Home > Blog > Blog > 4 Ways to Keep Your Hiring Spend Under Control

4 Ways to Keep Your Hiring Spend Under Control

Attracting and retaining talent continues to be a challenge for companies as wage inflation and skills shortages add pressure to spiralling costs.

So what can your business do to keep your hiring spend under control?

1 Expand your talent pool

There are 600,000 fewer young people in the labour market than a decade ago. Lower migration, an aging population and skills shortages have led to a shrinking talent pool, leaving many job vacancies unfilled which comes at a cost to employers.

The Recruitment and Employment Confederation makes a number of recommendations for employers to overcome candidate and skills shortages including a focus on inclusive recruitment. Inclusive recruitment is essential to building a more equitable, diverse and inclusive workforce. It can also help employers expand their talent pools by removing barriers to applicants and actively seeking candidates from underrepresented groups.

2 Reduce the time to hire

Candidates searching in a job-rich market are likely to be interviewing with multiple employers. This means that hiring managers need to be communicative, respond quickly to applications, shortlist promptly, update candidates regularly and keep the window of time between interview and offer to a minimum.

The longer the process takes the more it will cost and the greater the risk of losing candidates. Any delays can disengage candidates and give your competitors the opportunity to snap up the talent you so desperately need. 

That said, the need for speed shouldn’t compromise the integrity of the recruitment process. The process should continue to be structured, robust and dynamic enabling hiring managers to act fast when the right candidate comes along.

3 Eliminate dropouts

You’re breathing a huge sigh of relief as your chosen candidate has accepted a position with your company. Phew, you can sit back and relax. Wrong! Due to the prolific number of vacancies at present, candidates are continuing to ‘keep their options open’ even after accepting a position, and dropouts are becoming far more commonplace.

It’s therefore essential that employers sell their brand, offer a competitive employee value proposition and provide a great candidate experience throughout the recruitment process from advertisement to interview, offer and onboarding. If you’re not among the employers already doing this, then the battle for talent is probably being won by your competitors. If that’s the case, it’s time to go the extra mile.

Every stage and touch point in the recruitment process is an opportunity to reinforce a candidate’s view that you are an employer of choice. Hiring managers need to lead from the front as employee advocates and the HR function must court candidates every step of the way. This will mitigate the risk of them dropping out and avoid the costly process of starting from scratch.

4 Improve employee retention

It’s easier and more cost effective to retain existing employees than to replace them. An effective employee retention strategy can keep staff turnover to a minimum and in turn, reduce costs.

The CIPD recommend a range of practices for improving retention including:

  • Offering flexible working
  • Fair distribution of rewards
  • Promoting employee wellbeing
  • Enabling career development and progression
  • Creating opportunities for employee voice

Contact JS Recruitment

Whether it’s advice on your hiring process or a live vacancy to recruit for, our team are ready to support you.

To speak to a member of our team contact us on 01977 269069 or info@jsrecruitmentuk.com.

GLAA Licence Holder JSRE0002

Proudly supporting The Prince Of Wales Hospice

The Prince Of Wales Hospice

Club 5 Member