Talent acquisition is a major part of any organization’s overall costs. Researches show the cost of hiring an employee ranging between 2lac to 2.5lac rupees accounting to about 20% of the salary offered to a candidate. It is money well spent when companies have a large pool of money reserved for hiring talent, but not every company has the resources to spend a great deal of money. Containing recruitment costs is something that talent acquisition and management pros frequently have to consider over the course of their career: when taking a new position within an organization, during budget cutbacks and when under new management. There has always been debate on how talent acquisition costs can be minimized among HR professionals. The success though lies in planning what steps should a talent acquisition manager take to contain recruitment costs without sacrificing the talent pipeline.
Described below are some of the important steps which can reduce talent acquisition cost to minimum maintaining quality of hire within the organization.
1. Start recruiting via social media
According to MyParichay social recruitment survey, about 80% of recruiters have made a successful hire via social media. Social media hiring provides a better quality of talent in much less cost. You can create a company space, use the apps to post job openings, showcase your awesome company culture, and share what your company is currently doing in your industry on social media. Social media recruiting hardly cost anything and with a slight expense one can easily get necessary tools which can optimize your effort and utilize your potential to maximum.
2. Power up your company career site
Using a HR system to maintain your company career site creates a secure online environment where applicants can upload CVs and other documentation. This reduces the paper processing, streamlines the flow of electronic documents, and makes it simpler and more convenient for applicants. With an efficient company site, one can attract a wider pool of applicants, create edit and publicize positions in a few clicks, make applications simpler and more cost-effective.
3. Adopt pre-screening practices
Present platform have simplified the whole screening process and it’s no longer necessary to spend large chunks of valuable time sifting through CVs and resumes one by one. HR systems and ATSs, the report explains, make the sifting process much easier by ensuring that candidates meet specific criteria before submitting their application. Qualified candidates are sent directly to recruiters’ inboxes, saving time and effort that can be allocated to other tasks in the recruitment process. Overall, it speeds up the time taken to process applications, quickly prioritizes relevant candidates and lifts the burden on line managers.
4. Automate communication
By using automated messages, sending messages like “we’ve received your application” and “we regret to inform you” emails only take a few clicks. These HR systems therefore make it easy to keep many applicants in the loop at all times, keeping HR costs down and strengthening your company brand in a fraction of the time. An automated system also improves the brand image and projects a strong value as an employer.
5. Hire right hire smart
Reducing time to hire is important but to focus more on retention have always been more important. To reduce our recruitment costs we must look at retention. Recruitment teams are increasingly being asked to include retention metrics in their reporting precisely because it is so important to keep costs low. With the price of each lost employee slated running as high as 150% of annual salary, increasing on retention can assist in containing recruitment costs. The costs don’t just come from direct expenses associated with hiring a new person but also in the loss of productivity around the resignation, rehiring and retraining processes.
6. Speed up your on boarding process
In my previous blogs, I have highlighted the importance of having a fast on boarding process to prevent risk of employee turnover. Employee on boarding can significantly influence retention and turnover rates. Automate the process as much as possible and try to minimize the time period between screening, interview and final offer.
Although social media strategies can be extremely cost-effective, especially for small businesses, it shouldn’t be the only tool in your toolbox. If you want to optimize results, choose a platform that is budget-friendly and includes everything you need in one platform including your social media connections.
MyParichay offers a powerful technology solution to fully automate and boost your social recruiting experience. Take a test drive of MyParichay solutions