The uncertainty of the economy is still continuing. Thus, the directors of finances of companies are under immense pressure to decrease costs. Even though they talk about terminations and decreasing budgets, a company needs to hire people due to the fact that people follow a dynamic pattern during their entire career path. So, how would a company control their costs, but also keep in mind that the quality of the people who were hired during the hiring process is not compromised? The solution is simple – the internet should be effectively used by the Human Resources Department of the company and it will help them hire more people efficiently and properly.
Various countries around the world are squandering their resources and money by preparation of inefficient hiring budgets. The Department of Human Resources of the companies pays little to no attention to using the internet to find the proper candidates because according to them, it is a time-consuming process and sluggish method and they need to sift through a large number of candidates before they can find the proverbial ‘diamond in the rough’.
Human Resources executives who think that they don’t have the time or not allocating resources that are required by companies so that they can collect high-quality resumes for the web and then allocate and approve of budgets or even outsource the hiring process to recruitment agencies. The hiring process is one field in which the directors of finances can make a huge amount of saving as the companies are moving towards the future.
When human resources outsource the recruitment processes to recruitment agencies, the people at the agencies or the recruiters do the real work of handling the board of jobs and filter the candidates who will be perfect for the job. If the budgets permit, then that’s okay due to the fact that recruiters and agencies, from time to time, provide a proper screening service of candidates. If not, then you need to find some cost-effective ways to save money while you are hiring candidates for your company.
Thus, without much further ado, here some tips which will help your company or your business save money during the hiring process-
- Training – Firstly, ensure that the Human Resources manager has the adequate training and they have received it from the proper provider of the job boards on how to efficiently use the company website.
- CV Database – Ensure that the human resources department of the company, spends at least a couple of hours each week on emailing potential candidates from the CV database that is available to them. This process might be time consuming, but the companies who do this process have reported a higher success rate. Recruiters use these databases to search for prospective candidates.
- Referral fees – Give out a finder’s fee or referral fees to all members of the staff by questioning them for prospective candidates. The recommended fees are about 20% of the salaries or fees they are receiving for every referral.
- Sign up for more than one job board – Don’t make the mistake of choosing the one and biggest job board there is. Sign up for at least 4 or more job boards. The cost of advertising on these job boards is quite minimal and it actually spreads the word for a job at your company quite further. It also gives an invaluable branding for the company by showing it to be a radical company.
- Don’t spend the extra money unless the company requires branding – Do not waste any time and money by giving advertisements in newspapers and magazines unless you want to increase the brand name of your company. And if it needed then do some research on how to promote business online and then follow it.
- Use a network of suppliers – Generally, the suppliers of resources for a company are more inclined to help companies in any way possible. Make use of this network as the suppliers tend to know some proper people who will be appropriate for the job vacancies that your company has.
- Create a website with an ‘easy to apply’ career section –The way web development has progressed, it is appalling that so many websites of reputed companies have very off-putting job application/career section. Make use of Google advertising as it costs very little.
- Overpay key staff members – This might not cost saving, but it is quite an effective way of retaining employees at your company because when they leave, it costs about 50% of the annual salary the employee was drawing and this doesn’t include the recruitment agency fees that you have to pay.
- List of preferred suppliers – Consult with the Human Resources Department of your company and make a list of 3 powerful recruitment agencies per category like sales, finance, IT, etc. and deal with the agencies yourself. This will help the recruiter understand the work culture and environment of your company and they will provide the best candidates for the job.
- Hire an ex-recruiter – Hire an ex-recruiter on a short-term contract so that he/she can implement the above tips for your company. The ex-recruiter knows fully well as to how to operate the job boards.
There are a lot of success stories out there of companies who have employed the internet to find the proper candidates and save a lot of money for their company. If you follow the tips which are given above, you will find that you are facing no problem in hiring the best candidates for the job vacancy at your company and also, you can do this in a cost-effective way at the present time of economic turmoil.