Top 5 Ways To Reduce Hiring Costs

It is a difficult challenge for every recruiter to reduce hiring costs. Therefore, it is necessary to keep it as low as possible. Before moving forward, it is key for hiring managers and recruiters to adhere to the plan to have a clear idea of what you want to accomplish.

Here are a few areas where you can cut back on the expense of recruiting.

Prioritize quality over quantity when selecting candidates

It’s essential to draw in the proper talent, but drawing in as many applicants as possible is unnecessary. It ultimately costs much more to evaluate many qualified candidates than it does to evaluate a small number of them.

This also reduces the hiring costs of your sponsored job postings. Try reducing the length of the sponsorship to one week or less if it is for two weeks. This not only enables you to thoroughly consider each applicant without rushing through the process, but it also shortens the hiring process, which consequently reduce hiring costs. To guarantee that only qualified people apply, ensure your job descriptions are thorough and precise.

Acquiring the right talent is the most important key to growth. Hiring was – and still is – the most important thing we do.

Marc Benioff, Founder, Chairman, and co-CEO of Salesforce

Hire Tech Talent makes hiring easy

The tech-focused reverse recruitment platform Hire Tech Talent allows companies to apply to individuals directly concerning a job, rather than the traditional application, which often drains a person’s time throughout the application process. Thus, people can accept or reject offers made by companies based on preferences and get hired quickly. Individuals can create their one-time tech profile on the platform, which then goes through a verification process. Once their profile is verified he/she get the opportunity to reach out to the top positions. Verified profiles are then visible to hiring companies, making it easier to find the right candidate from the industry. Essentially, the idea is to have one profile that enables hundreds of opportunities with the addition of joining multiple Tech Jobs Fair events in different countries.

Social media can be used to recruit candidates

One of the most economical hiring methods is social recruiting, which is rising. According to studies, 70% of hiring managers anticipate using social media to fill positions in 2022, and social media recruitment is considerably faster than using traditional methods.

The best HR software makes the process even better by enabling one-click posting to websites like Facebook, Twitter, Google+, and others. Employee sharing of these postings can increase click-through rates by two times and generate more free candidate leads.

Participate in multiple job fairs

Being a part of any event from Tech Jobs Fair helps to reduce hiring costs because it is a platform to empower brands and bring talent under a single roof. The Tech Jobs Fair mostly focuses on Tech and Digital jobs while providing a unique opportunity for companies to brand themselves as great places to work for and attract potential candidates. As a contemporary platform, they are helping budding talents connect with entrepreneurs, which can turn out to be a win-win situation for both of them. To ensure an exponential growth trajectory, all start-ups need branding and good talent recruitment. So, by catering across this vertical, we have managed to carve our unique identity across the industry.

Tech Jobs Fair is officially organized in 15 countries with over 100 thousand attendees, 500 companies, 400 partners, 200 thousand followers, and one million impressions per month – proof of its international reputation and global excellence within the industry.

Support employee referrals

One of the most effective and affordable strategies for recruiting is employee referral. It is a hiring process in which a startup informs its employees of job openings and provides them with a referral link so they may submit the resumes of applicants they know. When the applicants they recommend are selected, the employees are frequently given gift cards or bonuses.

The conclusion

There are various strategies to reduce hiring costs, from minimizing turnover to enhancing the hiring process, from utilizing freelancing talent to enhancing your employer brand. Although it seems straightforward, the reality is frequently far more difficult.

Nevertheless, despite cost reduction being nearly always declared as a priority, firms rarely make all the necessary efforts to lower recruitment costs. It’s time to take action and debunk the process!