve your team’s skills, reduce hiring costs, and improve processes.
Find the needle in the haystack
Recruiters can spend almost an entire day screening CVs for a single hire. Of the hundreds of applications they trawl through, a staggering 88% are not suitable for the job.
While the digitisation of recruitment certainly has its benefit, like making it easy to apply for multiple jobs at once, or finding a potential candidate through a quick LinkedIn search, it has also brought a number of challenges to the hiring process.
In South Africa, for example, where 27.5% of the population is unemployed, there’s a tendency for people to send applications to as many positions as possible, regardless of whether they’re suited to the role. This ‘spray and pray’ approach means recruiters have to sift through hundreds, if not thousands, of applications.
There is an easier way – with recruitment automation. A considerable 62% of companies intended to invest in AI-powered recruiting software in 2018 to help them write job descriptions, sort through applications, source and screen candidates, schedule interviews, and run background checks. And it does all this in minutes. This frees up recruiters’ time to focus on relationship-building and selling the company to the best candidates.
In the digital age, recruiters may be bombarded with choice when it comes to new hires but they’re also competing for the right hires with companies from all over the world, thanks to mobile teams, online collaboration, and remote working.
Lean on cloud-based technology to find every shortcut possible to get to the right candidate before anyone else. And remember, if you position your company as a great place to work, the best people will come to you.