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Attracting and selecting the best available talent can be costly for many organizations to undertake. Furthermore, most organizations go through cycles of hiring activity, so recruitment practices need to be flexible enough to respond to changing needs. Conducting a regular review of your existing recruitment practices not only keeps your approach fresh, but also pinpoints areas where you can make some cost-effective improvements. The following tips can help you improve the flexibility and effectiveness of your recruitment strategy, without having to break the bank.
1. Think before adopting a recruitment freeze
When budgets are tight, a reflex reaction is to adopt an immediate freeze on recruitment. However, this can be counterproductive, as the internal uncertainty that this creates can trigger your most talented employees to look elsewhere. Remember, too, that every organization needs a regular flow of fresh talent, bringing new ideas and a different perspective. Consider whether you can continue to bring in talent by using a combination of different approaches, for example by using contract or interim appointments, utilizing internal moves to fill skill gaps or sourcing temporary staff to free up existing employees for other projects.
2. Re-focus your recruitment priorities
It makes sense to evaluate the recruitment priorities for your organization regularly, to ensure that they continue to remain relevant in relation to external market pressures. In times of cost-cutting and containment, it is important to prioritize recruitment activity on the positions which will generate the most value for your organization. For many organizations this will be the senior team, plus key management or specialist posts. For posts such as these, it is essential to have well-developed succession plans in place, so that you are not left with a last minute recruitment panic to find a suitable replacement.
3. Review your supplier relationships
If you need to cut costs, consider whether your existing arrangements with external recruitment agencies, specialist head-hunters or advertisers are effective and providing value for money. It is important that your recruitment suppliers not only have a good reputation and in-depth knowledge of the market in which your organization operates, they also need to understand the goals of your business. Looking at important details such as cost per hire, time to recruit and retention rates can provide further evidence of supplier effectiveness. Consider whether you can eliminate or reduce aspects of each supplier’s service, either by bringing them in-house or re-negotiating contract terms.
4. Consider what has worked well
When you need to reduce your budget, it can be helpful to look at which recruitment approaches have worked effectively in the past. When cost containment is paramount, it is often better to stick to tried and tested approaches, rather than trying something completely new and unproven. For example, you might have had previous success with an employee referral scheme or advertising using social media channels or online job boards, which you can replicate.
5. Recruit from within
If you don’t do so already, why not look at internal talent first before making the decision to recruit externally? This can considerably reduce hiring costs, and also boosts commitment, as employees benefit from a long-term career path with your organization. You could set up an internal talent pool, with details of everyone who is interested in an internal move, their key skills and the business areas or projects most suitable for them. Not only will this help you match existing employees with new opportunities as they arise, it is also a great resource to assist with redeployment of employees affected by restructuring and redundancy. You can also boost the flexibility and adaptability of your existing workforce by encouraging on-the-job training, mentoring and practical job shadowing opportunities. This means that people can slot into new roles and fill future skill gaps more easily.
6. Look at different candidate options
If you have recruited for a similar post in the past, why not take a look at the pool of unsuccessful applicants? There might be a range of suitable candidates that you can draw upon. Similarly, consider whether the role could perhaps be filled as a job-share opportunity or from home? These are often attractive options for particular groups, such as working mums keen to return to job market but who are looking for something other than a traditional 9-5 role.
7. Consider referral schemes
An employee referral scheme can help you involve existing employees in the growth of your organization by attracting new candidates. Referral schemes have many benefits, both in cost and time savings. Furthermore, since the new employee will have come via an existing social connection it is likely that they will fit in well with you organization’s culture and work practices, meaning less time and money spent on induction and training activity.
8. Harness social media channels
A fruitful (and free!) way to attract candidates is via social networking sites. Why not use social media in conjunction with an employee referral scheme, by asking employees to post details of new vacancies to potential candidates in their networks? Sites such as LinkedIn, Facebook and Twitter are ideal for this approach. You could also create company profile pages on these sites to raise awareness of, and engagement with, your organization’s brand and its values.
9. Ensure application processes are slick
It goes without saying that clunky, administrative-heavy application processes will increase overall recruitment costs, as well as frustrating potential candidates. Your selection processes should screen applications efficiently, and quickly identify the best candidates, particularly if you deal in high volume recruitment. Consider whether you might invest in online application software, applicant tracking and automated responses to speed up the recruitment process and reduce costs.
10. Build your brand
Even if you are not recruiting at the moment, make sure that your organization remains an attractive prospect for potential candidates. You can do this by ensuring that your website is regularly updated with careers information, perhaps including profiles of people working in key business functions. It is also important to maintain an ongoing presence in trade magazines, at conferences and in the press to help boost your organization’s brand and reinforce the message that your company is a great place to work.
