COVID-19 is ravaging businesses globally. To survive, companies must move with lightning speed to get ‘recession-fit’. If you are in HR, talent acquisition, or a manager with hiring authority, this is for you.
You already know that you need to be ROI obsessed. And you know that hiring new people also costs money. Just as a reminder The Society of Human Resource Management estimates that the average cost of hiring a new employee is $4,129 (¥438,863) and takes 42 days to fill a position. And the National Association of Colleges and Employers puts the cost at around $7,645 (¥811,975). And this goes up for executive hires. Not to mention the costs for onboarding and training. So if you’re recruiting, here are some ways to get the biggest bang for your Buck…or Yen…during these plague days.
Be active on social media
Social networks provide more than just platforms for connecting with friends and relatives. They’re also useful in fostering professional relationships. Take some time to keep your accounts on LinkedIn, Twitter, and other sites updated with company information, photos, and job postings. You can be certain that potential hires will be Googling your company before applying, so it pays to put your best foot forward in the online arena. Encourage your employees to post positive comments about their experiences, which is an authentic way of promoting your organization that costs virtually nothing.
Also, make sure your social profiles point to your corporate careers site. Treat your recruitment endeavors like a form of marketing and optimize your sales funnel to increase conversions. You may wish to start a blog, which is usually a customer-focused website feature but can also be used to show people what it’s like to work for your company.
According to Linkedin, A strong employer brand can result in 50% cost-per-hire reduction
Concentrate on quality candidates
Instead of advertising every open position through dozens of job boards, try focusing on appealing to just a select few candidates. Decide on the positions you most need to hire and focus on building up your database with those candidates. For other positions, outsource it to a recruiter.
This can be achieved by fostering a good working relationship with a specialized recruitment agency. A niche recruiter has deep knowledge of their industry.
This approach cuts down on the time it takes to sort through applications and prevents many unqualified individuals from applying. At the same time, you’ll focus more closely on quality candidates because you won’t have to divide your time and attention between dozens or hundreds of resumes. This personalized mindset should allow you to make quicker hiring decisions.
Take advantage of recruiting tools
In the internet age, you don’t have to do everything by hand anymore. Online recruitment tools like Indeed, Glassdoor, or my personal favorite HirePlanner can help you find promising job seekers who are likely to be a good match for your needs. They incorporate data processing and analytics functions that may not be accessible to you in any other practical way. Of course, you’ll want to add your own perspective to whatever the software tells you, but the reports generated by recruiting tools are very valuable.
Conduct interviews courteously and professionally
The results of the interviewing process will have a continuing impact on your workforce composition. It’s crucial to do the interviews right so you don’t waste resources by onoarding and training employees who don’t work out. Train your interviewers properly so they know exactly what to look for and ask when interviewing candidates.
Establish a comfortable setting for job candidates with refreshments and ample seating. You want to make a good impression and convince people that your facility is a place they’d like to spend their time. In this time of Covid-19 companies are turning to video interviews and even after this is all over I would assume they are here to stay.
Include an Employee Referral Bonus Program
There’s nothing quite as convincing as stories coming straight from the horse’s mouth, so your existing employees can provide an inestimable boost in meeting your recruitment goals. They already know what it takes to achieve success within your company and they probably have a good idea of which of their friends and acquaintances have the skills, personality, and drive to contribute meaningfully. You can spare yourself the expenses of advertising, communicating with applicants, and hosting multiple interviews by incentivizing your existing staff to recommend people who will fit your culture.
If you are running an SME in Japan or elsewhere, drop me an email or text me. Let me know what challenges you are facing or other topics you would like to know about. As a Director at FocusCore, I have helped companies in Japan for almost 7 years. Please comment, like, share. You can reach me at firstname.lastname@example.org