6 Ways to Maximize Your Recruitment Spend

January 18, 2018 Tim Sackett

recruitment spendMore than 2 in 5 U.S. employers (44 percent) plan to add full-time, permanent staff in the upcoming year and half (51 percent) will hire temporary workers, according to CareerBuilder's annual Hiring Forecast. More job creation means more competition for talent. At a time when 45 percent of HR managers have been unable to fill open positions because they cannot find qualified talent and 58 percent have jobs that remain open for 12 weeks for longer, the pressure is on. It's imperative to know which recruitment resources are delivering the highest return on your investment. Are you measuring your efforts? 

Even if you’re getting a lot of mileage out of your recruitment resources, there’s always more you can do. Consider these six ways to make your recruitment resources go further and truly maximize your recruitment spend.

  1. Mine your database. Sourcing from your own candidate database or applicant tracking system (ATS) is the No. 1 way to maximize your recruitment spend. After all, the people in your database are candidates who have already expressed an interest in your company. In other words, they are already engaged, so you do not need to waste time “selling” your company to them. So, why aren’t you taking advantage of your ATS and using it all the time? If the answer is because your ATS is awful at search or reconnecting with those in your database, then it’s time to invest in new technology.
  2. Embrace a new form of advertising. Programmatic advertising is changing our world. If you’re not familiar, programmatic ad buying is basically using machines and data to purchase and place ads in real time. The major benefit of programmatic advertising is that it puts an end to “post and pray,” because it enables you to target your audience. And because the technology seeks out candidates and engages them until they apply, it does a lot of the work for you.
  3. Automate your referral program. Employee referral programs are usually a company’s No. 1 source of hire, yet companies barely put any money into their referral programs. If you want to get more referrals, invest more money in your referral program. Make it easy for employees to refer candidates through an online system and give them incentive to do so.
  4. Invest in the right talent acquisition technology. Look at your current talent acquisition technology. Are you getting as much value out of it as you could be? If you aren’t measuring it against your cost per hire, there’s no way to know the answer. Start measuring the results of your technology. Then ask your recruiters what technology they would quit over (if you got rid of it). If they truly need that technology, the numbers should prove this out.
  5. Hire and train “killer” recruiters. Most organizations don’t maximize their recruiting spend because they don’t have recruiters. Unfortunately, most corporate recruiters are “farmers,” when they really need to be “killers.” Meaning, they need to be proactive, act fast and go after their targets. This is another area where measurement is key. You need to measure your recruiters’ activity against results in order to see where their time is best spent. The way you pay will also make a huge difference in quality of work, whether you use an agency or do it in-house.
  6. Invest in CRM technology. Candidate Relationship Marketing (CRM) technology is a must-have in a modern day recruiting shop. Your recruiters can only do so much – you need technology in place that can automatically facilitate communication with and re-engage candidates when your recruiters aren’t able to. CRM technology (such as CareerBuilder’s Talent Network) helps ensure there is always a supply of qualified, engaged candidates in your system – saving you time and helping your recruitment spend go further.

Here are four key elements to consider when creating a holistic recruitment strategy.

 

About Tim Sackett: Tim Sackett, SPHR is the President of HRU Technical Resources a leading IT and Engineering Staffing firm headquartered in Lansing, MI. Tim has 20 years of combined Executive HR and Talent Acquisition experience, working for Fortune 500 companies in healthcare, retail, dining and technology. Tim is a highly sought after national speaker on leadership, talent acquisition and HR execution. He also is a prolific writer in the HR and Talent space, writing for Fistful of Talent and his blog The Tim Sackett Project.

 

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