Low-Cost Ways to Recruit Top Talent in 2020

April 2, 2020

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In order for businesses to develop and evolve in a Web 2.0 world, recruitment processes must be flawless. From job postings and internal reviews, costs quickly add up when looking for new hires.

A widely accepted way to measure the cost per hire is by subtracting the external recruiting costs from the internal recruiting costs, then dividing this number by total new hires. This number will give you a good idea of how a business is doing in the hiring sector.

Given new technology and platforms to search for top-level recruits, any business can start cutting costs when it comes to hiring and allocating resources more efficiently.

Small businesses and entrepreneurs, in particular, should be adopting these methods. Not only are they efficient, these strategies tap into new talent pools — setting a business apart and keeping it in the green.

Check out this list of low-cost recruiting strategies. Owners know their businesses best, so molding each method relative to your needs is ideal.

By following these steps, any small business or entrepreneur can take their hiring to a new level. Remember, mirroring what large corporations are doing with their hiring, and scaling down relative to size, will save owners of all business sizes time and money.

Use resources available to you — whether people or technology. Referrals and your alumni network provide a unique recruitment opportunity. Previous employees will know a company’s culture and can make strategic candidate recommendations — taking expensive guesswork out of the hiring equation.

On the other hand, technology is also a powerful tool. Check out these Dell deals. Companies like Dell have created solutions specifically for small businesses trying to get recruitment efforts off the ground. With Capital One Shopping your company can save on technology and focus resources in other areas.

Sources: Yello | Built In | MIT | Recruiter Box | Harvard Business Review

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