8 Effective Low Cost Recruitment Strategies - Workology

8 Effective Low Cost Recruitment Strategies - Workology Recruitment budgets are being squeezed all the time, from the SME through to multinationals. Employers are having to increase their focus on sourcing candidates in lower cost ways more than ever before. This article gives 8 Top Tips how to save money when it comes to hiring new staff. Tip 1 Use Referrals Your current employees will have friends with similar talents and interests, so let your work force know youre hiring if you have a key role youre trying to fill. Many companies now offer a referral bonus, ie. cash compensation if a new hire recommended by a coworker turns out to be a good fit for the company. If youre wary of shelling out a referral bonus, consider this: A BNET article written by POM8 chief executive officer Grant Powell says recruitment agencies can charge two to three times more per hour than you would pay if you found a candidate through referral channels. Dont stop at talking to employees, either. If you have loyal customers and suppliers who understand your business, they may be able to recommend candidates who fit the bill too. Tip 2 Use Social Media Twitter, Facebook and LinkedIn are free services, and youre missing out on top candidates if youre not signed up. People with profiles on these sites are usually serious about their careers and touting their professional expertise. Connect with coworkers on LinkedIn, then use the site to request introductions to others who interest you. Follow people who tweet about topics related to your industry, as well as recruiters. Use the openness of social networking to get personal with your invitations. For example, if the person has a skill listed in her profile and thats what grabbed your attention, say so in your invitation to connect. Tip 3 Think Outside the Box Anytime you receive fantastic customer service from a retail assistant or from a staff member in a hotel or restaurant think about their fit with your company. If you hire people where customer service and people skills are required and other knowledge can be taught on-the-job, these people could be your next top performers. Be on the look out for top talent in the most unlikely of places. You never know where you might locate your next best hire! Tip 4 Use Self-Selection Submitting a CV online is easy, but showing up for an on-site information session takes a little more work. Choose the best resumes from the pile youve received, then invite those people to participate in a second step, whether thats a facility tour, group interview or skills assessment test. People who arent really interested in your company will decline to participate, while those who are excited about what you do will be happy to take the next step. By getting applicants to self-select, you ensure that youre using your time to interview people who are qualified and enthusiastic. Tip 5 Use a Low Cost Recruitment Solution There are now companies offering low cost, fixed price packages which give you massive exposure to multiple jobsites, multiple talent pools and large social networks for a fraction of the cost of going to a recruitment agency. Just simply Google Fixed Cost Recruitment or Low Cost Recruitment and see what comes up. This can often be a much more cost-effective solution and they even take away all of the admin and CV management. Tip 6 Job Fairs Virtual Job fairs are a low-cost way to find employees. If you decide to attend a live job fair, you dont necessarily have to invest in large, expensive stand, you could also attend and simply network with other visitors on the day. Talk to the other employers who are exhibiting as if you were a candidate and see how they are attracting top talent to learn from others. Tip 7 Attend Industry Conferences Attend industry conferences and trade shows that arent normally about recruiting. Talk to potential employees through networking at these events. Talent currently employed by your competitors will be there so why not network and meet with others who work in a related industry who may give you access to tap into potential candidates. Awards dinners are usually great for this. Tip 8 Use Internships An effective intern strategy within the Company can really give you a chance to meet fantastic employees of the future. Interns are usually very keen to learn and very keen on gaining the right experience in an industry. Many interns are free of charge, you can find companies who supply interns in your area, and often the colleges and universities fund their top stars internships. If you like them after a 3 or 6 month internship then you have the option to offer them full time employment. These are just some ideas to help you and I am sure there are many more. I would love to hear your comments. About the Author: Samantha Rathling is the founder of Recruitment Magic, and after spending 11 years working in and running recruitment agencies, her mission is now to change the way the world does recruitment through the provision of reduced cost, fixed price solutions to employers everywhere.