Fintech News | Fintech Zoom

13 Ways To Limit Recruiting Costs Without Impacting Results

The goal of recruiting should be to acquire talent in the industry for the company. Even though there are a lot of candidates applying every day, recruitment processes need to be discerning to select the best ones.
The cost of breaking down each applicant to see if they’re suitable, as well as training and orientation, can drain the company’s budget. The result is a delicate balancing game between the costs of recruitment and how much the company is willing to spend to secure top talent.
To help, 13 members of Forbes Human Resources Council discuss some of the methods a company can employ to limit the cost of recruiting while remaining efficient at hiring talented employees.

Members share their tips for limiting recruiting costs while still achieving strong results.
Photos courtesy of the individual members

1. Implement Efficient Processes
Recruiting needs to become more efficient. Think about making the application shorter so it can be completed in five minutes and onboarding employees electronically before they start. When it comes to training, think about computer-based microlearnings instead of long e-learning or instructor-led training. – Lotus Buckner, NCH
2. Focus On Interaction And Engagement
Recruiting costs can be cut down by keeping things simple. Technology is great for use — I believe it helps streamline HR professionals heavy workload of recruiting. Remember that recruiting is about the people, interviewer and interviewee. Focus on the interaction, overall engagement and get buy-in from others who are affected. – RaQuel Hopkins, DHI Telecom Group

3. Find Top Talent In The First Place
The absolute best thing you can do to reduce recruiting costs is to make sure you’re retaining top talent in the first place. We spend so much time and money recruiting top professionals, but we often drop the ball when it comes to retention. And if we’re not retaining talent, all those resources we spend on recruiting are wasted! – Steve Lowisz, Qualigence International/Lowisz Consulting

READ  Will There Be A Second Pupil loan Stimulus Bundle?

4. Leverage Your Network
Leverage your contacts when recruiting to find talent that you may otherwise have to pay to recruit. If that isn’t an option, be sure any job advertising you pay for includes detailed information about the company values, culture and benefits, and ask for detailed information in return from applicants on what experience they have that makes them particularly suited for your company and industry. – Laura Spawn, Virtual Vocations, Inc.
5. Build A Robust Referral Program
Building a robust employee referral program is a great way to reduce recruiting costs. Recruiting is a team sport that everyone can engage in! With key communication guidelines and using automated social media posting from your ATS, everyone in your company can participate easily. Gamifying results with rewards and competitions can also drive results in a fun and engaging way! – Diane Strohfus, Betterworks.com
6. Optimize Your Job Postings
Your job titles should be searchable. Common titles work better than customized titles when it comes to searches and ranking. Your job ads should also tell candidates why it’s great to work for your company vs. being a long list of requirements and responsibilities. – Jenna Hinrichsen, Advanced RPO
7. Embrace A Distributed Workforce
One of the ways we have learned to grow with talent is to look outside your geography. With a strong digital collaboration culture, we can hire where the talent is, not where the company is located. So you can avoid expensive, competitive places like the West Coast and East Coast and get strong talent in the Midwest and South. – Srikant Chellappa, Engagedly | Mentoring Complete
8. Incentivize Employees To Grow
Grow from within! Creating career paths that challenge employees and encourage them to grow personally and professionally is an optimal way to develop top talent. That will also help in developing a strong internal referral program that encourages employees to refer top talent to join the team. – Rachel Lyubovitzky, EverythingBenefits
9. Hire On-Demand Consultants
It’s become increasingly expensive and competitive to recruit and retain top talent as employees. In my experience, it’s become easier and more cost-effective to access the talent you need by hiring on-demand consultants, experts, and advisers. They usually don’t require as much time to get up to speed, and with well-defined projects, these on-demand advisers can tackle anything. – Yolanda Lau, FlexTeam
10. Reduce The Number Of Interviewers
While consensus can be important, I see a lot of companies that include five or more interviewers in the hiring process. This is one of the single greatest expenses for two reasons. First, it significantly slows down the hiring process. Second, it requires a major time investment of existing high-cost resources. I generally recommend three or four well-structured interviews for optimal results. – Ken Kanara, ECA
11. Know Key Competencies
In today’s market, it is important to acquire top talent and cut down on recruiting costs. Time is one of the biggest costs to recruiting. It is important to partner with hiring managers to define what success looks like by understanding key required and preferred competencies and their outcomes to better select candidates through the hiring process and be set up for success from day one. – Sherry Martin, Colorado Department of Human Services (CDHS)
12. Hire A Recruitment Agency
Making a bad hire is costly to an organization. One way to cut down on recruiting costs is for corporations to partner with recruitment firms to find talent. Recruitment agencies act as an extension of the corporate HR department and have the time and resources to dedicate to sourcing, screening and identifying qualified candidates so that hiring managers can cut down on the time to hire. – Donna Shliechkorn, RMA – Executive Recruiting
13. Leverage AI And Machine Learning
Recruiting is an area of HR that is ripe for cost savings through digital and AI due to the labor-intensive, oftentimes manual and high-touch “people” elements of the process. With digital solutions, thousands of resumes can be screened in seconds, chatbots can streamline the candidate experience, and “fit scores” can be generated to significantly reduce the number of interviews to be conducted. – Alvin Piket, Saudi Aramco

READ  Bitcoin Custody Large BitGo Launches Institutional Buying and selling Service

Jung Min-seo

Advertising

Add comment