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Tackling The High Cost of Recruiting

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The need for organizations to find and recruit quality talent isn’t going anywhere. In fact, US spending on talent acquisition alone went up 6% in 2011. So what can you do to meet your recruiting …

The need for organizations to find and recruit quality talent isn’t going anywhere. In fact, US spending on talent acquisition alone went up 6% in 2011. So what can you do to meet your recruiting needs while reducing the associated costs? Try these tips for tackling the high cost of recruiting!

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    • 1. TACKLING THE HIGH COST OF RECRUITING
    • 2. Recruiting costs a lot, but you can’t win with second rate talent.
    • 3. Here are some top tips for reducing your recruiting cost…
    • 4. 1. Assess value, not cost. By far the biggest cost of recruiting is hiring poor performers. Assessing the quality of hire is the right play every time. And, once you have good employees on your team… Download Top 10 Ways to Reduce Recruiting Costs
    • 5. 2. Go all out to improve retention. You don’t have to blow your budget hiring new talent if your top teams stick around.
    • 6. There is nothing more painful than watching skilled recruiters waste time with lousy recruitment software. Get them the right tool to do the job right. Don’t lose the talent acquisition battle on a technicality. Download Top 10 Ways to Reduce Recruiting Costs
    • 7. 4. Scout out new sourcing technology. No area of recruiting is as volatile as sourcing – it changes all the time. It’s important to check out all the latest techniques. Don’t let the pressures of today stop you from looking for new and better sourcing for tomorrow.
    • 8. 5. Consider bringing executive search in-house. Don’t confuse executive search with everyday recruiting. You will need a different kind of recruiter and you will need to compensate him or her differently. Doing it right may cost more upfront, but you’ll save yourself money and headaches in the long run. Download Top 10 Ways to Reduce Recruiting Costs
    • 9. 58% Did you know that internal sources produce 58% of new hires, compared to 42% obtained from external sources?* That’s why you should continuously… Recruitment Marketing Effectiveness: Meaningful Metrics Straight From the Source, SilkRoad, cited at http://humanresources.about.com/od/sourcing/qt/what-works-in-employee-recruitment.htm, visited 4/29/14.
    • 10. 6. Build up your employee referrals. Research shows employee referrals are one of the best ways to find high performers – and one of the most cost-effective ways to recruit talent. Make sure your employee referral program really stacks up.
    • 11. 7. Bring onboarding on-board. Employee onboarding software should facilitate a seamless transition from being hired to being a happily integrated new member of the team. If that’s not what you’re seeing on the field, perhaps bring onboarding under recruitment. Download Top 10 Ways to Reduce Recruiting Costs
    • 12. 8. Identify the winners upfront. When recruitment software includes top-notch assessment tools, you save money by speeding up the process and improving selection.
    • 13. 9. Consider adding outsourcing to your game plan. Download Top 10 Ways to Reduce Recruiting Costs
    • 14. If your hiring needs are inconsistent, it can be hard to determine your recruiting department line up. Recruitment process outsourcing can help – but only if you do it to get a better overall outcome. It’s not a play to save money.
    • 15. And finally, one of the most cost-effective (and fun!) ways to lower recruiting costs and build team spirit…
    • 16. 10. Get social!
    • 17. Twitter, Facebook and LinkedIn are inexpensive tools for getting the word out, cheering on your employment brand, advertising openings, and finding candidates who may be sitting this one out.
    • 18. “Talent hits a target no one else can hit. Genius hits a target no one else can see.” Arthur Shopenhauer
    • 19. About SilkRoad SilkRoad® is a leading global provider of cloud-based, end-to-end talent management solutions that enable customers to find, attract, develop, and retain the best talent. The award-winning SilkRoad® Life Suite® includes Talent Acquisition, Talent Development, and HRMS solutions that are delivered through a Talent Portal to drive greater engagement, collaboration, and user adoption. The suite is easy to deploy, easy to use, and affordable for businesses of every size. Visit www.silkroad.com for more information. @SilkRoadTweets Follow us on Twitter
    • 20. Go Team!! Thank you. Download Top 10 Ways to Reduce Recruiting Costs

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