Every recruiter’s goal is to consistently hire the right talent for their organization. Right people not only make your business successful they also enhance the positivity and energy in your office. But, in today’s competitive recruiting environment, it is very difficult to find the right talent. Even if you find the right talent, you end up spending a lot of money trying to source them through different hiring channels.
Recruitment is a costly affair and studies show that a major chunk of the operational costs go in hiring candidates, including the salaries paid out to the hiring staff. And the hiring budgets are only going to go up in 2018 and beyond. According to a report by Mettl, an assessment and skills management company, “Approximately 88% of organizations will have an increased hiring budget in the year 2018, up from about 68% in the year 2017.”
So, what is the best way to hire effectively when you don’t have a large budget to augment your recruitment efforts?
1. Create An Amazing Career Website
Your career website or career page on your corporate website is probably the biggest and cheapest way to source candidates. With a career page that has details about your company’s work culture, USPs as an organization, how it is like to work in your company, recommendations from existing employees, etc along with current job openings and an online application form with go a long way in creating a steady stream of new applications and you don’t have to pay even an additional dime for these candidates. And if you have integrated your career website with your Applicant Tracking System, it becomes all the most easy to publish new jobs and manage job applications.
2. Encourage informal referrals from employees
Employee referrals are one of the best source of hiring talented candidates. When you have a well established employee referral program, you have all your employees acting as hiring agents, increase your reach to potential candidates manifold. But, there is a downside to employee referrals. You need to pay bonuses to the employees for each referral.
But there is a workaround to this. Instead of having a formal employee referral program with a commission structure, you can directly approach the top performers in respective departments you are hiring, and ask them to recommend some talented individuals that can be a big benefit for the company. Most talented employees in your company would be willing to provide names of their friends and past colleagues who are good in their respective field, without expecting a referral bonus. You will not get as many referrals as you would have got with a formal referral program, but since these referrals would come for free, whatever you get would be worth it.
3. Ask for referrals from other stakeholders
Like employees you can even ask for referrals from strategic partners, vendors, consultants, suppliers and clients. Depending on your relationship with these stakeholders, you can reach out to them officially or unofficially and ask them to help in your hiring efforts. Most stakeholders would be happy to help just to strengthen their business relationship with you.
4. Source from internal candidates
Instead of looking for outside candidates you can promote internal employees to the new position or get employees who are looking for a job role change or taking on additional responsibilities. There are various sensitive and important jobs in the company that require internal promotions. This approach works best when the open position is that of a senior role. So if you promote any internal employee, you will have to source an external candidate for a position of less seniority, thereby incurring less cost.
One way to find out whether there is a talented employee for the vacant position in the company is by posting the job description on notice board or on a company intranet site.
Some of the benefits of internal recruitment are:
- You can forego the unnecessary expenditure in conducting pre-screening process to evaluate the skills of the candidate.
- As the employee has been working in the company since long, his/her track record will speak for itself.
- The employee who has been internally recruited in all likelihood will demand less pay increase, than an altogether new candidate. This can result in great saving for the company.
5. Recruit Former Employees
Conder rehiring talented former employees who had previously left you for greener pastures. Many times such employees wouldn’t mind coming back if they have had a good experience with you in the past and if you offer them an attractive package. A simple phone call from you to the former employee reassuring them that they will be welcomed back will go a long way in ensuring recruitment of proven talent, without being a spendthrift.
6. Network at industry events
Consider industry events including local and national events, seminars, trade shows and award dinners to be a prime source to network in search for great talent. Bear this in mind, your future employees are attending industry events trying to find you.
Follow these tips while attending these industry events:
- Always be positive when you get an inquiry from a person regarding your company.
- Respond to emails from people you do not know and are asking for information about your company.
- Ask your employees to network on your behalf during these events just to make sure that the potential candidate gets the right feel about your company.
This is a great way to find candidates who are not only good at communication skills, but are also experts in their domain. They wouldn’t be attending such events otherwise.
7. Reach passive candidates by posting jobs on Facebook
Social media recruiting has become a norm in recent times. We are seeing more and more recruiters adopting social media channels to reach out to potential candidates. Although, LinkedIn is the number one social media network to source candidates, reaching out to passive candidates through Facebook Ads can give you a slight edge. It provides a surprise element when you post a job on Facebook and promote it to relevant candidates. Chances are, seeing your job post on Facebook feed will encourage the talented passive candidates to apply for the position; and you will be the first to reach out to the candidates, before your competitors do.
Once you have spent your time and resources on attracting and interviewing candidates, do not make a salary offer that is below the industry standard. Ensure that the salary and bonuses that you are offering are up to the industry standards and does justice to the candidate’s skills and experience. If you are unable to do this, you may end up losing out on the talented candidate during the negotiation process. This will make you start from the scratch; which will result in increasing your efforts and spending more money.
Also, remember, you can implement these tips even when you have a leeway with recruiting budget. But, no amount of cost cutting will make your hiring and onboarding process completely free. No matter how you try to reduce the hiring budget, it is going to cost you something. So, the best thing you can do is to always ensure that the candidate you hire has the best talent to grow in the corporate culture of the company, and is the right fit for the job.