At Blue Octopus, we understand that new hires come at a price, and your organisation can spend thousands of pounds on replacing a salaried employee through a recruitment agency.
In a bid to reduce the cost, you can look into end-to-end digital hiring platforms like Octo to manage the entire process and reduce your agency spend. ATS software has proven effective in solving most problems HR professionals face, and this article explains the four strategies you can implement to reduce recruitment costs.
1) Use Current Employees As Recruiters
Create an internal recruiting team to leverage your current workforce to attract top talents from their personal, digital, and social networks. Offer support and create a happy work environment to encourage your employees to share their workplace experiences online.
You can also write engaging social copy with relevant images and ask your employees to post them through their social media channels. The text can be templates that allow employees to create custom content for their specific audiences. Referrals increase the number of quality talents you can retain because referred candidates are more likely to accept job offers, saving your company about £2,000 per hire.
2) Leverage Social Media Platforms
A study reveals approximately 94% of UK companies are actively recruiting through social media because of its power in the digital world. With the correct branding and publishing schedule, your company can attract top-notch talent internationally. Compared to major job boards that can charge exorbitantly for listings, social media posts are usually free, but you can pay tiny amounts to boost your ads to a larger audience. Create compelling job adverts to reduce the cost. Remember, it is crucial to understand how different platforms operate to generate a massive following through digital branding. The more followers you attract, the larger the talent pool.
3) Invest In A Robust Applicant Tracking System (ATS)
An Applicant Tracking System (ATS) is a software platform designed to make the overall hiring process efficient. Developers consider the needs of both the employer and employee to find less costly alternatives in recruitment and onboarding, primarily through the automation of critical stages in the process.
End-to-end software is helpful for all steps, including attracting candidates and hiring, handling company branding, and conducting third-party interrogations. Our Octo recruitment software has plenty of essential features, such as:
The talent pool module, in particular, helps you manage and customise your talent pipeline to attract the best recruits. You can create a new talent pool, organise candidates into different categories, and search for the most relevant talent using filters.
4) Create Policies For The Hiring Process
Using analytics and reports, you can assess which stages of the hiring process require the most monetary resources before assigning a budget. With this data, you can also find cheaper alternatives for some steps, such as automation, and include the information in your policy document.
There are several ways to reduce the cost in your recruiting process, and the use of technology is the most prevalent. ATS leads the digital transformation in the HR sector. Opt for end-to-end digital hiring platforms that can cater to all the stages to enhance the overall process. Contact Blue Octopus today to request a demo or learn more about the benefits of Octo - our comprehensive ATS system.