Hiring The Best and Being Cost Effective: How To Ensure Both?

With the global economy perking up in huge numbers, employees might be under the notion that salaries across all industries are to boom. However, employers seem to have a different approach towards the same. Being a talented recruiter, it’s expected of you to keep a tight rein on hiring budgets. Obviously, you need to make sure that the recruitment expenses are kept sleek and transparent.

Yes, it might seem like a daunting experience, but there sure do exist hacks to the same situation. Hence, given below are 5 nifty ways to keep your hiring cost-efficient, along with making the right pick amongst candidates. Dart sufficient glances to gain clarity regarding each one.

  • Maintaining Your Own Database Helps

You might see a plethora of organizations advertising their recruitment campaigns on social media, TV programs, Radio and hoardings. As appealing as this idea may seem, there’s usually a high amount of tariff associated with the latter ones. Plus, this might also increase the number of candidates missing the clinch of vacancies by a whisker. What might seem more effective and viable is, maintaining your own database of talented candidates. You can also go for e-recruiting system that includes a candidate relationship database. This helps in cutting down the cost of marketing new jobs to applicants sourced in the past, hence eliminating the need to source a new pool altogether and reducing the expenses to half-the-original cost.

  • Adopt the ‘Referral Frenzy’ way

What if there is way to ensure the right candidate pick along with cost-efficiency at the same time? Yes, there sure is a way!

Your company’s current employees are an impeccable resource for potential candidates who’re long waiting to be tapped into. Definitely, your employees will know of an old colleague or college friend looking for exciting career opportunities. Hence, its need of the hour to let all of your workforce know that referrals are not only welcome, but will also be given due recognition with possible rewards. Of course there’ll be expenditure, but the cost as compared to the conventional hiring process will be quite timid. Plus, it’ll exponentially increase the leads you’ll get for qualified candidates appropriate for the job.

Hiring The Best and Being Cost Effective: How To Ensure Both?

  • You Need to Fish At The Right Place

Hiring comes with cost-efficient prospects when the candidates searching for a job prove to be lucrative and produce results for your organization. For this, it’s imperative for you to take an extra step and hunt for places where your best candidates hang out (physically or virtually). For instance, if you’re looking forward to hire a talented sales professional, a trade show would just be the right place to see how your potential employee deals with the clients.

Although it comes with a wide yawn, conferences can also prove to be a cost-efficient way to entice the right talent and pitch about the perks of joining your company. Moreover, it gives you the quintessential opportunity of expressing your company’s vision and growth plans for the future.

  • Never be Afraid of a ‘Test-Drive’

It’s expensive to hire an individual, but it’s even more expensive and time consuming to replace one. So, before you hand him over the final offer letter, it might be worthwhile to offer the candidate a short-term contract. Usually, hiring on a contractual basis helps you make sure that the applicant would make a good-fit, before you’re stuck up with the wrong one. Giving it a whirl prior to making a long-term commitment will save our energy, time and resources in the long run.

  • Social Networking To The Rescue

AS clichéd as the idea might seem, but social networks too can be used in a cost-efficient way to make the most lucrative pick amongst potential candidates.  If used in the most subtle ways, your current employees can easily be guided to use their social networks to create awareness regarding the recruitment campaign you’re planning. Goes without saying, if it clicks right, there’s no other source that can make it any more viral.

Hiring is always about making the most efficient pick, which may not be the cheapest. All that matters is the performance by the new employees you induce in the company and keeping the aforementioned in mind, the whole process will seem like a child’s play. However, if you feel there are other ways to go about it too, feel free to comment.

Author Bio: Anshuman Kukreti is a professional writer and a keen follower of the global job market. An engineer by qualification and an artist at heart, he writes on various topics related to employment across the Gulf. Reach him @ LinkedIn, Twitter and Google+.