5 things recruitment agencies can do to reduce your cost-per-hire and improve ROI
Discover five ways recruiters can reduce your cost per hire.
Whether you are a large organisation with many roles to fill or a smaller business that is in the process of scaling up, recruiting the best talent with the skills and experience you need can be a time-consuming and costly process – even if everything runs smoothly!
Using a recruitment agency can dramatically reduce your cost-per-hire and improve your return on investment for several reasons, including:
1. They do the hard work
Recruiters take on the regular tasks that take up the most time when hiring, such as screening CVs, scheduling interviews, and negotiating terms. They listen to your brief and can ensure you are targeting the right calibre of professionals, and they spend time building relationships with candidates. Strong candidate relationships can save you time when it comes to issuing an offer and onboarding.
2. They have access to cutting-edge recruitment tech and automation
Recruiters have access to Applicant Tracking Systems (ATS), automation and scheduling software and other technology that can make the hiring process more efficient and provide a streamlined candidate experience.
3. They can accurately track KPIs and use data to drive results
Knowing what KPIs to track to improve your recruitment process, improve candidate experience, and increase conversion rates can be confusing. Recruiters can use data to optimize your hiring strategy.
4. They have access to a wide pool of talent
Recruiters have access to a wide pool of potential interested and passive candidates that they have spent time building relationships with. This means they can draw up shortlists of qualified candidates quickly and easily in addition to those that may come through job adverts.
5. They can find you hidden gems
45% of creative marketing leaders choose their own personal networks as their favourite way to source candidates, particularly at the senior level. However, that can put a lot of pressure on leaders to source candidates for interviews. Recruiters can spend time headhunting, refining their search to fit your brief and selling the role and your business to hidden gems who may not have considered leaving their current role.
Besides being able to reduce your cost-per-hire, using a recruiter has other benefits that can dramatically improve your ROI which is particularly important when you are hiring in a candidate led market., such as:
1. Reducing turnover rates
Hiring the wrong candidate can have a huge impact on your company culture and employer brand and has a knock-on effect on your bottom line. Recruiters can ensure that the candidates put forward are the right fit for your business, including cultural fit, and help filter out unsuitable talent early in the process.
2. Access to industry expertise
Recruiters are specialists in their sector and can offer market-related insights as well as guidance on salary expectations and current hiring complexities. Recruiters will also have expert knowledge on where to find the best talent and what skills and expertise are most in-demand as well as what candidates are looking for from employers.
3. Providing salary benchmarking
Recruiters know your industry and its their business to know what your competitors are offering candidates. Having expert knowledge of salary benchmarks can help you be more competitive in the hiring process without damaging your budget.
4. Creating a positive candidate experience
By streamlining your recruitment process through automating admin tasks and scheduling follow ups, recruiters can help you provide a positive candidate experience which in turn, boosts your employer brand and makes you stand out from other companies. In a candidate driven market a positive experience can mean the difference between a candidate accepting your offer over others. Skilled applicants who have been unsuccessful will be more likely to consider other roles with you and even refer you to candidates with the skills you need.
5. Assisting with onboarding
Strong onboarding has been proven to be the best way to improve employee retention for new hires by up to 82%. Recruiters can be integrated into the onboarding process as they can share company goals, values, and mission statements right from the start of the hiring process. This means your new hires are more engaged and excited about their new role.
What other strategies can you utilise to help you find creative talent quickly? Here are some simple, cost-effective methods you can use to widen your talent pool:
Use social media
Networking on social media channels, such as LinkedIn, is a great, low-cost way to advertise your brand and access passive candidates. Passive candidates may not be actively looking on job boards, but a convincing social media strategy could pique their interest.
Leverage employee referrals
You have an existing network at your fingertips! Use your current employees and ask them to refer candidates they think would be a good fit. This skips out a lengthy search process and takes you straight to the interview stage, reducing your time-to-hire.
Develop an optimised and accessible career portal
Your company careers page or web portal should be accessible, mobile-friendly and representative of your company brand. Having an optimised career portal encourages candidates to apply to you directly, reducing the need for expensive external jobs boards.
If you are looking for advice on how to create a recruitment strategy that attracts the best creative or marketing talent available, DMCG can help. If you are looking to appeal to top-quality professionals and would like a bespoke recruitment service, our expert consultants would be happy to discuss you needs. Get in touch below to find out more.
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