People & Leadership

Need to reduce costs in your recruitment process? Check out these tips

Motivate employees

As digital transformation progresses, recruiters are challenged to reduce costs and keep them low while attracting and engaging the right talent for growth.

Companies still employing in-house IT recruitment software can find themselves bogged down in inefficient working cultures that limit value in today’s highly competitive marketplace.

You will recognize some of the symptoms of inefficient working environments and how they can lead to escalating costs. For example, substandard applications can often be traced back to the poor use of recruitment channels.

Without a handle on your financials, money can be wasted on advertising for extended periods of time, leading to a long-term dent in ROI.

Striking a balance between hiring the right people and using time efficiently is a huge challenge for recruitment firms and another reason for lost revenue in the long run. In turn, hiring the wrong person can undermine staff morale, productivity and performance, again negatively impacting upon value.

Bad internal processes can introduce complexities that also can lead to an increase in costs; if systems are not optimized, then aggregating data, analyzing and reporting between departments can take extra time, which of course means money.

How can you take action and reduce costs?

Try these three methods and start taking action in the battle to reduce costs while achieving the task of sourcing top talent.

Here’s what you need to do:

  1. Smarter sourcing

Agency costs are a worry that can be offset if more time is put into sourcing the best candidates. Emphasis should fall on having the right tools, systems and targeting in place to ensure the right people get the right placements.

Research is key here. Knowledge about a target audience is often based on assumptions made by teams or individuals, studies show. Instead, use qualitative research to categorize your candidates according to their individual preferences and to obtain more precise ideas of their employment they are after.

  1. Get your brand out there

Social media should play a significant role in giving your prospects a window into your company culture and the broader industry.

You must think like a marketer, building engaging content that uses real-life experiences to amplify success stories and pass on advice. The challenge is to animate your brand through relevant, useful and interesting content that draws in candidates and turns them into applicants.

  1. Measure and improve

Optimizing the two points above is only possible if your internal systems are working efficiently. This means knowing your business inside out: what kind of intelligence drives your business decisions? How well do you know the way your money works?

Through the creation of accurate data-based reports, you can monitor performance and identify improvement opportunities for people, processes and finance. This is how you optimize value.

Financial optimization through the cloud

Cloud technology enables companies to reinvigorate financials and other core business functions, so opportunities and threats can be identified quickly.

From here, it is about bringing real solutions to issues that undermine value, and this can only happen through an online accounting ecosystem that integrates fully with your organization’s applications to maximize business intelligence. Consider these three points…

  1. Integration

This is a fundamental aspect. Sure, in the past companies have favored software options tailored to the needs of specific departments. However, these systems are costly; factor in development complexities and expenditure quickly becomes prohibitive, while silo culture escalates.

A fully integrated cloud-based accounting software solution brings your financials in line with core business functions, creating a valid and up-to-date ecosystem in which staff members can share data with maximum efficiency, consistency and accuracy.

  1. Automation

A culture of changing jobs combined with how easy it is to apply for multiple jobs are two reasons behind the unprecedented levels of CVs that recruiters receive in the internet age.

“As a result of the ‘spray and pray’ mentality that job seekers have, recruiters often deal with huge amounts of volume… [it] creates a bottleneck and it becomes tough to manage all these relationships accurately,” says tech recruitment specialist Eyal Grayevsky from Mya Systems.

Automation is a game changer here and is being used by increasing numbers of recruiters who can spend up to 23 hours screening resumes for single hires. Freeing employees from laborious work processes allows those workers to get on with more rewarding endeavors that help to build a business.

Meanwhile, removing the human element completes those HR tasks far faster and more accurately.

As automation culture is set to increase, recruiters can expect more “sales-type” personalities in recruitment, as focus shifts towards closing the candidate, selling company culture and working in a consultative capacity, says Guillaume Champagne, the president of recruitment firm SCGC Executive Search.

  1. Collaboration

This comes naturally when processes are made more efficient and people are enabled to work more creatively.

That is what the cloud ecosystem is all about – all authorized parties can access the business network at all times. Data is kept current in real time and made available through personalized dashboards that are easy to analyze.

The value of growth

Recruitment in the past has been about expensive in-house software engineered as a stand-alone solution, making it hard for medium-sized businesses to compete.

In today’s connected world, you must identify, attract and engage with talent, and only a cloud-based recruitment technology can allow this to happen.

A fully integrated, online IT infrastructure that scales with business requirements means recruitment staff can meet challenges with agility. The talent search can continue around the clock at a global scale, leveling the playing field and positioning organizations for value-driven growth.