Making the most of your recruitment budget
With recruitment activity predicted to increase worldwide in 2014, it’s vital for organisations to maximise the effectiveness of their recruitment budget. Indeed, reducing the cost of recruitment was listed as a top 3 talent acquisition priority by 75% of companies in recent UK research.
To avoid wasting your talent acquisition budget, the following four steps are critical.
1) Understand the talent you really need
Do you need the best talent, or do you need the right talent?
Amazingly, less than 3/4 of organisations clearly defined the core competencies required from candidates before beginning the hiring process. ¹
With the growing prevalence of Generation Y employees within organisations, finding talent who fit your organisational culture becomes an increasingly important factor for a company’s bottom line.
2) Understand where to find the targetet talent
Campus recruitment, job boards, social media, your organisation’s career page…these are just a few of the potential channels for reaching out to talent. The only way to ensure a great return on investment is to understand which of those mediums your target audience is most likely to see.
3) Understand how to attract the specific talent
Visibility does not guarantee attraction. In fact if your message is unappealing it drives disinterest. Understanding the needs and preferences of your target talent group is critical to developing a successful communication strategy and attracting the right applicants.
A recent CIPD study² showed that the two most common activities for developing an employer brand were running an employee survey and developing a career website, a clear sign that companies are still too inwardly focused when it comes to talent acquisition.
4) Measure your recruitment effectiveness
A 2012 Universum study showed that 41% of organisations have difficulty defining recruitment metrics. The reality is that the most successful organisations have a variety of indicators to measure the effectiveness of their talent acquisition, including metrics linked to their business’ bottom line.
A long-term strategy of understanding the preferences of talent and developing your employer brand is the most effective method for enhancing your organisations ability to attract the right talent. It turns out that it’s also the most cost efficient, with a LinkedIn study³ showing 50% savings in cost-per-hire for organisations with a strong employer brand.
If you’d like more insights into strategic talent acquisition, join us for a free 20 minute webinar on Developing World-Class Talent Engagement. N.B. the webinar is open to only organizations based in the UK.
1 – Aberdeen Group, 2013. Talent Acquisition 2013: Adapt your strategy or fail. [pdf] Available at: http://www.aberdeen.com/Aberdeen-Library/8559/RA-recruitment-talent-acquisition.aspx [Accessed 17 December 2013].
2 – CIPD, 2013. Resourcing and Talent Planning 2013. [pdf] Available at: http://www.cipd.co.uk/hr-resources/survey-reports/resourcing-talent-planning-2013.aspx [Accessed 28 November 2013].
3 – Eda Gultekin (2011). What’s the value of your employment brand. [Online] Available from: http://talent.linkedin.com/blog/index.php/2011/12/whats-the-value-of-your-employment-brand [Accessed 9 January 2014].