By Denise Gredler, President, BestCompaniesAZ
Rising recruitment costs and the need to watch the budget in all areas of business operations, leave human resource professionals wondering how to go aboutrecruiting top talent without breaking the bank. One of the best ways to save recruitment advertising dollars is to keep the staff you currently employ, but that is the simple answer to a complex question.
There are three inexpensive ways to start the recruitment process:
1.Get added to the “Best Company” list and immediately increase your media exposure
2.Spread the word that ‘this’ is the best place to work through marketing materials and social media campaigns.
3.Highlight the Most Admired Company status everywhere – email signature blocks, website, and social media to name a few.
Hiring new employees is costlier than retaining the current employee base. It’s more than base pay. If unable to retain current talent, consider the costs of a new employee such as taxes, benefits and worker’s compensation. Plus there are soft costs to consider such as training, new equipment and resources. A new employee can cost a company an additional 30% from the day they set foot inside the door.
Understanding the relationship between retaining employees and the bottom line is simple. Less costs to recruit, hire and train new employees means more money for the bottom line.
Tips to Retain Employees:
- Are current employees satisfied? How can you find this out? Ask! Money is not the only motivating factor. Consider no or low cost programs that are proven to increase employee engagement and satisfaction such as an employee recognition program, ability to telecommute or flex-time schedules, casual dress days to name a few.
- Promote from within the company. Communicate open positions within the company. Encourage suitable employees to apply for these positions. Create a talent database where employees and managers can see who might be suitable for backfill or new positions.
- Be Innovative. Create interdepartmental work groups who can share ideas and create new products or services. Use the talent you have and recognize innovators for the contributions.
- Implement a Referral Program. Internal recruitment is the most cost-effective method of recruitment. Current employees recommend friends for suitable positions. The company then offers movie passes or a floating holiday or other incentive for helping recruit new employees.
- Use Social Media rather than traditional advertising. Social media is low or no cost and paperless recruiting. LinkedIn is a great resource for recruiters and will eliminate becoming inundated with piles of resumes.
As before any project, research the true need for additional help before beginning a recruitment campaign. You may have the talent in the organization already which means the cost of recruitment is zero.