Hiring qualified employees with relevant experience can be a costly process. Human resources expenses, career fairs, job board posting fees, and high turnover can leave you spending more than you need on recruiting talented employees. Explore the following solutions to reduce your corporate recruiting costs and find qualified candidates without going over your hiring budget.
Internal Career Portals
Building an internal career portal for your company’s website makes the recruiting process much more convenient and cost-effective. An internal career board saves money on external job fairs, job board postings, and advertising, and automated talent assessments and personality surveys help vet the most compatible candidates in fewer internal hours. Similarly, potential applicants can learn about your specific organization, industry, and company culture when they apply directly on your site. Make sure your career portal is user-friendly and adequately represents your company to find talented employees without spending extra on external job postings.
Industry-Specific Job Boards
Advertising an open position on a big-name online job board is prohibitively expensive and can prevent recruiters from finding qualified candidates. For example, the price of a single 30-day job posting for 30 days on Monster.com starts at $375. If you do decide to post a position on a general job site, it’ll be open to anyone, often leaving you with a large pool of applicants that aren’t qualified and don’t have relevant experience. Posting open positions to an industry-specific job board will target qualified candidates that are vetted to be successful in your industry—a smarter way to reduce the cost to hire a new employee.
Asking current and former employees if they have recommendations for qualified candidates is an excellent way to recruit for free. Using internal referrals eliminates the cost of posting on job boards and moves the hiring process directly to the interview phase. Encourage employees to recruit talented individuals by offering incentives for internal referrals.
A less direct but extremely valuable way to reduce recruitment costs is to eliminate the need for hiring at all—improving employee retention pays off in countless ways. Implement strategies to keep your current employees satisfied, such as regular reviews and forming clear career paths with opportunities for growth and increased compensation. Emphasizing company culture, highlighting individual and team successes, and creating a positive and motivating work environment can significantly help reduce turnover.
Reduce Recruitment Costs Through CFR Global Executive Search
CFR Global Executive Search can help you reduce your corporate recruiting costs by bringing you vetted candidates with relevant experience in your specific industry. Save time hiring and eliminate expensive recruiting costs when you have a knowledgeable CFR recruiter that finds qualified candidates for you. Our hiring expertise and large talent pool will add value to your recruiting process while decreasing cost-per-hire.