A successful recruitment process can be considered by recruitment costs. Suppose that, when recruitment is finished but the spending budget is too high and far exceeds the received profits of the business, was the recruitment successful? How to reduce recruitment costs while approaching quality?
In this article, FaroVietnam will share some tips to reduce recruitment costs.
What is the recruitment cost?
Recruitment costs are the entire amount that the employer spends during the implementation process including the cost when the HR department posts a job advertisement until when the business determines potential candidates after the interview.
Typical recruitment expenses are:
Fees for posting on paid media
Fees for external recruitment services, consultants for recruitment, etc.
Logistics fees for recruitment such as travel expenses for interviewers, costs of facilities,...
Salary for the interviewing consultant and direct interviewer.
The re-employment fee in case of a ineffective recruitment of unsuitable probationary staffs
Tips to reduce recruitment costs
There are many tips to reduce recruitment costs while ensuring the quality of candidates, as follows:
Applying advanced technology in recruitment:
This is able to automate many stages of the recruitment process with low costs, diverse features on demand and long-term effectiveness, ...., which marked a huge breakthrough in recruitment. Moreover, through recruitment management software, enterprises will both save time and human resources for many stages, such as:
+ Receiving information of CV according to the template of business
+ Screen resumes based on selected criteria and keywords
+ Connecting quickly with candidates
+ Quickly evaluating the results of the interview and announcing the results and successfully acquiring talents.
+ Safe data storage
+ Setting up professional reports with full figures, charts and images
Speeding up recruitment:
The longer recruitment can cause the higher recruitment cost. Therefore, recruiting quickly while still guaranteeing efficiency requires staff to focus on the first steps of editing job descriptions, setting requirements, and posting thereby establishing the foundation of attracting potential candidates for those vacancies.
Promoting internal recruitment:
Human resources who are working in the enterprise are the source of potential candidates for senior management positions in the future. Therefore, to avoid wasting time and costs, businesses can select bighted candidates from within the organization.
This way can help businesses diminish the recruitment budget as well as time while gaining efficiency because they are familiar with the business environment. At the same time, it also is an effective method for businesses to retain talent effectively.
Salary deserves the job position :
In case of urgent demand of excellent employees, do not hesitate to raise the higher salary compared to the common ground. Job postings should mention a specific salary to rouse the candidate's interest instead of a general posting such as "agreement". However, businesses still are cautious because candidates have data to compare and may not apply if the salary is not good enough.
Encouraging internal personnel to incite their relationship:
Nowadays, this is the most popular and cost-effective recruitment method owing to the multiplication of the candidate relationship in society, and to facilitate access to the right candidates.
The above are tips to reduce recruitment costs. If businesses have any questions or need advice or support, please call our hotline immediately.