Updated: May 11
When recruiting, you aim to find the most qualified candidates at the lowest price and receive a stellar return on investment (ROI). This requirement is even more important when you struggle with a lean budget and hiring teams.
Here are four easy ways to lower the cost of employing new talents and get a higher ROI without impacting the quality of hire.
1. Determine Your Options Before Posting a Job Ad
Posting job offers on popular and influential job boards is helpful, but you can't know which ones attract top talents for a specific job role. Because of that, niche employment sites might be a better choice for some of them.
Your investment should be lucrative. Hence, you should know which job boards will help you connect with the most compatible candidates for each job opening.
Start tracking the success of your hiring sources. Leverage the source of hire and job applicant source metrics to discover or use an advanced recruiting platform for valuable insights.
Thanks to that, you'll know which employment sites work best for you, making your efforts worthwhile.
2. Establish an Effective Referral Program
Referrals are typically among the most efficient sources of quality hires. This method costs less than many others because it doesn't involve agency fees, job postings, and spending time on candidate sourcing.
Develop an effective referral program to encourage your workers to recommend qualified job applicants. Achieve that by:
Not asking for overwhelming information about a candidate (email and a name should be enough).
Creating an adequate job description and sharing it with your workers.
Using a free applicant tracking system (ATS) enables referrals, allowing you to invite workers to attach relevant resumes daily.
Leveraging employee referral rewards to motivate your staff to recommend other professionals.
3. Build Talent Pipelines
Lower your time to hire by introducing a talent pipeline and hiring faster. These represent a group of passive job applicants with whom you interacted before and would love to work with you.
Thanks to that, you could contact a qualified candidate immediately after opening a compatible job position. You won't have to wait for your job ads and marketing initiatives to give results.
Here's how to establish efficient talent pipelines:
Write immersive emails to attract your passive job applicants.
Use stellar tools to source top candidates quickly.
4. Introduce Efficient Recruitment Software to Lower Cost per Hire
Your recruitment teams often spend much time on manual hiring assignments. But that leads to high costs and takes their valuable energy.
For instance, many recruiters use spreadsheets to source and track candidates. Instead, they could use effective recruitment software to streamline their activities.
Stellar ATS can help you:
Parse and evaluate resumes faster.
Share comments and insights with your team and keep data in one place.
Communicate with job applicants efficiently and quickly.
Receive AI-driven analytics and reports.
Send emails to encourage referrals.
These examples highlight how you can automate recruitment, reduce costs, and increase team efficacy. Thus, you will reinforce your employer brand by creating an improved candidate experience.
It's time to supercharge your recruitment process with HireTalent – a free ATS software. Automate the tedious tasks, speed up the hiring time, and schedule interviews with a click with HireTalent.