Almost anyone in charge of the recruitment budget process for a company agrees that their job would be a lot easier if they could get a little more funding. But the fact of the matter is that recruiting dollars are likely to decrease in the next year. According to Gartner, about 30% of companies plan to reduce their recruitment spending over the coming year, which means that these budgets will likely be tighter than ever.
However, there is no reason to panic. There are several ways you can still successfully pursue recruiting on a budget, ensuring that you find candidates with the best Job Fit — the person best suited to the job.
Here are some core concepts you can apply to your recruiting process to save money while placing the best prospects.
Focus on Candidate Quality, Not Quantity
For many jobs, finding a large number of candidates is not a problem. According to Glassdoor, each online job posting returns an average of 250 applications, which means that you should have plenty of people from which to choose. The problem is deciding which of these candidates will be worth your time.
Going through a high number of candidates takes time and effort. However, you can significantly speed up the process with skills testing.
At eSkill, you can easily add pre-employment tests to your application process, allowing you to see which candidates have the necessary skills to succeed in a particular role. That way, you can quickly eliminate unqualified candidates before you spend time reviewing their applications.
Focusing on quality candidates helps reduce wasted time and expense, ensuring your valuable resources are spent on the candidates who have a strong chance of securing a position.
Take Advantage of Technology
Leveraging all of the tools at your disposal often starts with technology. More companies are transitioning to a fully digital HR process. While the startup costs may seem daunting, these tools will ultimately save you time and money.
When combined with applicant tracking system (ATS) software, tools like eSkill’s Talent Assessment PlatformTM provide you with a comprehensive tool for getting to know your candidates. Choose from a library of more than 800 pre-made skills tests or create your customized tests, allowing you to target specific hard and soft skills like Adobe Illustrator and Reasoning Ability in the same test.
eSkill’s intuitive and user-friendly dashboard provides you with all the information you need from each candidate. Each test result is automatically uploaded to your dashboard, letting you see at a glance which applicants performed well and which ones left a lot to be desired. With multiple methods to visualize data, you have ultimate control over how you present the results of the skills tests you use.
Streamline the Interview Process
One of the most time-consuming parts of recruiting and placement is the interview process. But advances in technology mean that it is easier than ever to interview candidates using video tools. And with candidates becoming ever more tech-savvy, many applicants now expect their interviews to take place over video.
You can also streamline interviews using eSkill’s platform. Choose interview questions from our library of validated material or create your interview questions, and then have the candidate record their responses. You can set criteria for how each interview question should be scored, including point values. These responses can then be scored by the HR team, who will have ample space allotted for comments.
Video and audio responses to interview questions provide insight into candidates who may otherwise be difficult to find. You can learn more about their personality and verbal communication skills well before an in-person interview, which could save you a lot of time and money.
Use All of Your Resources, Including Employee Referrals
For teams that find themselves recruiting on a budget, it is vital that they do not overlook one of their best resources: current employees. While HR teams spend time and effort building a network of professional relationships to cultivate new leads and prospects, all too often, they overlook the vast web of networks that are sitting right down the hallway.
Current employees have the benefit of familiarity. They understand the ins and outs of the company and what the expectations will be for a new hire. They can tap into their network of friends and associates who might be well-suited to joining the company.
In this sense, each employee is a node that has the potential to connect you to a vast network. Leveraging this asset can help you find the right person, even when your recruiting budget is tight.
Interested in Using Skills Testing to Maximize Your Recruiting Budget?
Learn more about how you can simplify your recruitment budget process with eSkill’s Talent Assessment PlatformTM. Request a demo today.