One of the very important functions of Human Resource (HR) is the recruitment of the right candidate for open job roles. Sourcing the right candidates and screening, interviewing, and training them are necessary parts of the recruitment process, often becoming a time-consuming and costly affair for the company.
Is it possible to cut down on recruitment costs without compromising on conducting a productive recruitment process that is necessary to produce good excellent results?.
Yes, there are. In this article, we would like to provide you with some of the best time-saving manpower recruitment strategies so that your company can save on time and money without compromising the quality of your recruitment process.
Read through the following to know more about the best time-saving recruitment strategies you can employ.
1. Recruitment Process Automation
The popular phrase, time is money, very well applies to the field of business. You can cut down a great deal of cost by automating and streamlining aspects of your recruitment process. The productivity of the recruiters can be increased and more hiring can be done. The number of hours spent on repetitive tasks can be greatly reduced if you can automate your recruitment strategies.
If you can cut down the hiring time to under three weeks you can reduce hiring costs up to 50 percent compared to a hiring time of three weeks and more. More the time spent on hiring, the higher the costs incurred. It is important to analyze your current recruitment process and identify which elements can be readily automated. Advertising jobs, conducting background checks, scheduling interviews, etc, are some of the elements you can choose for automating.
For a cost-effective, results-yielding, and productive solution, reduce the number of work hours, cut down the costs, and streamline your recruitment operations.
2. Budgeted Recruiting - Employee Referral Program
Are you wondering how you can reduce the cost per hire? Then, an employee referral program is an answer. Employee referral programs are long-term solutions that require some initial payments but will greatly help in reducing recruitment costs in the long run. Some of the immediate expenses may include bonus payouts. Employee referral schemes are tried and tested cost-effective recruitment strategies that can produce quality hires and also motivate employees to use their networks to seek out good candidates for an open position. It is highly probable for you to find a best-suited candidate who can stay with your company for the long run as they have been referred by an existing employee of yours. Providing incentives like time off, cash bonuses, gift cards, etc, for employees who provide a good reference can give a considerable boost to the recruitment drive.
3. Recruitment Strategies involving the use of social media
To find highly qualified and skilled candidates for a specific role, companies often turn to a retained executive search. This type of recruitment search is conducted by the recruitment agencies in partnership with their client to shortlist the best and most qualified candidates. Though it's effective, you might have to spend a hefty amount to get such services.
Social media networks like LinkedIn are powerful tools, especially for recruiters. You can easily connect with a vast pool of professionals and candidates, grow your network and reach a wider audience with such easy-to-use and free platforms. Using social media platforms for recruitment is efficient and cost-effective. Many companies are using social media as part of their recruitment strategy. Build a strong company profile, advertise job openings and reach out to prospective candidates via social media platforms. You can get big returns, with small investments of time.
4. Internal Mobility of Recruitment Cost Reduction
Human Capital Management (HCM) is essentially the process of hiring the right people, effective management of workforces, and productivity optimization. If your company has strived hard towards hiring, training, and engaging employees, it's highly probable that the perfect candidate you are looking for is already within your ranks. Internal hiring is affordable and simple. An internal mobility program can greatly cut down your recruitment costs. To do internal mobility effectively, you need to motivate people to move up the ranks, perform an internal audit of employee skills and also see where are positions where you can incorporate internal employees.
5. Talent Pool Creation for Recruitment Budget Limitation
If you are planning for a recruitment plan strictly within budget, then work to build a talent pool of qualified and diverse candidates who are keen on working for your company. Once you have created a solid talent pool, you will be ready with a list of prospective candidates for selection when positions open up. Keep qualified applicants who failed to cut the first time on your file for future hire. Working with pre-screened candidates can considerably reduce your cost-per-hire and simplify the recruitment process.