Updated: Jan 22
Hiring is often a time consuming process but the longer it takes the higher it costs the company towards delay in projects and execution. Further more than a third of the hiring cost can be reduced by following a few easy steps on saving time and money through the hiring process. While most companies still prefer the tried and tested methods of hiring and resist change, which is why they continue to incur higher costs. Technology is a big enabler and just like it has made big savings for businesses in every department, it has significant advantages when it comes to hiring as well. So let me start with the following 3 easy ways to reduce your hiring cost.
1 Build a database of resumes.
Depending on the size of your company and number positions you need to fill every year, most hiring managers have a rough idea of the best strategy to adopt when it comes to hiring.
However building a database of resumes can be very helpful in the long run. One the next time another position opens up or a candidate backs out in the last minute you already have a pipeline of resumes at your disposal. You could quickly search your CRM/ATS and sort and filter candidates based on multiple data fields. I recently did a blog post on how to build a resume database in excel. Click here to read this post.
2 Have a dynamic hiring strategy.
What works for one position or company may not neccessarily work for all. Many companies prefer to post job openings on their company website. This may work for larger companies that are more sought after, however this may not work for smaller companies. You may have to post on several job boards and monitor from time to time to check on the response and the candidates and where they fit in the hiring process. Many times this approach may not yield the best results as the applications recieved may not fully meet the hiring managers criteria. Taking an executive search or head hunters approach can work wonders instead and can be very cost effective. Instead of approaching expensive recruiting agencies that can cost you a bomb, try out resume sourcing services that are technology enabled who can do the candidate prospecting and build a database of candidates that you are looking for. At Valve Solutions we do the B2B prospecting for you on Linkedin and build a database of top talent resumes in an excel file with upto 34 validated data fields for a fraction of what it would cost you otherwise. Now all you have to do is import these files into your CRM/ATS sort, match and hire. Click here for more.
3 Automate the hiring process.
Software that lets you work more efficiently through automation can be found in every aspect of running a business these days. For recruiters, automating certain functions can ensure consistency in the hiring process for each and every new job candidate and employee, which also eliminates unnecessary work and reduces cost for you. You could automate the screening of candidates using online surveys and tools. This way you send them the link and then analyse the data instead of manually doing every thing. Further for some positions you may need a skills test. If you require proof of aptitude for certain skills, you can automate this by sending a link to a testing tool. Then you can sort through test results to see who is best qualified for the role you’re filling. Finding a time that fits both your schedule and an applicant’s can be time-consuming. But if you use an appointment scheduling software, you can send a link that shows a candidate open slots on your calendar so they can choose what works for them. This eliminates the back-and-forth emails we’re used to and ensures that you didn’t fill an appointment slot while waiting to hear back from someone. By following these simple strategies your are bound to reduce your hiring cost drastically.