Even in the best of economic times, there really is no such thing as certainty, is there? Businesses should be prepared for everything, and ready to pivot, refine or evolve as needed. Sometimes, all of these come into play when we talk about recruiting costs.
Recently, the push for top talent has been as competitive as many of us have seen it in years. Some companies have issued an all-out war for talent, spending hours and dollars at will in the quest for elite candidates. While this approach may technically work, it can be difficult to sustain — very few companies have limitless budgets and massive recruiting staff to keep up.
It’s possible to reduce recruiting costs AND land top talent.
Sometimes it can feel especially challenging for organizations to meet the goal of staying within budget/reducing recruiting costs while simultaneously finding, attracting and ultimately landing top talent.
But while it may feel challenging, it most certainly isn’t impossible. Here are three ways you can reduce your recruiting costs without compromising results:
1. Prioritize candidate experience.
This might seem counterintuitive. Spend more time and potentially money on creating a positive candidate experience?!
Hear me out on this one. Because in our research, prioritizing candidate experience results in more, better hires, reduced time to fill and increased referrals. That’s exactly why candidate engagement and creating a positive candidate experience are priorities for all of us here at Matlen Silver.
Yes, we invest in a state-of-the-art engagement platform. We use this to maximize the productivity of our team while simultaneously nurturing more personal connections. It helps us communicate, build relationships and retain talent in a highly competitive market.
Our clients are blown away by the level of engagement we deliver to our consultants, and the trickle-down effect for them — eager talent that is happy and ready to work for them — pays off in ways you may not expect.
When you add up the actual savings in hours, increased productivity, faster hires, more referrals, happier candidates, higher retention…wow, the list gets pretty long, right? The cost savings (and/or increased revenue potential, depending on you look at it) are obvious.
2. Use the right tools.
To that end, prioritizing candidate experience does often require investing in some tools. Here at Matlen Silver, we use the Sense candidate engagement platform. But there are a range of tools that can help increase productivity without maxing out your recruiting team. Technologies to consider include:
> The aforementioned candidate engagement platform
> Texting software (this may be separate or may be part of your engagement platform)
> Your ATS should work well with other, third-party tools to simplify engagement and easily allow you to update and access data.
But the notion of “tools” goes beyond simply technology. Think about strategic partnerships as well. How can you best leverage your own team while also quickly and efficiently finding, attracting and hiring top talent?
For our clients, the most powerful tool in their recruiting arsenal is, well…us! Partnering with a staffing firm like Matlen Silver frees your team to focus on only the most essential components of recruiting. We have a wide network of highly engaged, US-based talent. We keep them highly engaged using the technology and methodology noted above, and we can deploy them to your site in no time.
Reduced time to fill. Better, happier, eager talent. The strategic knowledge and power of an entire team of recruiting experts. Combined, it’s a powerful formula for better recruiting results that actually reduces your total cost.
3. Make better hires.
Can you see how all three of these are interwoven? Prioritize talent to attract more, better talent. Choose the right tools (and partners) to maximize and extend your resources significantly. And then bring on board the right talent to further reduce your recruiting costs.
There are a few ways to look at this one:
> Better hires lead to higher retention rates. For full-time talent in particular, and even reduced ghosting prior to or during contract assignments, the cost and productivity loss associated with losing an employee is astronomical (there are numbers floating around of anywhere from 1.3x to 1.5x the cost of that employee’s salary). Multiply that by 5, 10 or 100 employees, and suddenly there is MASSIVE opportunity to reduce your recruiting costs, simply by recruiting and hiring the right talent, to begin with.
> Better, happier hires are more likely to refer others in their network. And referrals really simplify your talent lifecycle, don’t they? When you’re over-the-moon happy with an employee, OF COURSE, you want more employees like that one! Better initial hires are happier on the job and are much more likely to refer people from their network. New candidate acquisition costs decrease accordingly.
The right staffing partner can make all the difference.
Throughout all three of those tips, there is a running theme — choosing the right staffing partner can amplify, accelerate and assume responsibility for all three of these areas. This can significantly reduce stress for your team, while again reducing costs. It’s a win/win for sure. Our team here at Matlen Silver is here and happy to help. Contact our team to learn more.