8 Cost-Effective Recruitment Strategies To Save Time And Money Blog Image

8 Cost-Effective Recruitment Strategies To Save Time And Money

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Scaling up your workforce? Contractor left you in the lurch last minute on a major project?

Taking on new recruits doesn’t just take up valuable time, it costs your business money. When the average cost of securing a new hire is an estimated £3,000 and economic instability rages on, a cost-effective recruitment strategy is increasingly important. 

So, how can you avoid big expenses? Our experts have listed eight ways to create a cost-effective and time-saving recruitment process.

1. Make job advertisements as effective as possible 

However you choose to advertise a job role, it’s key you make it as clear and concise as possible. 

Potential candidates will want to know the must-have skills, the desirables, day-to-day responsibilities, salary, and any benefits. Transparency is important, particularly after Liberty Hive’s The Great Salary Reset campaign found that 75% of respondents would be more likely to apply for a role that includes the salary range. 

If you fall short, it might cost you top talent and slow down the recruitment process as you find yourself dealing with people without the right qualifications. 

2. Speed up your screening process 

A more efficient screening process saves time and money. Of course, it’s not always easy – for instance, you can’t skip vital health and immigration checks – but cutting bureaucracy will help.

How? Outline exactly what you’re looking for from the get-go, and consider using technology, like Applicant Tracking Systems or social media. Take a look at the steps in your screening process, too – are they all necessary?

If you’re unsure where to begin, what needs to stay and what can go, talk to an expert recruitment company that possesses consultative experience. With a thorough understanding of what’s important, and better connections and resources, they’ll help you save time and money.

3. Improve the candidate experience

Happy candidates mean better results. But how do you improve the candidate experience? 

  • Make the application process easy

  • Follow up interest early and often 

  • Consider accessibility and respect their time by offering remote interviews 

  • Communicate with candidates and thank them at every stage of the hiring process 

  • Provide candidates with information on what to expect throughout all interview stages

  • Use ready-made resources that help candidates figure out whether they’re a cultural fit

  • Give candidates your full attention during interviews 

  • Be transparent about the process 

4. Encourage employee referrals 

Your existing employees know your company best. They know the kind of personalities and skills needed to carry out the job. Take any recommendations seriously – and consider offering incentives to encourage referrals. 

5. Take advantage of free marketing channels 

Getting in front of the right candidates is half the battle. 

Thankfully, social media makes this relatively easy. LinkedIn is the most popular site for job posting, with over 875 million members worldwide. But don’t forget about Facebook or Twitter.

Networking is another effective way to spread the word about your upcoming job opportunities and boost brand visibility. Look for free networking events in your area or build an online community of connections. 

6. Work on staff retention 

As your company evolves, you’ll want your employees to move with these changes. Retaining existing employees will save you a lot of time and money in the long run. 

Therefore, you’ll need to put some effort into keeping the existing talent with the invaluable skills and knowledge already suited to your business. Here are a few tips:

  • Create opportunities for progression

  • Provide appropriate training

  • Champion diversity and inclusion

  • Nurture a positive working culture and a sense of belonging

7. Capitalise on your talent pipeline

Every company has a talent pipeline. These are passive candidates who have previously engaged with your company and could potentially suit future job positions. 

Rather than start from scratch with each new employment opportunity, reach out to these existing connections to see if they are right for the role. 

If your business is working with a dedicated recruitment agency, they’ll have passive candidates on their radar and can assist to remove costly and time-consuming obstacles. 

8. Reach out to a top recruitment agency 

Recruitment agencies know a thing or two about securing talent in your industry. 

At WRS, we have a dedicated team who works closely with clients and candidates to get the right people in the right roles – anywhere on the planet. Our team has access to active and passive candidate CVs from around the world and can help you save time and money with your next hire. 

Thanks to our global presence, WRS can tap into international candidates for your business, wherever you are in the world. 

The team assists at every stage of the process, offering insight to both parties. Our expertise doesn’t stop here, though – we onboard and mobilise candidates too. 

And once contractors start their role, we’ll check in with them once a month to ensure everything is running smoothly and support them with issues if and when they arise.

Contact the WRS team 

Are you looking for support with your recruitment process? WRS can help – get in touch with our team now to discuss our client services.