Recruiting can get costly for some companies, especially with the hiring demand is on the rise. Now more than ever, hiring managers are tasked with finding additional ways to save. In order to prepare for the 2016 year, we’ve pulled together some of our recruiting tips that will help you save and source great talent.
Aside from some of our favorite cost-saving measures like hiring right the first time and refining your hiring process, we’ve identified some unique cost saving ideas that could save a business a bundle.
1.Improve your Employee Referral Program: Referral programs are great, but like any process, they need to be revamped from time to time. In truth, these programs can often grow stale which leads to low referrals. One of the easiest ways to get more referrals is to create a better incentive for your employees to refer candidates. Money is a great motivator, but you may need to look outside the box based on your industry to find out what truly motivates your employees to refer exceptional candidates. Survey your employees if need be to find out what they want.
2. Hire Employees Who Provide Tax Breaks: If you’re a small business, you may be entitled to a tax break for hiring talent. It’s called the federal Work Opportunity Tax Credit (WOTC) and in some cases it can save a business anywhere from 20-40%. This money saving tip may not be for every business, but for some employers out there, it could be a great cost-saving measure. For more information about this program and to see if you qualify, visit http://www.doleta.gov/business/incentives/opptax/
3. Use industry-specific job boards: Forget the big job boards like CareerBuilder, Indeed and Monster. Those hiring methods have a big box mentality that can cost an insane amount of time and money for businesses to process all those applicants. Focus on smaller industry-specific job boards that will give you access to exactly what you need. You’ll find higher quality applicants that will be better suited for the position.
4. Partner with a Recruiting Firm: We’ve said this before and believe vehemently that working with a reputable recruiter or employment agency can help save a company substantially. With the increase of hiring demand, many HR departments are challenged with the bandwidth to recruit, review, interview and hire all the candidates. Working with a professional recruiter with a proven track record can be the easiest solution to an ever-growing issue.
5. Look for ways to Increase your Talent Pool: With companies facing the demand to hire quality employees fast, hiring managers must increase their talent pool. Some ways to improve your talent pool is to break out the areas that are determined “hard-to-fill positions” and source potential candidates that could be a good fit for your business. Work with a third party if need be. You can also group passive candidates and find out what it would take to have them switch. Take initiatives like this to increase or groom your talent pool. Doing so on a continuous basis can save a business significant dollars.
These are some of the simplest ways to save big when recruiting and hiring employees. The best cost saving ideas can even be found from your own staff. In any business, every penny counts so taking measures to protect your bottom line will help you and your company reach your recruiting goals faster and more efficiently.
ABOUT THE AUTHOR, Ingrid Moore
Ingrid Moore is the Founder and CEO of Corporate Resources of Illinois, an employment & staffing agency withover 20+years’ experience located in Schaumburg, IL. Ingrid and her team assist employers with finding the right hire for their business. For more info, follow us on our LinkedIn Company Page, or follow us Corporate Resources of Illinois‘s Google+ page.
