March 21, 2022
5 ways to keep your Talent Acquisition on Budget
In the wake of the covid crisis, money is tight for everyone. Budgets have shrunk and positions and companies that were previously solid have felt the squeeze more than ever. But the world keeps turning and business needs to be done. As the business cogs brush the dust off themselves and things begin to move again, we start needing to source new talent.
But how do we balance the need to save each penny with the need for talented individuals? This is where Talent acquisition agencies come into play. In the next article of Talent2Win, we mention 5 ways that will help you keep your talent acquisition budget in place.
1. Stick to the budget
If money is tight then sticking to the budget is an absolute necessity while hiring. Unfortunately, by its nature, hiring talented individuals is a lengthy and costly process. With the average cost per hire being over $4000, it is more important than ever to focus on the process and get it right.
It can be easy to forget some of the costs involved in hiring so remember to consider the following:
- Cost of the onboarding process
- Jobseeker websites & other advertisements costs
- Recruitment software
- Recruitment events
- Background checks
- Training costs
If you are concerned about going over budget, as can happen easily, then consider employing the services of a talent acquisition agency. A talent acquisition agency can be beneficial as there is a set fee and the agency should already have access to all the potentially costly technologies that will help you to find the perfect hire.
2. Work on your social media presence
If you successfully market your company culture on your social media, you are showing potential candidates how great is to work with you. More and more, people are looking past just financial benefits when looking for a new workplace and instead want to work somewhere where they feel appreciated and enjoy coming into work.
If you successfully market yourself on social media, then talent will come to you. Just make sure that you have chosen a social site that is appropriate to your larger company brand. For example, an investment company has no business on tiktok and would be much better suited to LinkedIn.
3. Work on your organizational culture and employer branding
Your organizational culture and your employer branding are a vital part of the talent acquisition process and a great way for you to not only stick to your talent acquisition budget but to also foster a healthy and active talent pipeline.
It ensures that people that apply for the position already know that they would fit in with the company culture, which will, in turn, lower the staff turnover rate. When done correctly, it can also mean that you have a queue out the door of talented individuals who want to work for you.
4. Use your existing staff with a referral scheme
There are a couple of easy methods to ensure that your staff are on your side. The staff that are already advocating for your business and that believe in your company are more likely to bring in their friends or previous colleagues for an open position. By offering a referral bonus to employees, you are saving yourself time and money, and getting easy access to a great talent pipeline.
Another way to utilize your staff is by treating them well! If you treat your staff well then, they will advocate for your business, even after they leave. They may leave reviews for your business on job seeker websites such as Glassdoor, or they may just give a good reference for a future candidate who is asking about the experience of working for you. Consider it as an investment in your future talent acquisition budget!
5. Use the right technology
As we mentioned in the first point, with a cost per hire hitting on average over $4000, it is important for you to get it right the first time. If you hire someone who is an improper fit, or someone who needs a significant amount of training just to leave the position after a year for a different job, it is a poor investment.
The best way to avoid this type of thing happening is to ensure that you are using the appropriate technologies for your talent search, or that you are employing an external company that has access to talent acquisition technology.
It can be harmful to your talent acquisition budget to buy into expensive technology subscription fees, so unless your hiring needs are continuous and extensive then it is likely a better investment to use a talent acquisition company. At Talent2Win, we use technology such as artificial intelligence to define useful benchmarks for prospective candidates and find the best candidates quickly, which in turn cuts down the amount of time needed to fill a position.
Furthermore, we have a completely transparent process that allows our clients to leave comments about every step of the process and leave their comments on the current candidates.
At Talent2Win, we strive to align your company’s business objectives with the best Talent Acquisition strategies available. If you want to learn more about the services we offer, do not hesitate to contact us.