With new IT jobs being created every day and hiring demands constantly increasing, today’s recruiters need tools that help them beat the competition for talent. But whether you want to reduce tech hiring costs or have a limited recruiting budget, you need effective and affordable tools.
When it comes to reducing the cost per hire, the challenge is figuring out how to save money without sacrificing candidate quality. Here are some tools that can help you achieve just that.
How to reduce tech hiring costs?
1. Create a clear and attractive job description
For some candidates, the job ad they find on your website, on a specialized platform, or on social media will be one of the first experiences, and therefore one of the most important experiences they will have with your company.
When you are competing in a market where candidates have the upper hand, your ad not only needs to be well-written and error-free, it needs to be attractive, optimized for search, and clearly outline the key requirements and responsibilities of the job.
Make sure those requirements are genuine: don’t say “requires a degree in X” if that’s not true, or you may miss out on some great candidates who are self-taught, or who have taken courses that are not degrees.
Likewise, if the position can be part-time, flexible hours, or remote work, make that clear, as you will broaden the pool of candidates who will want to apply.
These small adjustments cost nothing, but can really transform your ability to find the right person for the available position.
LinkedIn vs. GeekHunter: which is better for hiring developers
2. Build a talent network as soon as possible
Building a solid network of relationships with qualified and diverse talent helps recruiters select the best candidates for any new vacancy fairly quickly.
Recruiters should keep candidates engaged with your company by updating them on new opportunities and ensure that the database is updated regularly.
Some of them may not be suitable for a specific role at that time; however, they may be considered for future positions.
Pre-qualified candidates can make the whole process much easier, faster, and more cost-effective than hunting for talent from scratch.
Recruiters can save on job posting and interview costs without compromising the quality of the final hire.
3. Look for more internal references
Studies show that references passed on by internal employees are among the most qualified candidates you can find, as well as being hired quickly and more easily retained.
By having a referral program, you can empower your own employees to become brand ambassadors and recruit great candidates for your business. They can share their jobs on social media for you, saving you a lot in terms of advertising costs.
Recruiting can be an expensive activity for businesses, and by using cost-cutting ideas like those listed above, you will not only save your organization money but increase efficiency and value in your recruiting function. If you’re looking for ways to boost your referral program, read our article to understand the competitive advantages of employer branding in the talent search.
4. Use technology to your advantage
If you do not use the right recruitment technology, your ability to reduce the cost per hire in IT is already limited.
The recruiting technology you use should help you quickly identify suitable candidates to save time during the time-consuming selection phase.
Ideally, this technology should give you a broad view of the candidate’s professional experience and career history, including his or her qualifications and experience.
Your ability to make a cost-effective hire will be hampered from the start if you don’t have the right tools, whether it is background checking software or profiling software, these innovative technologies are here to help, not hinder.
Once implemented, employers should make sure that all their technology is working toward a common goal: to make hiring as simple, fast, and stress-free as possible (rather than being a hindrance).
The time and money invested in the right technology will pay off quickly when you see a reduction in the hiring costs and the time per IT hire, especially when processes that used to take weeks, such as screening candidates, become just a few days.
A recruitment agency specialized in the technology industry is a good option to do this screening for you, as it already has a large database of qualified candidates that can be accessed easily, as is the case with GeekHunter.
A recruitment agency will certainly work best to fill your some challenging roles and niche skills.
In theory, by reducing the time to hire, you reduce the cost per hire.
For more agile hiring, your recruiting team can use technologies such as video interviewing, consolidate the first phase of interviews and assessment remotely, and have managers assist in the hiring process as early as possible to avoid wasting time on candidates that only they will know how to assess on some crucial points.
By reducing the hiring time in IT, you also create a much better experience for the candidate (who is often sought after by many companies and can participate in many processes), which will leave a very positive impression on your potential new talents.
5. Decrease the need to make new hires by reducing employee turnover
The final way to cut hiring costs seems simple at first glance, but it can end up being a complex project.
Improving the way you support and engage with your current employees should help reduce turnover in IT, to reduce the need to hire replacement employees who leave in search of more attractive opportunities.
Honing your recruiting processes will also help improve the quality level of your hiring, which should lead to increased staff retention rates and a drop in turnover.
That’s it! Any more tips on how to reduce tech hiring costs?
We hope the above tips help you streamline your tech talent recruitment process, so let us know what your questions and queries are and we’ll be happy to help you solve them.
Also, if you’re looking to scale your hirings in tech and vastly reduce the time to hire, take a look at GeekHunter: we’re a talent marketplace where companies meet top vetted candidates and scale their remote technology teams. Click here or on the banner below to find out more!