Having a sustainable and feasible way of recruiting new talent in 2020 is essential to making sure you stay on top of your business and competitive in a highly saturated recruiting market.
Wikibuy has created a guide to help HR departments walk a perfect line of talent and budget in 2020. While it’s important to invest in recruitment, it can easily turn into one of the most expensive departments of a business, especially those just starting out. Below we dive into ways to ensure your processes align with both essential elements. We also look at Fortune 500 company strategies and ways you can pull from these big ideas for a business of any size.
First, the average cost to hire a new employee is $3,000. From interview times, software and onboarding prices add up quickly — so get free software. One of the most effective ways to cut costs when it comes to recruiting is to use free software — like Zoom and Google Drive. Or, if you have to pay for a premium account, use a shared one for managers. This ensures there’s no compromising professionalism for saved revenue. In addition to the advantages of conducting virtual interviews, check out this post to find out ways that COVID changed recruiting strategies this past year.
Next, you’ll want to stand out. Creating a unique job posting will help cut through the hiring noise and really make your position pop. First impressions are everything and taking the time to create a unique job posting will get candidates excited about applying, without having to spend money on swag or other incentives. The workforce realizes that the longevity of their success comes from more than a recruiting t-shirt.
Third, creating an internal referral system can save thousands in the long run. Nobody knows your business better than your own employees, so having the opportunity and platform for them to recommend their trusted peers is a good way to start a talent search. Many times, you won’t have to create ads or other sponsored postings on job boards because your employees will have enough good talent in their network for you to hire great candidates.
Lastly, a good place to start your search is good old fashioned job fairs. Especially for entry-level positions, colleges host fairs for their students and this is a great way to find superb talent early. These candidates are almost always eager to learn and will bring a fresh perspective to your company — whether you’re a long-standing institution or a new startup. Moreover, going to school-specific job fairs are a great way to hone your search and find the perfect candidate for each open entry-level position. You’re helping the school as much as they’re helping you, so registration fees are usually minimal or nonexistent.
As for what big companies are doing, we take a look at everyone from Facebook to Medtronic. They’re utilizing strategies like involving managers early on in the hiring process to vet candidates and save on time later on. If someone isn;t a fit for their manager, they’re not a good hire. Other strategies from companies like Tesla include exceedingly difficult interviews to help vet further.
To see how these low-cost hiring techniques can apply to any business, check out the visual below and stay in the green with HR.