The longer it takes to find qualified candidates to fill your open positions, the more expensive it ultimately becomes to fill those positions. Continued cost to advertise your opportunities and manager time spent reviewing applications adds up quickly. It’s for this reason that having the right recruiting strategy in place to fill your year-round hiring needs can have a big impact on your bottom line.
The time and potential cost spent in the hiring process is multiplied when you have high-volume – from seasonal hiring to new store openings – or immediate hiring needs, so choosing the right recruiting method is paramount to managing your cost per hire.
Selecting the right approach for your needs begins with understanding the pros and cons of the most popular approaches.
Promote and process
You can promote openings and evaluate applicants through your existing hiring process. If you take the traditional approach – social media, in-store promotion, online job postings – the promotion cost will be minimal. But in order to fill a lot of positions quickly, you could find yourself devoting a good deal of time to attracting and evaluating candidates.
Job fairs are often hosted by another organization, such as a local workforce center, which reduces the logistical work on your part. Attendance can be high at these events, but because job fairs are essentially “open calls” for anyone looking for a job, you may find that applicants don’t meet your needs.
Hiring fairs offer job seekers the opportunity to be interviewed, on the spot, for open positions. You’ll attract serious applicants and can conduct a first evaluation on a large number of candidates in a single day. However, hiring events are a substantial undertaking with significant logistical challenges.
To get the benefit of a hiring event without the logistical investment, you can partner with a third party to provide support ranging from candidate recruitment, screening and scheduling to full event planning. When it comes to partners, one of the key differentiating factors is access to your target audience. Partners with a built-in sourcing solution and a track record for attracting applicants to positions like yours can find qualified candidates faster, which reduces recruitment time and investment.
No single approach will work for every employer. You have to assess your need, your budget, and your staff and time resources and determine if you have time to go it alone or if you need to work with a partner. If a partner is in your cards, working with one who knows your audience, can offer varying levels of support and has a solution proven to drive results can remove the burden from your shoulders and keep the high-volume hiring process from weighing down your bottom line.
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