Five Strategies To Reduce Your Recruiting Costs

Economic concerns are causing many businesses to look at all operating costs and find ways to reduce expenses, including the cost of finding and hiring qualified candidates.  If using a recruiter doesn't fit in your budget right now, and expensive advertising is yielding so many resumes from unemployed candidates who are desperate for work that you can't manage the inflow, here are five strategies you can implement immediately to reduce your recruiting expenses and find qualified candidates.

1. Employee Referrals.  A well-designed employee referral program that rewards current staff for recommending qualified candidates will cost you a little out-of-pocket but potentially save you hundreds, if not thousands, of dollars in upfront costs.  Your employees will be motivated, not only by the incentive you offer, but by the opportunity to surround themselves at work with others who share the same values and motivations as them.  The size of the incentive is up to you, but whatever amount you decide to award for referrals, set up the program so that it is not paid until the referred candidate has successfully completed a period of employment, i.e., 30 days, 90 days.
2. Professional Associations.  Many businesses overlook associations as a potential recruitment resource.  You may be able to use your own membership or one of your employees' memberships in related associations to get a free or discounted advertising rate.  Networking at association events may also turn up candidates in your industry.  Using associations for recruiting purposes will help target your search, so that the candidates you get are specifically skilled in the industry or expertise you're seeking.  Targeting your recruitment will help manage the overwhelming response you get when advertising through the general job search sites as many candidates apply to every job they can find even if they're unqualified.
3. Former Employees.  Reconnect with employees who left your firm to move on to greener pastures.  Those pastures may not have been as green as they thought, and as long as they left on good terms and you would rehire them if available, you never know - they might just be interested in returning.
4. New Employees.  Once you bring new employees on board, ask them if they know of any coworkers from their former company that might be interesting in making a change.  Do it early, while those names and connections are still fresh.
5. Former Candidates.  Check back in with candidates you interviewed in the past and almost hired.  Whether you didn't hire them because they were your second choice, or because your company implemented a hiring freeze when you were about to make them an offer, they might be a good match now or a potential resource for referrals.