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Recruiting on a budget: Five smart ways to save on recruitment costs

5 Mins

While a large budget for the recruitment process can be helpful, it’s certainly not everything; if you are willing to adjust your approach, there are plenty of ways to recruit top talent on a smaller budget. 

(1) Use social media

Sites such as Twitter, LinkedIn and Facebook are all free to use, so if you’re not set up with accounts on these social media sites, this can be a great place to start. 

Most people on LinkedIn are serious about their careers, and if they have listed skills and experiences that you are looking for, it’s easy to connect; you might find yourself one step closer to making your next hire. 

Connecting with co-workers can also open you up to a whole new network of contacts, and following people on Facebook and Twitter who post about your industry can be a great, cost-effective way of scouting new talent.

(2) Use being a small business to your advantage

Recent LinkedIn data has shown that the majority of people who change jobs are choosing to leave big companies to work for small ones, hoping for more of a challenge at work. 

This can be a great selling-point for your company, and advertising that fact that you are a small business could be just what you need to attract the best candidates.

(3) Start an employee referral scheme

When you’re working with a tight budget, you should consider using employee referrals as a way to bring in new talent. Offering current staff incentives to recommend people from within their network, either personal or professional, can work as a great way to keep morale high within the business. 

Not only will they keep your costs down, but referral schemes can be beneficial as your new hire may already have met people within the company, making the transition a smooth one.

(4) “Recycle”

Another cost-effective way to recruit for new staff is to have a look at previous applicants. Are there any candidates who made it to a final interview but then narrowly missed out on a job offer? If so, think about whether they could be somebody to bring on board.

Similarly, if you have made job offers in the past that have later been turned down, it might be worth getting back in touch with these candidates. You could find out what put them off originally and see if there is a way to remedy this, or alternatively, try a different angle and see if you can sell the role to them that way!

(5) Professional events 

A tried and tested technique when it comes to recruiting on a budget is to make use of other people’s time. For instance, should you find yourself at an awards evening, trade show or seminar, you can use this to your advantage and easily approach potential candidates. 

A successful way to recruit at events like these is to ensure that anyone attending the event aims to bring back at least three names of people who would be great recruits. This can be an advantageous approach, as potential candidates will be there as equals, giving them a real chance to shine!

(6) Rethink your job descriptions

Have you being trying to fill once vacancy for months with no luck? It could be that you need to review the job description on your site and any job boards you use for recruitment. A dull, long job specification could be putting candidates off. 

Utilising some marketing techniques to give the job description a bit of sparkle is a low-cost recruitment technique which can help to ensure you attract applicants of the right calibre.

When it comes to recruiting on a tight budget, you’ll find that you have to be inventive in order to attract the best possible candidates for your business. 

An innovative, proactive approach should help you to overcome any recruitment challenges, whilst enabling you to keep your costs down. 

Lee Biggins is founder and managing director of CV-Library.

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