When your job is to recruit new talent, one of the key measurements of your performance is cost per hire. Your job is essentially to bring in a high quality pool of candidates and hire the best match while keeping costs down. With an increasingly competitive job market, the real challenge is to bring top-notch job seekers on board before losing them to your competitors. With the right strategy, you can actually do just that while lowering your cost per hire at the same time.
The key is to rethink your recruiting tactics.
Reevaluate high-cost recruitment services and job listings.
Bringing in outside vendors and headhunters to help you find prospective hires can drive your budget higher than you’d like, and you’re essentially giving up some control of the process. Along those lines, simply posting your positions as ads on job boards or in local listings can get pricey as well, and often you end up with a bunch of unqualified applicants. If you are currently using up a portion of your budget on these methods, it may be time to reconsider.
Try performance-based recruiting.
Services like CareerCo’s Job Recruiting let companies specify each position’s qualifications, and then the application filtering is done for you. What’s more, you only pay for the applicants that meet your criteria, and never have to come up with any up-front fees.
Use social media to engage your talent pool.
The great thing about building an employer brand on LinkedIn, Facebook, and/or Twitter is that although it will cost you time and energy, it won’t cost you a lot of money. By providing people with an inside look at your business and why it’s a great place to work, it can help generate enough interest that the candidates will come to you. (Follow us now on Twitter, Facebook, and Google+.)
Tap into your workforce.
Any HR professional will tell you that a strong employee referral program is golden for finding quality candidates. The key is to find ways to incentivize your staff, and you don’t necessarily need to spend a lot of money to do so. A small gift card or an even an extra half day of PTO could go a long way.
By ditching some old-school recruiting techniques and trying out other ways to attract more people to your open positions, you can reduce your cost per hire. And, by hiring the right candidates and retaining them, you won’t have to begin the process all over again.