Reducing Cost per Hire: 5 Cost Effective Recruitment Strategies

Hiring not only takes time but is also one of the major overall expenses of any organization. While spending money to hire new candidates is justified, making sure that the talent acquisition process is cost effective is one of the biggest responsibilities that recruiters and CHROs have consider over the course of their career. So what steps can help a TA manager contain the recruiting costs without sacrificing the quality of talent being hired? Let’s examine.

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How to create recruitment budget

How to prepare a recruitment budget for your organization?

A recruitment budget is essential to cover all the costs associated with creating a recruitment strategy, engaging and recruiting talent, and retaining them once they are hired. However, it is essential to plan the recruiting budget correctly to effectively drive recruitment activities, capture crucial metrics and find areas of improvement. Without a well-planned recruitment budget you always run risk of overspending and ruining your entire hiring plan for the year. Also it can be difficult to track all the expenses that were incurred in hiring a candidate, right from the advertising the job to arranging lunch for candidates if required.

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