Maximising your recruitment budget

What will you be reviewing this year when finalising your recruitment budget?

budget piggy bank

2014 may have begun in the shadow of global financial problems but did you know that towards the end of the year unemployment was down to 5.9% in the UK?

This represents the lowest level in 6 years. With candidates having more jobs to apply for and a trend in more employment offers being declined, the indication is that if 2014 was a year of recovery then 2015 will be the year that candidates have more control.

In 2015 recruitment leaders are forecasting increased hiring volumes. So how do you plan to maximise your recruitment budget this year? With the job market more secure how do you plan to attract those highly skilled candidates who are looking for work?

The following points are worth considering…

Do you need to review your in-house recruitment strategy or your suppliers?
If you recruit in-house or outsource all elements of your hiring, now is the time to review the entire process. If something isn’t working or is putting a strain on your budget then look at other more efficient or cost effective methods.
For instance:
Are you spending too much of your time screening and filtering applications?
If you use a media agency for your advertising are you happy with the results?

How can you promote your company brand?
Even in a tight job market, employees consider a company’s reputation. Your status in the industry, reputation and career progression opportunities are all elements of your employer brand that you need to communicate. Company branded adverts on job boards are a great way of raising your organisations profile online. Many job boards, such as Totaljobs and Monster run national advertising campaigns which enhance your exposure and help promote your company as an employer of choice.

Social media platforms serve to further boost exposure, reach and influence within your industry sector and the job market in general. Whilst LinkedIn and Twitter are viewed by many as the key platforms, some predict that this year an increasing number of recruiters will use Google+ and Facebook more to promote their vacancies.

increase in hires

How can you attract higher quality candidates?

Companies that optimise a wide range of traditional and digital methods will inevitably, attract more desirable applicants to their fold. The higher the number of qualified applicants, the better your chances of achieving quality hires.
Whilst your job adverts will drive applications you should also investigate CV searches across major job boards. This way you are targeting a wealth of both active and passive candidates, one of which could be your ideal employee.

Is your current database of candidates sufficient?
Take time to review your current in-house pool of talent. Are these candidates still available and already been pre-screened and pre-assessed for a previous role in your company? Having access to an in-house talent pool is a cost effective and time saving resource.

What will you be reviewing this year when finalising your recruitment budget? What do you consider the key elements in your candidate attraction strategy?
We value all feedback from both applicants and recruiters so feel free to join the discussion. You can join our Linkedin Group or follow us on Twitter for regular updates.

CVWOW offer recruitment solutions tailored to our clients’ individual requirements.
Find out more about what we do and how we can help you run efficient cost effective recruitment campaigns.

« All blogs Recruitment solutions from CVWOW »

Date: 21/01/2015
Source: CVWOW
Author: Matthew Holley

About the author:

Email and Digital Marketing Manager at CVWOW.


No one has left a comment on this page yet.

Leave a comment

All fields are required, to leave a comment.

Only fill in this field if you are a spambot