Are you struggling with ways to trim the costs of your recruiting plan for 2023 while still attracting talent to your company? You’re not the only one. More than half (52%) of U.S. companies report that it’s harder to find and attract top talent today than just a year ago. Forecasts aren’t looking much better for the next decade, either.
The problem is that recruitment has become much more complex and time-consuming. Today’s top talent requires more than an announcement that your company has an open position. Today’s job seekers require you to know them and communicate your values to ensure they align with theirs. You not only need to find the right person, but find one that will succeed in the position and be willing to invest their time and skills into the company’s success for years to come.
So, how do you do all that without going over budget in your full-cycle recruitment process — preparing, screening, sourcing, hiring, etc.? You’ll need effective recruiting plans in place to save on costs while reaching and resonating with suitable candidates. In this article, we’ve laid out some top tips for trimming the costs of your recruiting plan in 2023.
Cut Down on Search Costs Whenever Possible
The search for top talent often takes the longest because you have to make many efforts to reach them while weeding out unqualified candidates who aren’t the right fit.
Research shows that the average time it takes to find a potential candidate is 42 days. At this time, it can get expensive because you’re spending money on several different platforms, job post creation and delivery, HR costs, etc. Meanwhile, you’re also losing money through a loss in productivity until the position is filled and added burnout on the staff that must help fill the extra responsibilities until a new hire gets in.
Interview Top Talent When You Meet Them
An excellent way to cut out recruitment costs is by being preemptive in your talent search and developing a list of vetted talent, so you know who to hire when you need to fill a position. Some brands even actively search for top talent before they need them. For instance, Kevin P. Ryan, investor and entrepreneur, once said he “over invests in recruitment. I have an understanding with certain search firms that if you find someone great, don’t wait until there’s a job opening — send [them] to me.”
Have a List of Talent
Another route you can go is having a list of qualified candidates ready to go for when you’re ready to hire. You can have a list of top talent you can call on when you need to — without hiring right off the bat. This list would include a log of candidates from the past who qualified but were maybe just short of another candidate, talent you met but weren’t ready to hire at the time, or even former employees who left on good terms.
Create an Employee Referral Program
Did you know that more than 50% of companies say that employee referral programs cut the cost of their hiring? Companies save money because they’re spending less time on the hunt for a qualified candidate, while also benefiting from making a new hire they know will fit into their company culture.
Increase Employee Retention
New hires that fit in with your company culture and already have an established connection within the organization will stay longer. In fact, SHRM reports that 62% of people would reject a new job offer in favor of staying at a place where they already have 1-6 work friends.
Reduce Hiring/Search Timeline
When employees refer qualified candidates to your open positions, you don’t have to spend weeks or months sourcing candidates. For each referral, your company could even save up to thousands. Even more, you can trust that your employees won’t just send any new hire your way because they wouldn’t want to risk their reputation by vouching for someone who isn’t likely to live up to expectations.
Streamline Your Recruiting Plan
If you want to trim the costs of your recruiting plan for 2023, streamlining your process will play an important role in achieving success. After all, a solid plan will keep your HR team on track, efficient, and more effective at finding the right hire and getting them on boarded and trained as quickly as possible.
Here are some crucial tips to consider:
Have Your Ideal Candidate Mapped Out
You should know the type of candidate you want and need before you begin your search. Just as you should know your consumer audience to reach and resonate with them in your marketing, you must also know who your ideal candidate is. This planning will be significant in the coming years since recent studies reported that at least 56% of job seekers wouldn’t even consider a position with a company that doesn’t share their values.
Take the time to know who you want to fill the position to ensure every attempt aligns with their values and needs.
Create and Follow a Recruitment Strategy
Having a solid plan and strategy is crucial to your success because it keeps everyone on the same page about the right candidate for your open position and lays out your plan of action. That competitive advantage can make a substantial difference.
Strategic Recruiting Partners
One of the most important things you can do to save on the costs of your recruitment plan is to find the right recruitment solution. With Comeet, your strategic recruiting partner, you’ll have a platform equipped with experts who can help you connect with the right talent in no time. This way, your recruitment plan is streamlined, effective, and much more affordable. Learn more when you schedule a demo with Comeet, and follow our blog for more insight and resources.