Talent Acquisition Cost Management and Solutions
Success is tied directly to the people you hire. Not surprising, the competition for talent is fierce among respected employers. Hiring managers are faced with the cost, time, and execution to recruit top talent. To compete, organizations must have a solid talent acquisition strategy that manages human capital in a cost-effective way. Talent acquisition costs can be reduced with the right administrative tools to streamline the recruitment process. For optimal efficiency, consider solutions that can connect to HR and assist with employee engagement, integrate payroll, and provide data for performance reviews.
When it comes to talent management, of course, you want to attract the best. Often top performers find motivation and support from other like-minded employees. Comparatively, when you adopt the right tools to attract top talent, every interaction becomes an opportunity to strengthen your business core. HR employee engagement starts with a successful talent management process.
But in reality, talent acquisition often falls to the HR team who is already tasked with compliance and other operational responsibilities. Because the HR workload is more than just hiring, the pressure to implement new ideas can be a challenge in itself.
To reduce talent acquisition costs effectively and maintain efficiency, consider these options:
Ask for referrals from current staff.
In a benchmark survey, over 95 percent of larger companies said referrals were the number one source for new hires. For this reason, consider every employee a recruiter and offer rewards to staffers who suggest candidates. Employees will refer people they know who would fit in with the workplace culture and become a valued addition.
Brand your company as a great place to work.
If your employees feel supported and engaged at work, encourage them to share their experience on social media channels. Transparency and authenticity will provide insight into your operation, vision, and values.
In today’s recruitment process, candidates expect access to a self-service portal to view open positions and apply online, upload a resume, and interact electronically. Equally important, this online portal can be utilized throughout the process and provide powerful information for HR strategic planning.
Develop pre-interview questions.
Develop a list of questions for candidates to answer during the recruitment phase to clarify and confirm if the candidate is a good fit for the position. At the same time, this process is equally beneficial to the candidate who can quickly determine if they are qualified for the job. It saves both employer and candidate time and money and can quickly pre-qualify or disqualify a job applicant.
Foster relationships with colleges and high schools.
Work with local institutions of learning to co-create a curriculum related to your industry. Recruit students who have successfully completed the program and emerge into the workforce as qualified candidates. Hence, such candidates can be on-boarded quickly and become productive immediately.
Communication is essential in talent acquisition. Online portals give recruiters the chance to create status updates on available positions, set up interviews, and provide confirmation replies when information is received from a candidate. As a result, both interviewer and candidate are kept in the loop without the need to manually reply or respond by phone.
When you adopt an enterprise solution, talent acquisition costs can be reduced while automated processes take place without the need for manual intervention. As the cost and quality of your new hire process improve, the caliber of the candidate is refined as well. Get the most from your recruitment resources and build a reliable staff based on solid experience, worthwhile engagement, and proven results. Acendre can show you how—request a demo today.
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