Job advertisements. Recruitment agency fees. Software costs. The cost of your time….. The list goes on and as the year progresses, it gets harder and harder to keep track of HR related expenses. Needless to say, it’s almost impossible to stay within a certain budget before the dreaded yearly expenditure reports that your boss or financial controller asks you for. No need to fret! Not all hope is lost! What if we told you that staying within an HR budget doesn’t have to be so hard after all? Read ahead! Here’s how you can cut costs and stay within your recruiting budget regardless of your company size!
Small To Medium Businesses
As a small to medium business, there are a number of trials and tribulations you face when in it comes to recruiting. Chances are, you don’t have a budget for recruitment, let alone a full-fledged HR team with a talent manager, head of recruiting and an onboard-er. Recruitment agencies are a viable option, but they charge high agency fees per candidate placement; meaning you can never really stick to a budget. On the other hand – If you choose to move hiring in-house, there is another dilemma at hand! You still want to source the same quality candidates as large businesses without having to fork out thousands on Taleo or Oracle Applicant Tracking Systems. Is that too much to ask? Well, no it isn’t! Modern free applicant tracking systems allow you easily source, sort, manage and onboard your candidates without worrying about hidden costs or expenses. Better yet, platforms like My Recruitment Plus give you the customization of enterprise-grade platforms.
As a large business, it can be even harder to remain within a budget throughout the year. So let’s take a look at the main areas that you can cut costs as a large business.
- Decrease Reliance on Hiring Agencies: Being a large business you probably have plenty of staff and resources necessary for recruiting promising candidates. So do you really need a recruitment agency to hire staff? Tasks such as posting job ads, sorting and reviewing resumes can now all be easily and quickly done through modern Applicant Tracking Systems. So why pay thousands to recruitment agencies when you could easily implement an ATS for free?
- Save Money on Labour Costs: When was the last time you stepped back and analyzed the type of tasks your HR department are doing? Are you still stuck in the old-world ways of manually onboarding candidates with old recruitment software? Truth be told, in the modern world; most manual tasks such as spending hours reviewing resumes, sorting promising candidates and communicating; can be automated through an Applicant Tracking System. Automating these tasks could mean that you are able to cull the total number of employees in your HR team or better organize their tasks. Both these outcomes will lead to cost-saving measures in the future, which means you will definitely be able to stay well within your recruiting budget!
- Reduce Onboarding Costs: The onboarding process is often the most laborious, time-consuming and involves employees from all different departments. Is your Applicant Tracking system completely integrated with Payroll and other HRMS systems to make the onboarding process smooth and easy? Having an applicant tracking system that is capable of paperless onboarding and HRMS integration; may allow you to save money, cut down an entire position or allow you to assign employees to other tasks. Think about it! No more time consuming human errors from manually transferring information across systems!
A modern ATS can help address budget challenges in SME and large businesses overtime by making the recruitment process more efficient. By saving time on intensive labor hours spent reviewing resumes, sorting CVs, scheduling interviews and manually transferring candidates into different HRMS systems; an ATS can help yield higher-quality candidates for less over time. So what are you waiting for? If you haven’t already, give the modern Applicant Tracking System a go today!