Too often businesses go straight to recruitment companies to handle their staffing needs as they believe that talent acquisition is more complicated than what it really is. However, by doing this, firms can incur burdening costs and increase their chances of bad hires, making the recruitment process more time consuming in the long run. By bringing things into your own hands, you can control the amount you spend on talent acquisition, how much time, and how you do it. Here’s what you need to do to simplify the recruitment process.
Reducing cost per hire
Recruitment agencies are often accompanied by hefty fees. By taking external third-parties out of the equation, you instantly cut back on costs, and can then think about how to better utilise this fund. One effective method of reducing spending and simplifying the recruitment process is setting up an employee referral scheme. By encouraging your current employees to refer candidates from their private networks, you can still ensure that you’re making skilled hires without the help of recruitment agencies. Not only can this give you greater access to applicants, it often provides you with more quality candidates too. By getting your team members involved, and offering them rewards for their help, you’ll be using ‘recruiters’ who know your business inside out and therefore are able to find hires that better match the company culture. There are several ways that we can help you kick-start your employee referral scheme, just get in touch if you’d like help with this.
Reducing time to hire
Many companies are unaware of how much data is available to them. By utilising information from LinkedIn, social media and campaigns, you can find out how to tailor your messaging to attract the candidates you need. By harnessing data and people analytics, you can also find out where the best talent pools for your business are located or when it’s the best time to recruit. From candidate habits to trends in productivity, there’s a wealth of information available for you to utilise, you just need to know how. Having a data-driven approach will help you be more efficient with your time and avoid mistakes during the recruitment process.
Increase direct candidates
Increasing the number of applicants that come directly to you can drastically cut costs and time to hire while also simplifying your recruitment process. One of the most effective way to do is creating a strong Employee Value Proposition (EVP). Essentially, this is the unique set of benefits that an employee receives for working with a company and in exchange of their skills. An attractive EVP will help motivate and engage employees, retain top performers and attract direct talent. This will help strengthen your overall employer brand and help you be recognised as a good company to work for. That’s why it’s also vital to keep a close eye on how candidates are treated during the hiring process and to guarantee that they are always in safe hands. Although it can take careful planning to build your employee value proposition, is can be ruined quickly.
The true cost of collaborating with recruitment agencies
According to the latest Recruitment and Employment Confederation (REC) annual Recruitment Industry Trends report, the average fee for a permanent hire was £4,238 in 2018. And this number can be considerably higher for rare executive positions, with some agencies charging up to 30% of the salary. As this is simply just the fee, once combined with the costs of onboarding and training, this sum certainly can become strenuous.
How Consult Inhouse can help you simplify the recruitment process
At Consult Inhouse, our purpose is to help you hire top talent required to fulfil your company objectives, but in doing so, we encourage you to think differently about your recruitment function. We aim to eliminate the recruitment challenges and pain points faced by businesses by providing a smarter approach to talent acquisition. We provide a platform of best-in-class services, meaningful information & deep insights to turbocharge your talent hiring strategy.
To find out how we can help you, get in touch today.