3 Ways to Reduce the Cost of Sourcing
Recruiting is one of the biggest yet most often overlooked expenses that a company must front. Sourcing candidates poring over their resumes and carefully interviewing each of them is a laborious process that every company must manage. It is easy to see how the costs of this process can skyrocket, too; time is money, and recruiting and sourcing demand hours and hours of your HR department’s time. How do you reduce the expense of this costly process and make recruiting more efficient? There are a few strategies you can employ to accomplish this within your company.
Sourcing takes a long time! See how Hired can help. Consider the following strategies for reducing your company’s costs when it comes to sourcing and recruiting candidates. By reducing your expenses in this area, you can streamline the process and make it more effective, too. This, of course, frees up revenue—but it is also likely to improve the quality of your staff.
Focus on Saving Time
It is often said that time is money, and this is certainly one of the reasons why recruiting is such a major expense to companies. It is perhaps one of the most time-intensive endeavors that the human resources department embarks on, and it is certainly one of the most crucial, too. Examine your recruiting process to consider which parts are the most demanding of time. Sourcing tends to be a common culprit. As you promote the job, you are sacrificing time that may or may not pay off. Sourcing takes a long time! See how Hired can help.
Prioritize Quality Candidates
It should go without saying that recruiters should prioritize the top quality candidates. Of course, this isn’t always easy, and sometimes your applicant pool simply is not the quality you would like it to be. There are a number of ways to improve the quality of the candidates you are attracting. It is important to focus on this because it will ultimately cut down on the time and expense of sourcing and recruiting for open positions. When you reel in highly-qualified candidates, you are typically investing in staff who will be more productive, be committed to their own career longevity.
Establish a Process Protocol
One of the biggest time and money-wasters in the sourcing and recruiting process is habitual inconsistency. There are likely multiple people in your human resources department working with candidates and open positions, and there absolutely must be a protocol in place for maintaining consistency throughout the process. You should establish a protocol for the process and ensure that it is followed closely so that there is no confusion on the part of candidates or recruiters. This results in wasted time which is a waste of money, and it leaves a poor impression on candidates, too.
These are just a few of the ways that you can minimize the costs of your sourcing process and improve the overall profit of your company in the process. Whether you are a CEO at a major company or a recruiter at a small business, you can benefit from implementing these principles.