In the current economic climate insecurities are running high. Most companies are under enormous pressure to cut costs as much as possible. Despite the fact that redundancies are a regular occurrence and budgets are being slashed there is still a need for companies to recruit employees to fill vacancies that arise in response to the fluid movement of people through their careers or lives.

Most businesses have had to take significant steps to review their costs and the area of recruitment has been one that has been reexamined thoroughly. In addition, small businesses have had even less funds to spend in the human resource department, so are looking for cheaper and more innovative ways to handle this function.

Today there are numerous methods of finding suitable applicants that are both efficient and cost effective…

Here we look at 5 ways for cutting your recruitment costs but still find the right person for the role.

1. The company website

The internet has revolutionised the number of people that can be targeted and thus a company website plays a fundamental part in advertising both the company and its services, but also recruit for positions available within the company.

A company website can be economical to set up but careful thought and consideration must be taken to avoid information overload, and ensure the site is easy to use and navigate. An interactive section that allows the current vacancies to be viewed and potential candidates to upload their applications is a low-cost method once the setup has been achieved. The next steps of the recruitment process, shortlisting and interviewing are equally important to make certain the precise needs of the business are met.

2. Online job boards

The use of online job boards has grown to become common and widespread over the last few years. It is a quick and easy method to advertise a vacancy online, and there are several well-known sites that can be used for a small and relatively cheap fee that will save company money. This is particularly useful for a small business as it overcomes the cost of setting up a company website, with the alternative of having a company page with the job board provider instead. Furthermore, there are specialist job board providers that can be utilised for industry specific job ads.

3. Recruitment agencies

Recruitment agencies can be employed for all or some of the human resource activities and functions. Outsourcing HR to recruitment agencies allows the company to free up valuable time and effort that can be used more effectively elsewhere within the business.

Moreover this can be the ideal option for a small business that may not have the right expertise or finances to employ staff within the company who is able to manage recruitment. Agencies can manage the whole process of targeting, and screening through to finding the right person for a job, hence less company time, input and money is required.

4. Social media sites

Social networks are a powerful tool as they communicate to the whole world, connecting people together. They are an excellent method of marketing, increasing brand awareness and reaching out to people. Consequently they provide a fantastic social platform for attracting qualified candidates for job postings. The 3 major websites that need to be taken advantage of are Linkedin, Facebook and Twitter.

LinkedIn’s Recruiting Solutions provides a more professional stance but the others must not be overlooked. It is best to use a range of websites to target the best talent out there.

A point to be noted is that although social media is a good medium for communication it may require considerable time to gain followers on social sites, and it requires regular attention-grabbing updates from the company to be posted.

5. Employee referral scheme

An employee referral scheme supports a company’s current employees to reach out to individuals they feel will be suitable for a vacancy. This can be a beneficial marketing tactic as current employees will have insider knowledge about the company and/or role, and thus more likely to put forward a well-matched person. Usually, if the applicant is successful in acquiring the post the employer pays the referring employee an attractive monetary fee. This can be substituted for a day’s holiday or other similar bonus. However, staff must be made aware of current vacancies so a newsletter or vacancy email with details of the reward must be publicised to them.

The above ideas point out that the recruitment process can be analysed accurately to determine the most efficient cost saving techniques that still gain the best people from the talent pool even during a recession.

Cutting costs does not mean cutting standards!