The recruitment process is lengthy, challenging and can cost UK businesses up to £3,000 for every new employee hired. This includes the cost of advertising job positions, the time spent screening and interviewing candidates, the cost of carrying out background checks, and the time spent training new team members.
If you have a high staff turnover, it may be costing your company thousands of pounds every year. In this article, we are sharing our top tips to reduce the rising cost of recruitment.
Reduce Employee Turnover
By retaining your existing employees, you can considerably reduce the need for new recruits and therefore reduce the cost of recruitment overall.
There are several ways to retain valuable employees, including in-house training to upskill your team as well as development opportunities that allow your employees to climb the ladder. Prioritizing work-life balance and employee well-being can also help to prevent employees from heading elsewhere.
It can be useful to gain feedback from your employees to get a better understanding of what they are looking for within their roles. Perhaps there needs to be an improvement within the company culture, or maybe a better benefits package.
Team Up with a Recruitment Agency
Recruitment agencies may come with a cost, but using a recruitment agency has a wide range of benefits and is a surefire way to ensure you are hiring the best possible candidate (and keep them!).
Using a recruitment agency can provide you with access to a pool of highly-skilled candidates and offers a speedy and seamless screening and interviewing process.
It can also reduce staff turnover due to the likelihood of hiring the best possible candidate that has been specifically matched up to your business and the job role. Specialist recruitment agencies are particularly beneficial as they can provide industry-specific recruitment services for a wide range of industries.
Use Social Media as a Recruitment Tool
Social media is one of the few free ways to advertise job openings and attract a varied pool of candidates. However, unless you have a well-thought-out advertisement, you may find that you attract a higher number of unsuitable candidates when advertising on social media platforms.
The key is to write a detailed job advertisement that clearly outlines the job role along with the skill and qualifications expected from the candidate. You should then make it clear how potential candidates should apply i.e., by sending their CV and cover letter to a specific email address.
Where possible, try to avoid accepting job applications via social media messages, as this can lead to an influx of unsuitable candidates applying for ease whilst increasing the chance of missing a promising candidate.
Build a Talent Pool
For every job advertisement you put out, you will receive hundreds, if not thousands of CVs. Within this pile of CVs, there will be a large number of impressive candidates that are skilled and knowledgeable yet not quite right for the particular position you are recruiting for.
But they may be suitable for positions that may come up in the future! By storing impressive CVs, you can create a well-organized talent pool full of potential candidates that may be perfect for a future role.
Stacey Howard is a passionate blogger having 6 years of experience in accounting & bookkeeping. She has been working as an accountant in Cogneesol. Due to her passion, she has contributed significantly through her write-ups by sharing an informative article about multiple accounting industries.