Make the Most of Your Recruitment Budget – Even When it’s Tight

Sometimes money is tight, but you’re still expected to attract top talent to the company. Obviously, a large budget helps in the recruitment process, but it isn’t everything.

You can still win with a limited recruitment budget with cost-effective recruitment methods such as networking and encouraging recommendations. In this article we show you how to make the most of your recruitment budget, even when there isn’t much of it.

Understanding Your Recruitment Budget: Costs to Consider

Your recruitment budget encompasses more than just the cost of posting job ads. It also includes indirect costs, like onboarding, HR time, and reduced productivity while a position sits empty. When you understand all the pieces, you can plan your recruiting activity – and costs – more efficiently.

Break Down Your Costs

Breaking down your recruitment costs as much as possible helps you clearly see what you need to put money behind. Include sourcing, screening, interviewing, and onboarding to identify where your recruitment budget is being allocated and any potential savings opportunities.

Cost Effective Recruitment Strategies

You can recruit on a budget without sacrificing quality hires. In fact, you probably have more tools at your disposal than you may realise. Here are a few cost effective strategies to help you make the most of a small recruitment budget:

• Employee referral programmes: Your existing employees are an untapped source for recruitment. Offering incentives for referring high-quality candidates is foten a win-win. You can ask employees to provide contacts or be the first port of call themselves. This route can also be extended to take in referrals from customers, partners and stakeholders.

• Internal hiring: Promoting from within can remove some of the costs associating with onboarding brand new hires as existing employees are already familiar with your company and processes. As well as promotions, you may also consider role sharing opportunities whereby you expand the role of an existing employee for a lower cost than creating a new role.

• Job boards: Many job boards, including Monster, offer free job listing services. Or you can take advantage of pay-for-performance models and only pay when candidates engage.
• Social media: Having a social media presence can help keep you visible to potential employees so that they have you in mind when they are thinking to move. Think about where your target markets will be online. You can also share your online job listings directly to your profiles.
• Networking: Try recruiting at networking events such as trade shows, award dinners, and seminars where your target audience is assembled. This approach has an exclusive feel and makes the targeted individual feel very special. You can even ask your own employees to turn recruiter at such events, just to make contact and put out feelers. Or consider hosting an online or in-person even of your own.
• Internships and apprenticeships: If you don’t have the budget to fill permanent, more senior roles, consider bringing in interns or getting involved in an apprenticeship programme. These can be great ways to cover temporary needs but may also lead to future hires when finances allow.
• University and community partnerships: Many Universities and community organisations look to partner with employers to help their students move into their first jobs. Consider attending career days or speaking to advisors in these groups to help you find young talent.

Utilising Newcomers Networks

A very forthright cost effective recruitment strategy is to ask people who haven’t even started working for your company to recommend new talent.

• The interviewee approach: Ask your favoured interviewees for the names of other talented people they know during the interview. There’s nothing wrong with pointing out that you need more people, especially graduates who know a whole readymade source of potential candidates.
• Re-trawling: Take a look at candidates who have applied at your company previously. If they rejected your company originally, there is no harm in finding out if they cannot be re-tempted by your offer, likewise, take a look at those ‘second interviewees’ that your company might have narrowly rejected.

Write an Effective Job Listing

Getting your job listing right is key to cost-effective recruitment. Write a clear, well-structured job description that’s compelling for candidates. Include job requirements, company culture, and any additional benefits you offer. The better your ad, the higher quality candidates you will have applying.

Build a Strong Employer Brand on a Budget

Building an enticing employer brand that people want to be part of is a great cost effective recruitment strategy. Having and promoting a strong employer brand doesn’t demand a big budget. You can use employee testimonials (free marketing!) and showcase your company culture on social media to attract candidates organically.

Get Real ROI on Your Recruitment Budget with Monster

Make your recruitment budget go further with Monster’s Pay-for-Performance option. This solution is focused on outcomes rather than traditional time-based models. We’ll get your jobs exposure to the right talent and we only charge you when candidates apply.