The Latest News In Ad Tech

7 Tips to Reduce Your Recruitment Costs
August 25, 2022

A strong employer brand is essential for any company that wants to succeed in today’s competitive market. Not only does it help to attract and retain top talent, but it also saves on recruitment costs. According to a recent study, companies with a strong employer brand have on average 50% lower costs for recruitment than those without one. This is because they are able to tap into a larger pool of talent and retain their employees for longer. To build a strong employer brand, companies need to focus on creating a positive employee experience. This includes providing fair and competitive salaries, offering career development opportunities, and creating a positive work-life balance. In addition, companies need to focus on their employer brand online and offline. This means having a strong presence on social media and job boards, as well as working with influencers and opinion leaders. By following these 7 tips, companies can build a strong employer brand that will help them reduce recruitment costs and attract and retain top talent.

1. Invest 100% in satisfied employees

A happy employee is a productive employee. Studies have shown that employees who are satisfied with their jobs are more likely to be engaged and committed to their work. As a result, they are less likely to leave their jobs and less likely to experience job-related stress. This, in turn, leads to lower turnover rates and reduced recruitment costs. Moreover, happy employees tend to be more creative and innovative, which can benefit your business in a number of ways. In short, if you want to reduce your business costs and improve your bottom line, start by making your employees happy. Creating a positive company culture is the first step.

2. Take control of your employer brand

Your employer brand is the public-facing image of your company as an employer. It’s how you’re perceived by potential candidates, and it’s influenced by things like your job postings, website, social media presence, and the way current employees talk about working for your company. A strong employer brand can help you attract better candidates, and it can also lead to improved employee retention rates. However, if you don’t actively work on your employer brand, it can quickly become outdated or inaccurate. Therefore, it’s important to take control of your employer brand and ensure that it correctly reflects your company culture. One way to do this is by making your employees ambassadors for your brand. By doing this, you’ll not only be more likely to attract top talent, but you’ll also save money on recruitment costs.

3. Create a relevant candidate pipeline

As any HR professional knows, recruiting can be a costly and time-consuming process. From advertising positions to conducting interviews, there is a multitude of steps involved in finding the right candidate for a role. One way to reduce the cost and effort involved in recruiting is to focus on employer branding. By creating content that appeals to your target candidates and showcases your company’s values, you can attract top talent to your organization without having to actively recruit them. In addition, employer branding can help you to build loyalty among your employees, leading to lower turnover rates. As a result, investing in employer branding is an effective way to reduce the cost and effort involved in recruiting.

4. Optimize your candidate journey

Any business journey, whether it’s for a product or a service, needs to have strategy and goals set in order to be successful. The candidate journey is no different. You need to know where you’re losing candidates and where you’re strong in order to get the most out of your budget. By optimizing your journey continuously, you can make sure that you’re always making progress.

Your strategy should be based on your overall business goals. What are you trying to achieve? Once you know that, you can start setting targets for each stage of the journey. For example, if you want to increase brand awareness, you might set a goal to double the number of views on your website. Or, if you want to improve conversion rates, you might set a goal to increase the number of completed applications by 20%.

After you’ve set your goals, it’s time to start tracking your progress. There are a number of software platforms that can help with this. Look at your data and see where you’re losing candidates. Are they dropping off at the first stage? Are they getting stuck on a particular question? By understanding where the bottlenecks are, you can start to make changes that will improve your candidate journey.

The candidate journey is an important part of any business. By setting a strategy and goal, and then continuously optimizing your journey, you can make sure that you’re always making progress towards your overall business goals.

5. Automate

In today’s hectic business world, automating as much of the recruitment process as possible can save a lot of time and resources. However, there are certain parts of the process where a personal meeting is still essential in order to ensure a good candidate experience and maintain a strong employer brand. One such example is the final stage of the interview process, where it is important to ensure that there is a perfect match for the role. By spending time on this part of the process, you can avoid costly retakes and ensure that both the candidate and the company are satisfied with the outcome. In this way, you can save time and reduce costs while still maintaining a high level of quality in your recruitment process.

6. Communicate

Picture this: you’ve applied for your dream job. You were so excited to hit “submit” on that online application, and you daydreamed about your first day on the job as you fell asleep that night. A week goes by, then two, then three…and you haven’t heard anything back. You start to wonder if maybe you didn’t get the job after all. Finally, you pluck up the courage to call the company, only to be told that they’ve already filled the position. Sound familiar?

This scenario plays out far too often in the world of recruitment. Candidates are left in the dark, wondering what happened to their application and if they even have a chance at the job. This is not only frustrating for candidates, but it reflects poorly on the company as well. After all, would you want to work for a company that doesn’t bother to communicate with its applicants?

That’s why communication is so essential in the recruitment process. It’s important to keep candidates updated throughout the process, letting them know where they stand and when they can expect to hear back. This shows respect for the candidate and helps to build a positive relationship with potential employees, even if they don’t end up getting the job. In today’s competitive market, companies can’t afford to lose out on top talent because of poor communication – so make sure that your recruitment process includes frequent updates for all applicants.

7. Pre- & onboarding

The candidate journey does not end just because the agreement is signed. Here is an excellent window to introduce the new employee to your culture and quickly make him/her an ambassador for your company and brand. By investing in a digital pre- and onboarding process, you get greater opportunities to optimize and make the most of this valuable time. Not only do you have the opportunity to create ambassadors – the new employee will most likely get into the job faster and stay longer!

With a digital onboarding process, you can set the tone for the entire onboarding experience from the very beginning. You can use it to share your company’s values, mission, and culture with the new employees, and to get them excited about being a part of your team. It’s also a great way to introduce them to your brand, and to start building a relationship that will last long after their first day on the job.

So don’t let the candidate journey end when they sign their contract – use this time to invest in their future as one of your company’s ambassadors. With a little bit of planning and thought, you can make sure that they have a great onboarding experience that sets them up for success in their new role.