As the old saying goes, “you have to spend money to make money.” This rings true in many facets, even in hiring; it takes money to attract top talent and it takes skilled employees for a business to make money. Additionally, today’s employers also have to face the realities of a recovering economy mixed with a highly competitive job market. Fortunately, there are several proven and recommended strategies for finding the best candidates while simultaneously reducing your cost per hire.
- Retention. Instead of putting all of your attention on recruiting, focus on retaining your top performing employees. Retention takes effort, but it is well worth it in terms of building a strong workforce and cutting recruitment costs. Consider promoting from within, encouraging employee feedback, and offering rewards for a job well done. These simple gestures will go a long way while costing you very little. Employee retention as well as recruiting top talent will help your business thrive.
- Internal recruitment. No candidate will be more familiar with your company’s workflow, culture, dynamic, and mission than a current employee. Be sure to share these details with your recruiter. If your recruiter is able to share detailed information about your company and its’ culture, you will be able to attract the right candidate for the job.
- Social media. Not only is social media one of the most cost-effective methods for recruiting, it is also one of the most popular outlets for job candidates seeking new positions; this makes social media recruiting an excellent fit for both your company as well as your target audience. Maintain an active presence on your social networks of choice by engaging with your audience. Sell your company as an enjoyable mutually beneficial place to work. Promoting your job openings on social media will also broaden your reach by enabling your connections to share your job posting with their friends and followers who may be interested.
- Focus. Although it almost goes without mentioning, be sure to focus on hiring the right candidate for the position. If you hire the right employee the first time around, you won’t have to worry about reapplying your resources to fill that same position again in a year or two. This can be tricky to do, and one of the best methods for ensuring you find the right candidate for the job is to work with a staffing firm.
Reducing cost per hire is an important step for businesses to take, but it does not have to be a difficult one. Starting with small and simple changes in your company’s recruiting efforts can be a gigantic step in the right direction; however, the most successful approach to reducing your hiring costs is to work with a top staffing solution, such as Springborn Staffing. If you are looking to proactively reduce cost per hire, contact the staffing professionals at Springborn Staffing today!