Ways to reduce recruitment costs

With the changing climate of recruiting in business, it can be quite challenging for companies, especially small companies to keep the rising cost of recruiting from impacting business. There are a few things that small and large companies can do to reduce costs related to recruiting and personnel turnover.
First thing to do is make sure that your employees are happy in their work. If you can keep them, they will not only stay but refer people they know for jobs. Flex time, casual dress days, free or reduced soda machines, gym memberships or facilities, day care on site, and incentive and performance recognition programs have been shown to help people balance their busy lives with their busy work.
Next, offer something to people who refer candidates that get hired. Vacation days, Theatre tickets, vouchers, even a bonus on the paycheck will work. It will be money well spent and will be much less than a fee to an agency. Current employees are known to refer qualified candidates. Stay in communication with your organization on upcoming job opportunities using the company intranet, newsletter, or staff meetings.
One way to keep the candidates coming is to keep your website up to date with all career opportunities. Avoid saying something along the lines of andquot;We are always recruiting.andquot; People tend to apply for jobs that exist, knowing that their effort to apply is for something, not for a possibility in the future.
Specialized Recruiting agencies are a great way to find candidates who are not actively looking for jobs, and therefore not on the same active hunt online and in magazines, newspapers etc. One can consider that an agency like this is not actively looking to find you a candidate, they simple advertise the opportunity, wait for a response, and forward this to you. The result is you will pay often 15-20% of the employee's first year salary to the agency. Agencies are something to consider after you have exhausted all other possibilities.
In recent years online recruitment has changed the recruiting process and is much more cost effective than print advertising and traditional recruiting agencies. Agencies such as Comcept directly email candidates who are registered with them, and therefore the job opportunity reaches many people within a short amount of time. This is effective in creating an immediate targeted response.
Jobs can be added to many job sites and applications often arrive within minutes of the advertisement being published. People use the internet all day every day, so access to these jobs is available to anyone who uses the internet.

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This article was written by Tom Sangers on behalf of Martin Ward Anderson who offer recruitment services for banking jobs and finance jobs

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