Cost Savings In Recruitment

Is Your Company Maximizing Your Recruitment Effectiveness?  

The world has shifted; the economy has changed- we all need to do more with less.  The U.S. we are now entering into a Global Talent Marketplace. Companies can hire top talent labor cheaper than ever before.  Competitors in your marketplace are popping up all over the globe.  What happens when your competition offers your customers a better solution for less money?  As we slowly crawl out of the recession we enter a brand new age, new business models, a new age of pricing and a new age of service delivery. We all must maximize our effectiveness while minimizing our costs. Going forward one of the ONLY competitive advantages a company will have is the people working in their organizations. 

The U.S. talent market is shrinking while the global talent pool is expanding.  In the next 4-6 years, companies will face the most challenging and tumultuous times in building and retaining their workforce. Your company has choice in recruitment solutions.  You can build your own, In-source it, outsource it, or wing it. Below are some cost saving methods for maximizing your recruitment and retention effectiveness without paying high fees.

1. Benchmark your key contributor talent, clarify the DNA of winner in your company and then use that DNA to validate new hires.  
2. Identify KPI’s for each role
3. Utilize a contingent recruitment workforce – bring in skilled, accountable recruiting talent, ONLY when you need them
4. Eliminate wasted time, effort and money by implementing screening tools at the top of the funnel. 
   
5. Create steps in the recruitment process that bring forth the best and eliminate the rest.
6. If you use assessments do NOT buy them from the publisher, they are selling you their tools they are not helping you select the best tool for your roles, circumstances and culture.
   
7. Use Behavioral and Values based interviewing in the finalist interviews.
8. Have your recruiters trained in selection, retention and performance management so they understand the whole talent life cycle and make better matches.
9. Evaluate your current workforce: what is working, what is not, what needs to change and then hold Managers accountable to make that happen.
   
10. Implement performance management across the board.
11. Tie everyone’s performance and compensation to the company’s profitability.
    
12. Get help in making the final selection of candidates for key roles.
    
13. Make employee engagement a priority.
    
14. Set up futures meetings with your key contributors.
15. Exploit the grapevine.
    
16. Select 1 job board and maximize that relationship.
17. Measure recruitment success.
18. Measure retention success.
19. Monitor steps in the process for new efficiencies.
20. Outsource pieces of the process.
21. In-source pieces of the process.
22. Train your Managers to recruit, select and on-board key contributors and mission critical talent.