Top 5 tips for reducing your hiring costs
Talent Acquisition is one of the most important factors for business growth, development and success. Attracting and hiring the best talent however comes at a cost. According to Glassdoor, an average employer in the UK spends about £3,000 and 27.5 days on hiring a new employee. The Society of Human Resource Management (SHRM) reported that in the US it’s a cost of over $4,000 and over 42 days.
Despite an overall shortage of talent, management is still under pressure to reduce the cost per hire while still delivering quality acquisitions. The question then arises as to how best reduce the cost per hire while maintaining quality?
See our 5 top tips for reducing the hiring costs for your organisation in the short video below!
Each of the above steps is an effective tool to reduce the cost per hire while maintaining the quality of hire. Having a good understanding of your company’s CPH (cost per hire) will allow you to make key decisions such as whether or not you should create and incentivise a referral programme, upskill your current workforce, invest more in social media or if you should consider outsourcing to a Talent solutions company. For a TA or HR manager, this knowledge is beneficial to helping create a successful hiring programme.
If you’d like to discuss the possibility of outsourcing some or all of your recruitment process, please get in touch with us here and one of our experts will contact you directly to schedule an informal chat.