Because of the damage done by COVID-19, many businesses have introduced new changes to their day-to-day operation and the one strategy that now seems ubiquitous in all the industries is cost-cutting. But this cost-cutting methodology isn’t only confined to marketing, sales, and R&D as it has been extended to even talent acquisition.
While some companies have gone to extreme lengths to save on staffing and they have completely stopped recruiting, others have slashed their recruitment budget for engineers. And because of such a situation, there are maximum chances that even your recruitment budget has been hit.
But instead of going to extreme lengths and completely pausing the recruitment of engineers in your firm, you should hone your skills, subdue the challenges and bring down the cost of hiring engineers smartly.
This is why, in this blog post, we will take a look at some best tips that you can incorporate into your recruitment strategy and save on staffing engineers in your organization.
Don’t go ‘all-in’ when it comes to advertising
The best way to drive cost-effective hiring is to advertise only where it’s necessary and can yield results. Never be in the misconception that advertising on all the platforms you see will increase the pool of candidates as this is similar to marketing your products on all the channels and expecting a spike in the sales.
A data-driven strategy, used by an engineering staffing services agency, can be used to find out which advertising channels have yielded better results in the past and which helps you in enticing more candidates for the required job. This is where you can use the power of programmatic job advertising.
You will be surprised to know that the use of such an advertising strategy can bring down the cost-per-applicant to about 30%. Most programmatic vendors offer different pricing models and the models help you to pay for the result not only for the package.
Focus on internal mobility
It is a wise decision to always focus on internal hiring as it’s the best tool to bring down the recruitment cost too. This is why you need to start focusing on internal mobility which focuses on moving to new opportunities and this strategy acts as a silver bullet especially when you are dealing with economic uncertainty.
Even according to the experts, internal mobility is as effective as working with an engineering staffing services agency for bringing down the cost of recruitment. To motivate your employees to use internal opportunities, you should come up with an exceptional internal mobility program. This should include building a culture in the company in which moving from one position to another is always encouraged.
But the real challenge is using internal mobility as most companies aren’t still getting it right. So, if you are not confident about the use of internal mobility for bringing down the cost of recruitment, you can simply start working with an engineering recruitment services agency.
Automate the recruitment process
Time is money, even in the case of recruitment. If you work on automating the different aspects of your recruitment process, it will result in a reduction in the cost-per-hire. Apart from this, it will even help in hiring more by improving the productivity of the recruiters.
Well, even the engineering recruitment services agency you work with makes the most of automation. And by incorporating the same in the recruitment process, you reduce the number of hours spent on repetitive tasks.
The more time you spend on hiring, the more it costs. If you cut down the cost of hiring by three weeks, you can save up to 50% on the total amount spent on the recruitment process. Therefore, to begin on the right foot, start with analyzing which parts of the recruitment process can be automated.
Use social media in the recruitment strategy
Do you know how an offshore engineering staffing agency builds such a giant pool of potential candidates? Well, they make the most of social media. It even helps them in reducing the cost of hiring as well.
Social media platforms like LinkedIn are a great cost-effective tool that can be used by any company to hire the best engineers and that too without going extravagant with the recruitment budget. These platforms are not only free to use but they allow you to reach the right candidate at the right time.
If you decide to pay for a monthly membership on such platforms like LinkedIn, you can get access to even a wider network and the cost of such membership can easily fit into even a low budget.
Reducing the cost of recruitment isn’t a rocket science since all that you need is the right approach, better planning and if you are not able to work on these then it is always a better idea to simply choose a staffing agency as then you can offload all your hassle on the third party and witness recruitment taking place in inexpensive yet professional and productive manner.
Just make sure you don’t go extravagant while choosing a staffing agency as then, the whole point of outsourcing the same will be pointless.