How To Minimize Recruitment Costs?
The cost of recruitment process is increasing day by day and hence it is but obvious to find out ways to minimize recruitment costs. Before going ahead further as one of HR professionals you need to very well aware of the value of time. After all didn’t you remember what Benjamin Franklin said early on? If not here we are to remind you. According to him time is money rather with more worth. So the period of time that you will be investing in finding the right candidate should also be taken into account apart from your financial commitments isn’t it.
So if you are looking forward to reduce the hiring costs in the easy steps here we are with our feature that deals with it. Before going ahead further make sure that you are well aware of the different sources of recruitment. This vital info is must before you really go out in search of your candidate. Thus gone are the days when the print media only dominated the arena of paid advertising.
Nowadays with everything going online there are hundreds of job portals available that can be counted on to induct human resource. Of course following the tips to reduce the costs in no manner whatsoever implies that you are required to compromise with the quality of human resources. This is so since we are very well aware of the fact that it is their quality that can make or mar the organization. So here are the top tips.
Campus Recruitment
Early on the fresher candidates were required to go through regularly paper to find out the suitable vacancies for themselves. But today it is the companies that are visiting the colleges to get the creamy layer for their organization. And mind you the practice is not limited to specific technical/management colleges rather it is even extending up to the general academic institutions as well that runs other courses.
You are well recommended to adopt these very sources of recruitment to reduce the hiring costs as in this mechanism you are not expected to really pay as much as in other forms of paid advertising. What’s more the colleges that are evaluated on the basis of percentage of placements will be more than pleased enough to receive your proposal for campus recruitment.
To further have more ROI you can request for the pool campus interview from the training and placement cell of the college. More number of appearing candidates will also go a long way in increasing the probabilities of getting the right candidate isn’t it.
Internal Recruitment To Employee Referral
Broadly the recruitment process is categorized into two categories i.e. internal and external. It is done on the basis of the recruitment sources chosen. So in case you are having in-depth talent pool with number of employees hailing from different backgrounds and with different set of skills. Then what’s wrong in considering the same channel to fulfill your needs apart from reducing the recruitment costs.
As every coin has two sides hence there are also certain advantages as well as disadvantages of same source. On the positive side it inculcates an organizational culture wherein the employees perceive it as a part of career planning for employees. Thus it also goes a long way in motivating others who haven’t been considered for the higher designation. Thirdly the training cost and the orientation requirement of the employee remains nil. So the possibility of having a flash in the pan remains zero.
But there is down side as well that deals with the inability of the employees to regard their earlier colleague as a boss. Secondly there can be also charges of the favoritism. So go for it but in as transparent way as possible. Hence before actually promoting someone make sure that you advertise about the vacant post as much as possible through office notice board, company’s intranet and of course words of mouth. More will be the publicity lesser will be the favoritism charges.
Employee referral can also be taken into account for inducting the relative/friend of the employee in the company. Again make sure that the stages of recruitment should be similar for everyone irrespective of the person referring.
Employee Retention
Roughly the cost of replacing the very well skilled employee is three times his annual package. So make sure that you keep in view the very significant way to minimize the hiring costs. There are many employee retention techniques which can assist you in your endeavors. And in situation you wish to know more better make use of a search engine to find several such techniques.
Again mind you if you are finding it difficult to increase the monetary benefits to the employees then there are several other ways as well. Of course you must know about the non-monetary forms like the movie tickets to the sponsored few days vacation at some tourist destination.
Training
We are all living in the K economy wherein the knowledge is very likely to become obsolete with the passage of time. Thus the relevance of employees training plan increases manifolds. But this is not only prerequisite for having the cutting edge performance but for easily replacing the candidate as well if need be. Thus you see how the training employees can be counted on to minimize recruitment costs.
Look At Your Own Website
The trend is not new to many as currently the official websites of companies have an exclusive section titled as Career/ work with us/ join us etc. the name can be different but the purpose remains same that is to cut off the cost by directly getting in touch with the employees rather than through some external recruitment agencies.
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