Know How to reduce Cost Per Hire in 5 simple steps?
When recruiting employees, every company analyzes the cost per hire. It not only involves the salary of the candidate but also the expenses associated with the use of internal resources used during the hiring process. As a hiring manager, you are responsible for the cost of hiring, and it can be a challenging job to reduce the cost of hiring while recruiting high volume talents.
Here are a few tips and tricks every hiring manager can utilize to increase their efficiency to reduce cost per hire and also save some time and effort.
Offer a clear Job Description
When you are advertising for a vacancy, most candidates read the Job Description to get a clear understanding of the responsibilities or tasks he/she needs to handle for a job. Suppose you are providing a clear job description with full disclosure of eligibility criteria, expected experience level, hours of employment, type of job (remote or in-office). In that case, you screen away candidates right away who do not have the required criteria. On the other hand, a job description containing details of training, additional benefits to the job and portrays the employer brand image has the higher chances of attracting the top tier talents.
Use of Atomization and AI
Instead of running through thousands of applicants, every candidate, use suitable recruiting software to screen qualified candidates with suitable parameters. 78% of employers have said that recruitment technology makes finding great talent easier than ever.
Moreover, it helps to speed up the hiring process, thereby reducing the cost per hire. Using artificial intelligence also ensures that the criteria of the candidate align with your business goals. Consequently, it is a great way to avoid bad hires and undergo the rehiring process.
Make use of Telephonic and Virtual interview
The cost per hire also depends on travel costs. You can cut off the travel cost by conducting the telephonic and virtual interview. After the onset of the pandemic, most hiring processes have been undertaken through virtual interview.
The telephonic and virtual interview helps you to analyze the candidate, and the two-way communication ensures a better understanding of each other’s expectations and requirement, facilitating the screening of candidates. Moreover, you can save time, energy and hassle of travel and yet select the most suitable candidate.
Reduce the Hiring time
One of the best ways to reduce cost per hire is to move the entire hiring process quickly. If you are undertaking or dragging long hiring process, you are increasing the cost of hiring by increasing the expense of recruitment technology, administrative cost, perhaps travel cost, and other internal resources. The longer the hiring process drags, the higher the cost per hire rises.
Moreover, in this cut-throat competition of talent acquisition, you may lose a high performing candidate if you delay the final announcement. The best way to reduce the hiring time is by setting deadlines or closing date for every step of the hiring process.
Appoint a Staffing agency
If you are looking for a way to hire talents without exhausting your company’s internal resources, the wisest decision is to outsource it to some reliable staffing agency. There are several staffing agencies that are expertise in recruiting talent for their client’s firm within a given period.
By hiring a staffing agency, you can reduce cost per hire by not hampering the productivity of internal resources as well as minimize the productivity loss due to the open position. Pragna Solutions is one of the leading companies that can offer you excellent outsource recruitment solution so that you can acquire talents and also save time and effort.
The Bottom Line
Hiring the right candidate within a short time frame can be challenging but not impossible. These tips and tricks of reducing cost per hire can save you from rendering the cost of bad hires and rehiring. Reports and analytics of cost per hire help you realize the strengths and weaknesses of your hiring strategy. Therefore, you must monitor your cost per hire to develop the most effective hiring strategy.
Pragna Solutions lends you a helping hand to acquire top-tier talents without undertaking the headache of the hiring process. Our expert consultants are experienced HRs who can pick out the best candidates for your business from the target pool to fulfil your business requirements and move you one more step towards your success.
Do visit Pragna Technologies website for more blogs on Recruitment, Hiring and other related topics.
Know How: Create Job Descriptions to Hire Top-Tier Talents
In the cut-throat competition of talent acquisition, the job descriptions play a significant role in attracting and landing top-tier talents. As a hiring manager, attracting talents with catchy job descriptions is essential if you want to hire high-performing candidates for your firm. If you are struggling to attract better talents, here’s a quick guide for you to write job descriptions.
Points You Must Not Miss Out
Most job descriptions usually contain details about the job role, location of the company, and compensation. But if you want to focus on attracting top-tier talents, never miss out on including the following points while writing a job description.
Instead of being creative with the title, just be specific and clear about the job title. You do not need to be fancy with this part. Just mention the job position as the job title. For instance, mention the words ‘Marketing Executive’ instead of writing ‘Looking for people to handle marketing operations’.
Since you have already attracted the attention of potential candidates through your job title, it’s time to be creative. Add a line or two that can hook your potential candidates to read the whole job description. Make use of some excitement to provide possibilities that can intrigue the readers.
Brief about Company and Company Culture
80% of HR leaders vouch that employer branding plays a vital role in attracting talents. Therefore, you must make the readers aware of the company culture and scope of growth in your company through your job description. You do not want to attract candidates who cannot fit into your company culture, and you end up trapped in endless hiring cycles. In fact, making the candidates aware of the employer can help you in improving the retention rate.
Duty & Responsibilities
Of course, every job description contains this part. While writing the duty and responsibilities for the open position, you must keep two things in mind. First, always use plain language, avoid jargon if possible. Second, use the right keywords. If you are posting your job ads on an online platform, the right keywords provide you better results and visibility online.
Eligibility and Preference Criteria
Nothing is a better preliminary screening process that being clear about the eligibility and preferences. You must mention the degrees, skills, and expected experience of the candidates who are supposed to apply for the position. Moreover, do not forget to mention about soft skills required for the position.
Compensation & Benefits
Most candidates jump into this section after finding a suitable job post. Do not forget to mention the approximate compensation in your job description. Highlight any benefits that come with the job, such as health insurance, travel allowance, etc. If you are looking for a remote employee, do not forget to mention that. In most cases, this is the section that helps the candidates decide whether to apply for the position or just pass.
Clear Call to Action
Once a candidate has completed reading your job description, you have to provide him the information about applying for the job. Ensure that your call-to-action is visible and clear. Be specific about the mode of further communication. You may mention dropping CV at this email address or something like walk-in for an interview at (time, date, and place).
The Bottom Line
Attracting the right type of employees can become your game if you know how to write compelling job descriptions. Even though there are several templates of job descriptions in the market, you must stand out from the crowd. Ensure that the job descriptions are in lucid language, uses the right keywords, and are not just cold and detached messages.
If you want to attract the top-tier talents with the job description, you must add some sparks to it by including benefits that a candidate can avail from this job. The last and most important thing to do before posting the job description is to read it yourself and honestly answer the question ‘would I apply for this job after reading it?’. If your answer is yes, go ahead and post it. If the answer is NO, find the reason why and then add that point to enhance the quality of the job description. Hiring the top-tier talents can be a piece of cake if you can attract the best candidates with your job description.