Reducing Recruitment Costs

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Right now, due to the global pandemic and all of the issues that have brought, many businesses are looking to save money wherever they can. One area that is often overlooked to this end is recruitment. 

Hiring new people can be a big expense for any business, but of course, it is often necessary, so it is always worth looking at ways that savings can be made, which is exactly what I’ve done below…

Outsource instead

An obvious way to cut down on recruitment costs is to think about whether you really need to hire someone for the job or not. These days, you can outsource everything from financial accounting services to customer support, and it is often cheaper to do so because you don’t have to pay employee tax and benefits on top of everything else, so whenever you’re thinking of hiring someone new, first things about whether you really need to or if it would be cheaper to engage an outsourced solution instead.

Seek referrals

Advertising for employees can be very expensive what with placing the actual ad itself and potentially paying someone to write an appealing job spec/ad in itself, So, one thing any business can do to cut down on this particular cost of recruitment is to first seek referrals before advertising the position at all. 

Ask your current employees, clients, and associates if they know anyone who would be interested, and qualified for the job and interview them first. Chances are your employees will know other competent people in the industry, so if you can have them refer people to you, you can cut many of the costs traditionally associated with hiring new employees and get access to the talent you need.

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Use social media

Social media is filled with people looking for work, so why not leverage that to your advantage? You can post your job openings on your own social media pages without paying a single penny to anyone, and providing you do a good job and put the right post together to attract as many likes and shares as possible, it will practically do the job of spreading the word itself. Of course, you’ll still need to interview, but at least you won’t need to spend a lot of time and money dealing with various recruitment agencies and job sites, nor will you need to worry about paying their fees.

Use an applicant tracking system 

Application tracking systems like CIPHR iRecruit will save you countless time and money by streamlining your processes and automatically tracking applications. That means you’ll need fewer humans on the job, so you should be able to save a lot of money in terms of HR resources.

Look after your employees

Of course, the best way to save money on recruitment is to lower your need for it at all. By looking after your employees and ensuring your workplace is a happy one, you will have a better staff retention rate and less need to recruit, which means you will save way more time and money as a result.

Recruitment doesn’t have to be so expensive, as you can see.

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