With the economy shifting, a lot of companies are either cutting recruiting budgets, or generally expecting more for less.
Recruiters are under a lot of pressure to meet hiring needs on a tight budget, but that’s easier said than done.
If you’re in this difficult situation, here are a few ideas to consider:
Make the Most of Internal Hires
Every recruiter wants to hire someone who already has all the required skills and experience – but what about the people who have already excelled on your team in similar roles?
With internal hiring, you have the opportunity to hire a known quantity – some upskilling may be required, but you can hire someone who you know has the right work ethic, attitude, or collaborative mindset.
Be open-minded about what roles your current employees could thrive in with a bit of additional training.
Take Advantage of Employee Referrals
Regardless of the economy, employee referrals are one of the most economic and high-impact ways to hire. Hiring through employee referrals is statistically faster, more cost-effective, and results in team members who stay longer than traditional hiring.
To make sure you’re getting as many employee referrals as possible, make sure you’re offering an incentive bonus. Whether it’s cash, a vacation, or something else, make sure you’re offering something that will motivate people to reach out to their friends, family and colleagues. Last but not least, be sure to regularly promote your bonus to team members so they know about it and don’t forget it.
Maximize Your Odds of Hiring the Right Person for the Right Role
Every hire that quits shortly afterward eats up your recruiting budget. We can’t completely eliminate mishires – it’s unavoidable to a degree. But there are steps you can take to dramatically improve your odds of getting each hire right the first time.
To begin with, make sure you’re using structured interviews. In addition, we now have the ability to leverage data and science to make sure we’re hiring individuals that gel with our team, leadership, unique roles and culture.
If you’re not using these tools to maximize your odds of selecting the right candidates, what excuse do you have?