Recruitment costs can add up quickly.
According to a recent SHRM study, the average cost-per-hire is around $4,129 — which can really add up for companies hiring for multiple positions throughout the year.
If you don’t have a strong recruiting team in-house, you could be using an external service, cutting into your budget to pay off fees associated with hiring. Or maybe you’re posting on multiple job boards and spending hundreds of dollars to get the word out about your open position.
Not to mention, you’re also investing countless hours in the screening interview process — trading in time with the hope of reducing the costly risk of bringing on a bad hire.
It’s crucial to find the right fit — your bottom line depends on it. Luckily, there are ways to do it without breaking the bank. In order to reduce your cost-per-hire, you can take some simple steps and lower your recruitment costs exponentially:
Navigating the Candidate Experience, Part 1: Job Search and Outreach
1. Optimize your company career portal. Your company career page is an important tool for job seekers to learn more about open job opportunities, and what it’s really like to work for your company. Make sure your career site is robust, mobile-friendly and engaging — an accessible portal can motivate job seekers to apply for positions directly on your website, reducing the need to rely solely on job boards and other external sites to acquire top talent.
2. Use social media. Social media is a great, low-cost way to spread the word about job openings and advertise your employer brand. For example, Facebook allows businesses to post and advertise open positions directly on their company page, and big brands like McDonald’s are sending out 10-second Snapchat ads showcasing company culture and prompting talent to apply for a job directly from their mobile device.
3. Leverage your current employees. When hiring for a new position, always check with your current employees to see if they know someone who would be a right for the position. Encourage them to share your job postings and offer incentives for bringing in quality candidates to help boost morale and excitement about bringing new people on board.
4. Retain your current staff. Consider any internal candidates who may be eligible and could benefit from a potential employee development opportunity. Creating a company culture that fosters growth is key to retaining top talent, ultimately reducing turnover rate and saving recruitment costs in the long run.
5. Use Digital Interviewing. Digital interviewing allows recruiters to screen candidates anywhere, at any time — cutting down on expenses like travel while reducing time-to-hire rates.
How strong is your recruitment process? Gain impactful insights on your hiring practices with our free RecruitScore tool now: