5 Smart Ways to Minimize Your Cost of Recruitment

A 2017 report on Compensation and Benefits showed that the top concern amongst the majority of UAE HR professionals is the spiraling cost of recruitment. Recruitment is obviously a necessary and inevitable part of running a business, yet is it possible to do it professionally while minimizing costs? The resounding answer is…yes. With a few shrewd strategies in place, you can hire quality candidates and keep costs down.

Follow these 5 easy to implement strategies when hiring new job applicants to maximise efficiency while protecting your bottom line:

Internal promotions are crucial to career development and staff retention

The massive benefit of hiring from inside your company is that you already know the capabilities and potential of that employee; creating more certainty about potential productivity. Essentially, this crucial knowledge is invaluable when pitted against outside hires in which the candidate is relatively unknown.  Even if they have a stellar resume and skillset, there is the inherent risk with any new hire that they may just not fit into the team or company culture. Plus, when other employees see their co-workers being promoted from within, they are more likely to remain emotionally invested in the company and can see further career opportunities with the current company themselves.

When employees feel more emotionally invested, it pays off in huge dividends as they are also more likely to invest in professionally developing themselves, as they can clearly see their co-workers around them are valued and internal hiring is the preferred method of hiring. Therefore, they can anticipate a long-term stay with the company and feel more secure. Plus, if an internal hire is completed, this opens up a spot lower down the totem pole, creating opportunities and incentives for staff at lower levels; a valuable boost to staff morale.

Internal referral scheme to incentivize employees

No-one can sell your company better than your employees. Send word out and let them know that you are looking to hire. In the UAE, word of mouth is one of the most powerful strategies to finding someone. Employees will be loathe to recommend someone to the company that they feel is not the right fit as it could reflect badly on them, therefore, this usually guarantees a better quality of candidate. Also, this strategy helps them to feel involved and invested in the running of the company while an “incentive” can definitely go a far way to sweetening the deal. It’s basically a win-win for everyone.

LinkedIn is your new BFF

In Dubai and the rest of the UAE, LinkedIn is a crucial HR tool. LinkedIn opened their offices in the MENA region back in 2012, and remain a favoured tool in the arsenal of headhunters and recruiters. With over 175 million profiles to view worldwide, you can peruse all possibilities. For free. You can have a free 1 month LinkedIn trial using their Premium subscription gaining access to the all the free LinkedIn services. Optimise your hunt for the perfect candidate and take advantage of all those resumes out there. Using advanced search options, you will be able to hone in on potential employees at the click of a button. Nothing could be simpler.

Social media circles are where it is at

Leveraging known social/business networks including those on social media i.e. Facebook and referrals are crucial to your hiring strategy. Putting out word on your company’s Facebook profile is a simple way to get started. Also, let your employees be your best marketing tool out there. Create a hashtag, and by letting them share their experience on Twitter or Instagram and referencing your hashtag, you will create a healthy and positive online social profile that will attract quality candidates to you. Then, when you are ready to promote a job opening online, interested followers will be ready to jump at the opportunity.

Using interns and graduate schemes

InternsME.com (https://www.internsme.com/ ) is one of the best places to start looking for a candidate if your budget is limited or you are a startup. An intern might be a bit green but if you find the right candidate for the job, you will be rewarded with someone who is open to learning new skills and has a ‘can-do attitude’. One of the best perks is that the millennial generation is social media savvy and has unsurpassed computer skills and understands the nature of the beast. So, if you need to add a heartbeat to your office to liven up the vibe, then a smart, switched-on intern might just be the right fit for the job.

So, there you have it. In the Tech age, it is easier than ever before to access candidates locally and internationally without having to spend a cent. And, that is music to the ears of business owners the world over.

 

One thought on “5 Smart Ways to Minimize Your Cost of Recruitment

  1. Tyler Meredith says:

    It’s interesting to read about some of the ways that you can reduce the cost of recruiting people. It makes sense that finding new employees can be one of the most important parts of operation for businesses and reducing the cost could be helpful to everyone. What you mention about hiring interns is very interesting to me because while this could be helpful to some people, hiring somebody through a recruitment agency might also be an effective way to find a good worker without spending too much time doing it.

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