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7 Ways to Reduce Your Cost-Per-Hire

Written by Kimberley Startup | March 1, 2013 | 0 Comments
piggy bankRecruiting the right people for your team is a crucial, if not the most important, part in any business. But it doesn’t need to be expensive.
And, particularly for small businesses, with limited budgets and fewer staff to manage the hiring process, the process can be costly and be a drain on resources.
Here are some of our top tips to shave off the pounds.

1. Audit your current recruitment process.

If you want to reduce your spend, you need to identify what you’re spending versus the return you’re getting.
Tip: If you’re looking to hire multiple sales people for that new office you’re setting up, look for a recruiter that offers a multi-hire service.

2. Use your website.

One of the main resources a jobseeker will use is a company’s website. Some businesses have a careers site; others list their vacancies on their updates section.

3. Protect your talent pool.

Providing a great candidate experience can keep jobseekers engaged. Some businesses invest a considerable amount in doing so; but if you can’t – there are a few basics you can follow.
Think of candidates just like customers. So if someone sends their CV, make sure to acknowledge it. You never know if they could provide a right fit for your next role. Or, if you receive a lot of speculative applications, consider creating a mailing list so when vacancies do come up, you’ve got an interested target audience.

4. Recruit internally.

Referrals from staff can often provide good quality candidates with relevant knowledge and experience at no cost. Put a note up in your staff room, or mention it in your next company meeting. Sometimes, it really is a case of what you know, but who you know.

5. Use social media platforms.

Sites such as LinkedIn, Facebook and Twitter, have given SMEs a vital and cost-effective way of building talent pools, and interacting with and identifying potential employees.
For example, updating your status on LinkedIn to say you’re hiring is a great way to get the message out. (Make sure to ask your colleagues (And it’s free!)

6. Screen candidates online.

Tools such as online skills testing and automated video interviews have offered a simple way to save money (and time) before you even pick up the phone or schedule a face-to-face meeting.

7. Measure your results.

Track your results and make sure you know where your best candidates are coming from. If you find that you’re investing money into recruiting efforts that just aren’t effective, don’t continue using them, and implement new ones.

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