How to Lower Your Cost Per Hire in 2017

January 3, 2017

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As a recruiter, finding the best talent for the job is only a portion of your concerns. You also have to find a candidate who fits the organizational culture and at a low cost.

According to SHRM, a company with 1,000 employees spends $4,129 per hire. Talent is expensive and as the time-to-hire increases, it doesn’t seem to be getting any better. However, using a variety of sourcing techniques and getting creative could actually work in your favor.

What’s the answer recruiters are looking for? One simple tactic is building a talent community. Talent communities can be a number of things, depending on the company, including a segmented audience of targeted talent that can meet the current and future hiring needs and maps to an organization’s workforce plan. These communities help companies find individuals who are already interested in working for you, developing a pipeline of candidates who understand your employer brand and culture. According to UndercoverRecruiter, 35% of employees are quietly looking for a new job within weeks of joining a new company. Talent communities are a way to start communication with those talented individuals still looking for the right fit.

Read More: TOS Overview | How to Use it, Ways to Build it Into Your Company

Depending on the time and effort you place within them, talent communities can be useful when hiring for a difficult position or in urgent need of a talented applicant. How exactly do you properly implement something like that? Let’s take a look:

1. Make it Easy

Make it as easy as possible for the candidate to initiate and join your community. 42% of candidates said a bad application experience would cause them to never seek employment at the company again. A bad application process? Think long and strenuous. No one wants to sit at their computer filling out hours long applications. Admission into the community should take no more than a minute or so. Make sure the link to join is easily found in emails, newsletters, careers page, social media, etc.

CC-Click-ToTweetBird-01.pngSee what 42% of candidates are saying about a bad application process: 

For added development, reach out to the candidate connections you already have either through previous applications, referrals or networking. Don’t be afraid to invite current employees, too. This encourages them to provide referrals to the talent community (at the very least) which will help grow the talent pool even more.

2. Make Your Presence Known

Once you have members, make sure you are keeping up communication with them as well. This can include things like email, or even text communication to keep them up to date. Try to appeal to passive and active job seekers by sharing openings as well as employer branding and internal event-related updates.

CC-Click-ToTweetBird-01.pngWays to appeal to both passive AND active job seekers:

Keep your pipeline fresh by continuing to actively recruit new members. Although it is hopeful that everyone may at some point become an employee, that is not always the case. Whether through rejection or other means, it’s important to keep the talent in constant flow. Recruiting new members will ensure this, as well as provide a growing number of possible hires.

3. Manage Your Community

It is important to invest in technology or software that helps you stay organized. Systems like Talent OS or ATS are perfect for keeping track of who signs up, who applies and their journey every step of the way. These solutions also allow you to manage communication with members of the community. Talk about the power of automation!

Read More: Applicant Tracking Systems: A data-driven guide to making the right choice

Creating a community where candidates can connect with your organization is a great place to start building your talent pipeline.

The next step is creating a candidate experience that keeps your talent engaged right into employment. ClearCompany can help you manage your talent community today while providing the latest in Talent Management Software.

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Laura Kukulan
Laura Kukulan
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