In a job seeker’s labor market, a recruiter’s job is never done — open requisitions take longer and longer to close, while new ones open up in the meantime. And with an ever-growing roster of positions to fill, you probably find that your budget runs out much more quickly than you would like it to. So what’s a cash-strapped talent acquisition team to do?
In situations like these, it’s time to prioritize the discovery of cost-effective solutions. The good news is, it’s probably more doable than you think. Read on below for a few quick and easy tips on how to get more out of your existing recruiting spend.
1. Leverage Your Employees
You don’t have to hire additional heads or work with an outside agency to increase your recruiting reach — odds are, your own employees will gladly do the work for you, if there’s something in it for them. Invest in an employee referral program, and you’ll likely see your efforts pay off in spades.
“A recruiter’s best asset is through word of mouth. Before considering all other avenues, you should always consider employee referrals,” says Crystal Huang, CEO of candidate evaluation platform ProSky. “Not only is an employee referral both a cheaper and faster process — candidates that were referred by current employees already have a feel for the company culture and are more likely to stay long-term.”
If you already have an employee referral program, you can take yours to the next level by increasing your referral bonuses (trust us — that extra cash will save you money in the long run!) or training your employees on some basic social recruiting best practices.
2. Take Your Time to Ensure Fit
Many a recruiter and hiring manager have rushed a candidate that looked good on paper through the hiring process without verifying that they were the right fit first. Inevitably, though, this will come back to haunt you. A candidate who’s not a great fit may struggle along for a bit, but they will almost always leave sooner or later, whether due to their own volition or not.
“You'll save the most money if you only have to recruit once for a single job. So make sure the candidate fits your chosen criteria,” says Jeremy Rose, owner of CertaHosting.”Do some research and use the Internet to get the feeling of what kind of person you're interviewing.”
In addition, it doesn't hurt to ask a few questions that dig into qualifications and culture fit. Consider asking the following:
- What about our mission and values resonates with you?
- How would you describe your work style?
- Are there any reasons you might not want to take this job? If so, why?
- What are your biggest concerns as it relates to accepting this role?
3. Opt for Video Conferencing Over in-Person Interviews
Many companies are mired in their ways when it comes to wanting face time with a candidate, but if a candidate comes from out of state or further, that’s not always practical — especially when you’re dealing with budget constraints.
“If possible, do the recruiting online… For example, you won't have to have lunch with a promising recruiter if you're doing business over Skype,” Rose says.
Not only do you save on the cost of the meal — you also save on potential airplane tickets, hotel fees and taxi/transportation costs, not to mention serious time savings. With the advanced video conferencing technology available today, even the most set-in-their-ways interviewers can come to appreciate a virtual interview.
4. Embrace Internal Hiring
Every recruiter hopes that the position they post will yield a pool of excited, capable and highly knowledgeable candidates — but few recruiters appreciate the fact that they already have such a group in their existing employees.
“Sometimes the best way to save money on new hires is to simply not hire anybody new! Explore internal hiring where existing employees already know what to expect,” Huang suggests. “By hiring internally, you are already aware of skills and talents in your current employees and what they can bring to the table.”
You may need to invest a little bit more time in training as you help an employee move laterally to a different position, but eventually, it will likely pay off.
“By giving existing employees a chance to grow, retention rates will increase and costs will go down dramatically,” Huang adds.
5. Use Glassdoor!
As mentioned above, retention is an integral part of recruiting savings. When a certain position keeps opening up, you lose out on serious productivity, and have to dedicate recruiting resources to filling it over and over again. Beyond ensuring that candidates are a fit from the get-go and looking to internal hires, using Glassdoor is one strategy that can help you boost your retention and save money.
How does it work? Simple — the candidates who apply to jobs at Glassdoor have already done their research on a company and, as a result, are more likely to be qualified and have the right expectations. In fact, employees who used Glassdoor during their job search remained at their employers at a rate 30 percent higher than those who did not use Glassdoor. With turnover costing about one-fifth of an employee’s salary, this can lead to serious savings over time.
Wondering exactly how much money Glassdoor can save you? Check out our Recruiting Cost Savings Calculator to find out!