For every recruiter, it is a challenging task for them to reduce their hiring cost. So it is very important to keep it as low as it can. For recruiters and hiring managers it is very important to follow the strategy before going further so that you can have a clear vision for what you would like to do.
Here I found some areas that can help you to reduce your hiring cost.
Top 9 Effective Ways to Reduce Your Hiring Cost
1. Choose free Job-board
You can find there are so many job boards are available including free and paid offer. So to reduce the cost per hire, I would like to suggest to use free Job-boards where you can do what you want with no cost and you can save hiring cost as well.
2. Employee referral program
The another approach is to go with a referral program. In the referral program, recruiter sends the referral invitations to all the employees and employee refer one or more candidates from their known. The candidate could befriend, relative or family members. If the referred candidate got selected for the job, the employee will be rewarded with some bonus or some gift cheques. The employee knows the employer and candidate both so the chances of retention can be more compared to direct hiring without reference. Also, there is no cost to run the referral campaign if you have the ATS or recruiting system with referral management feature.
3. Go for video Interview
Always video interviewing is less expensive compared to physical interviews. In physical interviews, you may have to pay for transportation, lodging and meals. Also, your recruiter has to invest time to handle the person when arriving at the office for the interview. The video Interview is trending nowadays where you can directly interact with the candidate. You can easily see the behaviour, gesture and expression of the candidate which helps you to drive the conversion.
4. Group interviews
The initial cycle of hiring the candidates can be the same for an individual candidate and for a group of candidates as well, so to conduct the interview separately will increase hiring cost, time and efforts. So instead of conducting separately interview, you need to conduct group interview where you can ask questions which are applicable for all that saves time, efforts, and money as well and you can also find the best candidate easily among them.
5. Recruitment agency
The recruitment agency is a good option to choose them as they have the contacts of the various organizations and have large candidates database so to get the qualified candidates can be done easily. I believe that at some extent the recruitment agency will definitely work best to fill your requirements for some challenging roles and niche skills.
6. Recruitment software
In today’s era, you really need to transform the way you work, you should automate your workflow in a structured form that can be done using Recruitment CRM Software that is specially designed to narrow down your workflow, saves time, efforts, cost and makes your entire workflow in a structured format.
7. Artificial Intelligence
There are many software solutions provide the AI related features which help you to achieve the following.
- Suggest best matching candidates.
- Automatically screening the candidates.
- Automate your day to day work.
Overall this is also a great way to save your day to day time by automating the tasks through AI.
8. Use social media
It is one of the best ways to engage with the hundreds of candidates easily as it helps to showcase your employer brand to the world. It is the best option to promote jobs and directly engage with interested candidates without spending money. The social media which are widely used are LinkedIn, Twitter, and Facebook but you can try Instagram, Pinterest also. You can choose the social media types based on the audience you are looking for recruitment.
9. Limit the number of candidates
I would like to suggest to focus on quality rather than quantity. The best approach is to focus on the talented candidates that really beneficial for an organization. If you try to evaluate more and more customers, eventually you end up with more cost and confusion.
I hope the above-mentioned points will help you a lot to address your cost and expense of hiring. I would like to recommend that you need to transform the way you work by using an automation tool that will definitely work for you.
About the Author: Amit Ghodasara is the CEO of iSmartRecruit. He is determined to make every recruiters' and HR Professionals' easy and automated with a technology called Applicant Tracking System.