Overview

Employee Referral Program for Recruiting on a Budget

If you have a strong team of employees already, you can probably rely on their recommendations for potential new candidates. As they will refer people you will be more likely to fit in your organization.

On the opposite side, A notable statistic from a recent survey conducted by Monster revealed that 65% of job seekers would consider a job opportunity if it was recommended by someone they know personally.

Employee referral programs have emerged as one of the most dependable and budget-friendly recruitment approaches. Motivate your employees to recommend candidates for job vacancies and incentivize them with rewards like gift cards or bonuses upon successful hires. Many modern Applicant Tracking Systems (ATS) can assist in managing referral programs without extra expenses.

Prioritise Quality Over Quantity of Candidates

Quality vs. quantity is the most common debate in every industry. As said by Steve Jobs:

Quality is more important than quantity. One home run is much better than two doubles.

While it's important to attract the right talent, you don't need to gather a huge number of applicants. Assessing many candidates can cost more than focusing on a few well-qualified ones. For example, when sponsoring job ads, try shortening the duration from 2 weeks to 1 week or less. This helps give proper attention to all candidates and saving recruitment costs. Also, ensure that job descriptions are detailed and specific to attract only suitable candidates.

Automate the recruitment process

"Time is more valuable than money. You can get more money, but you cannot get more time."

Companies that take three weeks or more to hire spend an average of $3,000-$4,000 per hire, while those with a time to hire under three weeks experience a 50% decrease in costs.

By automating repetitive tasks in the hiring process, you can reduce labor hours, leading to cost savings and enhanced efficiency in your recruiting operations.

Recruitment software can streamline standard hiring tasks like candidate sourcing, CV screening, interview scheduling, and candidate management with minimal or no extra cost. This not only reduce recruitment costs expenses but also gives you greater control over the hiring process.

An AI-powered application tracking software not only saves your time but also much of the necessity to involve external agencies for these tasks. By selecting the right Recruitment automation tool like Getgeek it becomes possible to completely automate the hiring process and securely digitize job requisition workflows.

Adopt Remote Interview

The COVID-19 pandemic gave rise to the popularity of the remote work trend, with adoption rates rising by about 10 percent between 2020 and 2021 and then by 4% in 2022.

Most firms now prefer video interviews over face-to-face interviews when hiring candidates since it saves the time to hire, minimizes the danger of unconscious hiring biases, simplifies scheduling, and ultimately lowers hiring costs.

Virtual interviews are 2.7 times more likely to increase a company's cost per hire than traditional interviews. Furthermore, leading organizations are 61% more likely to use video interviewing techniques than their counterparts.

By Implementing AI-powered virtual interviews you can easily screen candidates through video rather than a phone this will have hours dedicated to initial screening and eliminates the logistical costs associated with face-to-face interviews. Conducting virtual interviews helps you make data-driven decisions on the first go to streamline your candidate journey process.

Utilize Social Media to Attract Candidates

Utilizing social media is one of the best tools for finding talented IT professionals. You no longer need to pay a third-party company to access their network because you have access to the entire one at your fingertips.

For recruiters, social media platforms—particularly LinkedIn—are invaluable resources. These platforms are free to use, and they allow you to effortlessly interact with professionals and applicants, expand your network, and reach a larger audience.

Social recruitment is one of the cost effective hiring strategies. Many companies have begun to use it in their recruitment strategies. Create a strong corporate page, post job openings, and reach out to people with the needed abilities. It merely takes a tiny amount of time and yields large benefits.

Using an AI-powered talent acquisition platform such as Getgeek allows you to seamlessly link social media to your tools for automating initial job posting tasks. This not only saves on recruitment advertisement costs but also significantly reduces expenses.

Maintain a Talent Pool

You must have a strong talent pipeline of skilled and varied people for the future; this will not only save you money on recruitment but will also give you a safety net on which to fall back when necessary.

These candidates are a perfect fit for your organization and can be easily considerable when the hiring needs arise.

For example, a possible candidate who, while not a great fit for the currently listed job vacancy, strongly resonates with your organization's culture and indicates an interest. Then, a few months later, when a new job opening matches their skill set, you quickly hire them.

Reconnecting with candidates who were previously unsuccessful can help reduce your overall cost per hire and streamline your recruitment process.

Get a Talent Acquisitions Tool

An all-in-one talent acquisition platform helps hiring managers better manage the process of recruiting and hiring talent. For companies with ongoing recruitment needs, an AI-powered talent acquisition platform can save time and money by automating tasks from job posting to identifying qualified candidates and seamlessly onboarding them.

Getgeek, an AI-powered talent acquisition platform, can streamline your recruitment process, enabling you to hire top talent in less than 24 hours. This results in a significant reduction of costs and effort by an impressive 47%.