Money may not buy happiness, but it can help you find the right candidate for your open position, and that is the next best thing! However, if you aren’t aware of common missteps in the recruitment process, your recruitment budget can shrink faster than you can collect resumes.
Many companies struggle to stay within their set recruitment budget and have no idea where the money goes.
Here are several tips to protect your budget and find the right talent:
Understand Job Boards are Not Created Equal
With today’s technology, it’s easy to get overwhelmed with the countless existing job boards and social media platforms. When you invest in a job ad, you want it to work; your target candidate pool needs to see it, so the right platform must be selected. When deciding which mediums to use, evaluate:
- Your Target Audience– Some job boards target specific industries or skillsets. Imagine paying for a general laborer job ad on a website specific for IT professionals. Your candidate pool will never see it, and you’ve wasted money on an irrelevant tool. Find job boards that provide the most bang for your buck and will reach the candidates you need.
- Platform Reviews– Like any other product review, this information helps you determine which platform is right for your job. Consider these questions as you read or listen to others’ reviews: Have they hired a candidate from that source? How many? What do they like most about the platform? What do they dislike? These questions will provide you with necessary insight to make the right decision for your company.
Analyze Source Success
You can learn a lot from past performance. Review what sources have and haven’t previously worked well for your company. For example, review the number of applicants received from each source. Additionally, and more importantly, review the quality of candidates and the last time you hired a candidate from that source. For example, you may find 1 out of 4 employee referrals (25%) results in a quality hire. You may also find 1 out of 25 candidates from a major job board (4%) results in a quality hire.
When you conduct this analysis, be prepared to let go of sources that worked well at one point but can’t compete with your most successful mediums now. Newspaper ads and radio used to be the best source for candidates in the industrial and construction industries. However, with technology advancements and “ad-free” radio subscriptions, these methods aren’t as effective. When you analyze the quantity and quality of candidates from your sources, you might find it’s time to eliminate old practices.
Listen & Learn
A job description only provides basic details so engage current employees and managers in the recruitment process. Leverage their expertise to better understand what skillset and experience level are most beneficial for the open position. They also can provide insight on role-specific interview questions that can uncover the best information to make an informed hiring decision.
The recruitment process can be tedious and costly.
However, when you identify how to leverage your recruiting budget effectively, you will find the right candidate and save time and resources. Wanting to stretch your dollar even further? Contact Enova today to learn how we can streamline and enhance your recruitment and hiring process to find quality talent on a budget.