Hiring new employees can be a time-consuming and expensive process for any business, but there are several great ways to offset the cost of recruitment. Dealing with employee turnover presents many hidden costs to businesses, including a loss of productivity and necessary investments in recruiting services. However, by implementing these low-cost strategies, your business can cut the cost of recruitment and coast through this transitional period with ease.
Network with Company Alumni
One of your greatest recruitment resources is your pool of former employees. Before spending on expensive recruiting services and other hiring expenses, try networking with company alumni. You may find a former employee who’s ready to come back to the company, or you might find ex-workers who can recommend ambitious new faces for your company. One of the biggest benefits of this strategy is the option of hiring through someone you know and trust, and the low cost of recruiting through alumni is a great added bonus.
Solicit Employee Referrals
Current employees often have their own referrals to offer you in your hiring process. New hires, in fact, are some of the best sources of recruiting information. They are most often coming from other companies in the industry, and they typically know qualified people who are ready to make the jump into a new environment. Make sure to communicate with your current employees about the recruiting process and ask for quality referrals. Your employees will not let you down if you ask for their input, and their recruiting information comes free of charge.
Follow Up on Internships
If your company offers internship opportunities to students and young professionals, you have another great low-cost recruitment option at your disposal. Follow up on internships to turn your current or former interns into full time employees. An intern already has some idea of how your company works, and will likely be excited about the opportunity to secure employment after learning so much from you and your team. Stay in touch with your interns after their terms expire, because they might be your next ideal hires.
Attend Local Job Fairs
Ambitious professionals and job seekers of all kinds flock to job fairs in search of new opportunities. You can offset your recruitment cost by going to the places where recruits are already gathered. Setting up a company booth is one great way to gain company exposure and solicit applications. However, if your company doesn’t have the time or funding to furnish its own booth, simply attending job fairs and networking with job seekers and other businesses is a great way to find new recruits.
Make Use of Online Resources
More job seekers today find work through online job postings than ever before. Take advantage of online job boards and social media networks to make the most of your recruitment strategies without spending on unnecessary services. You can post to several popular networks without paying a cent, and you can be sure that your inbox will be filled with replies from qualified applicants in the coming days.