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5 lower-cost recruitment strategies

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Posted by Iris Data Driven Agency

8 months ago

The paradox in Vietnam, especially in small and medium-sized companies, is that leaders always require recruiting talented people with "pepper" costs. In this context, the human resources - hiring department is always struggling with how to find the right person for a tight budget. And here are 5 tips to help you use recruitment costs most effectively.

5 lower-cost recruitment strategies as recruitment solutions

In general, a company recruitment process can take a lot of time and resources for the HR department and businesses. Below are some suggested strategies that businesses can take a look at.

1. Focus on lowering your company recruitment time

Time is also the asset of your business. That's why a company recruitment process that lasts a long time could impact business activities. Therefore, in order to reduce cost pressure, it is recommended to divide the recruitment into phases, using temporary employees or staffing services to fill the vacancy until the best person for that position is recruited. 

Deploying the referral program to find the best suitable candidate through your internal employees is also a good solution in this case. But above all, your business needs to develop a suitable recruitment plan that fits business so they can face an unexpected demand for human resources in the future.

2. Utilize effectively your employer branding

If your company has a strong reputation, you just need to focus on the strongest channel where it can acquire largely available suitable candidates.

On the contrary, if your business employer branding strategy is not good enough, so choose to seek in multi-channel or diversify platforms with the consistent message and image of the recruitment advertisement must be the best ideas to help candidates know about your business.

3. Determine clearly about your business employment needs

Knowing exactly what position suits your business current situation helps businesses get out of any expense. For example, a small company is looking for someone who can take the marketing executive position, instead of just recruiting a Marketing Executive, the company decides to hire a Marketing Manager with the hope that they could manage a large workload in the future. So, what is the problem here?

A job position that is higher than the actual requirement will lead to an increase in recruitment costs (including the salary you will pay for this position), otherwise, the number of potential candidates that meet the job requirements may be higher and the company recruitment process will take in a long time. Therefore, consider carefully and discuss with the HR director or consultants to make sure you are not wasting the recruitment budget.

4. Combining recruitment and training programs

The boss requires you to build an experienced team during the next 6 months. And to get the candidate's profiles that adapt to your needs could take a large advertising cost that your company budget is difficult to meet.

So, instead of hiring experienced people, why not recruit inexperienced people. This will take a lower job advertisement cost but still get more resumes. You will be more comfortable selecting candidates and putting the rest of your budget to train the most potential people. Lesson learned: If it is too difficult or expensive to find talented candidates for a position, think about hiring a position lower and investing in the training program.

5. Develop your company internal talent pool

The source of the most potential candidates is not far away but in the current employees of your company. If you have a detailed employee development plan, then hiring is for the new or the lowest level. The rest of the middle and senior positions in the company can be filled entirely by the advancement of current employees. Then, your recruitment costs will be significantly reduced.

To do this, on the budget, you should invest more in internal training, and set a promotion target for each department in accordance with the salary budget and company structure, to promote low-level employees who rise up to take on higher positions. 

Conclusion

Through some suggested lower-cost recruitment strategies above, we hope your company will find your own suitable and effective recruitment strategy. In case your business fulfills the important positions or finding talent candidates, so choosing the executive search solution will be the best idea. Navigos Search provides executive search services and RPO solutions for domestic businesses and foreign investors in Vietnam. Please feel free to get in touch with us by filling the form in the contact page or visit us on floor 20, e.town Central Tower, 11 Doan Van Bo, Ward 12, District 4, Ho Chi Minh