Several businesses are under pressure to make radical changes to their operations this year, due to the negative impact of the COVID-19 pandemic. This has impacted these businesses in many ways that is set to become a new and permanent mode of conducting business in subsequent years. More so, this will also impact talent acquisition and recruitment budgets.
In August 2020, there were 488,000 job vacancies in the UK alone, while in the USA, 17.75 million people were unemployed in June 2020. The alarming rates make it a dire situation for HR Professionals looking to recruit new talent.
So, how can firms best manage this situation in a cost effective manner? Read on to discover how.
- Advertise in the right place
Before the pandemic hit the world, which platforms did you employ to advertise job vacancies? Which channels helped attract qualified applicants? Advertising through appropriate channels is a great way to cut back on costs without compromising the quality of the talent pool.
One significant method companies continue to use in this COVID season is Programmatic job advertising, a system which employs the use of pay per click pricing models.
Handled by a Software, it helps companies buy, place, and optimize job ads. It is a sure way to attract the right skills, especially when many people are back on the job market seeking to be re-employed. You should also be ready to receive thousands (if not millions) of job applications for you to sift through.
- Adopt internal mobility to fill in a skill gap
Admittedly, hiring from within is a cheaper and much easier way to recruit talent for any business. Besides cutting down on your recruitment cost, it helps enterprises retain skill sets and build on employee loyalty.
By offering internal job opportunities, you can reduce the number of employees that might leave during economic uncertainty- like now with the on-going pandemic. It also helps the Human Resource department assess its internal skill set. Most importantly, a business must create room for staff to evolve as operations do the same.
To prove this point, a LinkedIn Survey revealed that 94% of employees tend to remain with an organization interested in investing in staff growth.
- Embolden employees to provide referrals
Your employees providing referrals is an effective method to find qualified candidates. This strategy is very familiar in the Cosmetics industry, and it’s a way to find a set of people who fit into its culture. This also cuts down the cost of job advertisements.
The right recruitment steps must be taken so that suitable candidates are selected.
Companies are therefore encouraged to enhance employee referral schemes, especially in this pandemic. You can add perks such as gift cards or cash bonuses to encourage employees to do so.
- Remote interviewing
Indeed, this has grown in popularity since it is the only better replacement for face-to-face interviews; it simplifies interviewing scheduling, eliminates unintentional biases, and reduces hiring costs.
Companies today are engaging in virtual job fairs to attract and select desired candidates.
While most businesses have halted their recruitment processes, others identify and use opportunities the global pandemic presents. With these cost-effective recruitment tips, you can now do the same for your organisation.
© New To HR