Hiring new employees is a vital source of expenses falls under any company’s account. Human Resource department realizes how costly it can be? But not every HR has the idea or skill on how to prudently cope with hiring costs.

Below are the few ways on how to bring down the hiring expenses without compromising the talent and merit of the candidates.

Effective Web Presence

Posting the new jobs on your company’s website would definitely draw in more applications and a wider pool of candidates which would indeed help in bringing the cost of placing advertisements in newspapers. At your company’s website anyone can upload their curricula vitae and other related documents. It will also help HR department by saving their time by providing their details online, making the hiring process more robust, cost-efficient, effective and easy-to-manage.

Background Checks

By adopting or going through screening solutions, criminal background screening, drug-testing, sex-offenders, financial standing and many other related checks will help toning down the risk associated with new candidates. The way company will be able to choose only ‘screened’ candidates; because through the above mentioned process company will already be able to comb out unwanted applicants; thus employers can allocate their full attention and resources to the selected candidates only when deciding the about the fate of newly hired. Screening process improve well-being of workers at workplace; decrease chances of legal cases against negligent hiring and eventually helps cut down hiring costs.

Keeping Update

It is always better to keep applicants updated about their hiring-process. Otherwise it would create a bad image about the company’s hiring process and tarnish its reputation. But mid-to-big companies receive too many applications thus making it difficult –if not impossible – to keep every applicant updated about the process and progress of the hiring. The solution to this problem lies in automation – through which company can keep all the applicants in the loop all the time. Automation will help pre-defining the text or message for certain sort of applications with minimal efforts and lowest of costs.

Streamlining

If any company is able to reduce time for hiring any new employee it will ultimately help cutting cost. There are usually traditional ways for hiring adopted by human resource department, which may or may not be timesaving or cost-effective depending upon the policies and modus operandi of a particular company. But there are indeed ways to save time for hiring – such as video calls, farsighted evaluation, defining very clearly the job narrative and keeping the HR managers abreast of developments and hiring progress.

Multiple Interviews

Instead of calling each candidate on separate days and affix and devote your time for each candidate to conduct interviews; why not call them in groups at one time. This will save the time of the company and will also help in having a candid look at each candidate how he behaves in a group setting. Once the company manages to short list the best candidates then is the time to call them individually.

Preferring the Referral

Many a studies have now established this fact that new candidates who are hired through employee referral program are the most swiftly employed, skilled and trustworthy workers. By referring the employees to your company, another one is actually taking the burden off your shoulders. Boosting the referral process and urging your current workers to actively participate by providing attractive rewards would trigger them off to further their participation in the process.

Let Recruiters Know

It is famously said that time is money and nobody wants to throw away the money or see it going down the drain, for this purpose a company could reduce time of hiring by brining other recruiters on board and telling the exact qualities you are looking for in any candidate. A company must clearly spell out the facets it is looking for in any candidate. This approach will help a lot of time spend on hiring and also the precious resource of the company.

Social Media

With the advent of social media, it has become the best alternative platform for most of the things especially for businesses and promotions. Thus in the same manner social media has remarkably become an economical option to extend the hiring process. Most of the companies see it a useful resource for hiring via social media and due to less expensive with more collaborative affiliations it is now increasingly becoming the favorite choice of the companies.