It is never an easy task to find top talent without a substantial budget. But this doesn’t imply reckless spending in the name of searching for top quality hires. There needs to be a balance between the recruiting budget and the hiring efficiency, such that the quality of the search for new employees is not compromised. Here are some tactics worth considering in reducing the hiring cost for new employees:

Have an effective referral program in place

Referrals remain to be one of the best sources of quality hires. With it comes heavily reduced costs because it doesn’t involve agency or posting fees or spending a lot of time and money in sourcing for staff. It is, therefore, a good idea to have a robust referral program that will motivate your employees to recommend others to come and work in your company.

Have talent pipelines

The more time is spent in filling a position, the more expensive it becomes. It implies that if the time needed to hire is reduced, then the costs would also be reduced. One way of reducing the time of hire and still have quality hires, is by building a talent pipeline. These refer to candidates you had engaged in the past, and who would fill a future position in the company. With a talent pipeline, when a position becomes vacant, you can get in contact with them without waiting to post an ad or source for new candidates.

Invest in efficient recruiting software

The other reason responsible for higher recruiting costs, is the time spent by hiring teams on carrying out recruiting related tasks. There is excellent recruiting software that can automate most of the functions that normally take the recruiting teams a lot of time. Investing in such software will save you a lot of recruiting time, and consequently, a significant recruiting budget.