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8 Ways to Reduce Cost Per Hire for Employers

Updated on 04/22/2024

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Recruiting isn't just about finding the right people quickly; it can also cost money. For hiring managers and recruiters, it's crucial to find ways to save money while still finding great candidates. So, in this post, we'll look at 8 ways to improve your hiring process and save money so your organization gets the best value for its hiring efforts.

  1.  Employee Referrals

Employee referral programs are when current employees get rewards for helping find new people to work at the company. These programs can save money and help you find good candidates. Before starting a referral program, decide which jobs can be referred, how much the rewards will be, and how long the program will last.

Using a referral program is often faster and simpler than traditional hiring methods. Just be sure the rewards are good enough to make employees want to join in but not too expensive for the company.

  1.  Use Free Job Boards

Use free job boards like Yulys to access a diverse candidate pool at no cost. With Yulys, you can distribute your job openings across 8000+ platforms simultaneously.

This posting platform lets you see everything about the people applying for your job. You can check out their past work, what other people say about them, and even see examples of things they've done before.

Yulys also helps you save money by cutting out the middleman. That means you don't have to pay extra fees, so your budget can stretch up to four times further! And the best part? You don't have to wait forever to find the right person. Yulys matches you with talented people who are perfect for your job in 12 hours.

Moreover, Yulys is not just limited to a website; you can access it conveniently through their app, which is available for Android and iOS. Whether on the go or at your desk, you can quickly sign in or download the app to post jobs and find the perfect talent hassle-free!

  1.  Tap into Past Candidates

Explore your existing candidate database for potential hires. Past applicants or contacts not previously hired may still be suitable for current or future positions. Reach out to them to know their interest.

  1.  Prefer Remote Hiring

Consider hiring remotely to access talent globally and potentially reduce costs. Be mindful of language barriers, time zone differences, and cultural fit when it recruiting software internationally. Establish a structured process to ensure relevant candidates are considered.

  1.   Implement an Applicant Tracking System (ATS)

Invest in a reliable ATS to streamline recruitment processes, saving time and resources. Automate tasks like resume screening and candidate communications to minimize manual effort.

This saves your business time and money while still finding great employees. Using the ATS system can also improve the company's reputation and the hiring process for candidates, attracting even more talented people looking for jobs.

  1.  Collaborate With Educational Institutions

Consider partnering with colleges and universities to offer internships and entry-level positions. This is an excellent way to recruit promising candidates while reducing recruitment costs. Educational institutions provide access to a vast pool of entry-level talent eager to kickstart their careers.

Partnering with them often eliminates the need for costly job advertisements and job fairs, enhancing brand awareness among graduates and attracting candidates seeking reputable companies.

  1.  Use Social Media

Social media recruitment is gaining popularity among startups and small businesses. Announcing job vacancies on social media captures job seekers' attention and leaves a memorable impression. Integrating social media into your recruitment strategy can save money, reach a broader talent pool, and strengthen your brand identity.

Social media websites, like LinkedIn, Facebook, and Twitter, offer free job postings, allowing you to connect with valuable potential candidates without additional expenses. For businesses with limited social media presence, encouraging employees to share job openings on their accounts can further amplify awareness and reach a wider audience.

  1.  Try Talent Assessments

Talent assessments are useful tools to judge candidates fairly. They come in handy towards the end of the hiring process, giving a clear picture of a candidate's abilities and qualities. There are different types, like behavior, thinking, and honesty tests.

Using these assessments can help your company find top performers. This lowers the chance of hiring the wrong person and saves money on hiring again later.

Conclusion

Reducing the cost per hire for employers is essential for optimizing hiring efforts while staying within budget. Implementing strategies like employee referral programs, utilizing free job boards, preferring remote hiring, etc., can effectively cut down on recruitment expenses while still attracting top talent. These methods not only save money but also streamline the hiring process, ensuring your organization gets the best value for its investment.

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Aneeb Ahmad

Update at 04/22/2024

Aneeb is a full-stack SEO & Content Marketer. He drives our inbound marketing efforts on all touchpoints & writes just about everything related to career guidance, interviews, and professional growth. He loves talking about football when he’s not wordsmithing. Reach out to him at aneebahmad1@gmail.com

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