Experience in ensuring an effective balance of recruitment time and cost for businesses 

Inefficient hiring seems to be an unavoidable problem for most businesses. So what are the ways to best achieve cost-time balancing in recruitment?

The recruitment period of businesses often lasts from 1 week to a maximum of 1 month. In fact, recruiters, depending on the job grade, will allocate the most appropriate time and budget. However, cost-time balancing is never an easy job for businesses, particularly when the labor market has undergone many changes due to the impact of the Covid-19 pandemic. Here are some tips on how to effectively balance hiring time and cost for businesses.

How to effectively balance hiring time and cost?

The recruitment processes will vary depending on the vacancy details.

Vacancies with a high recruiting success rate

These vacancies often have a minimum requirement of experience and qualifications, which are suitable for inexperienced candidates, fresh graduates, or those with just 6 months - 1 year of experience.

These easily fill positions can be simply reached out via setting up accounts and posting on social media networks, namely Facebook, Twitter, Linkedin, etc. At the same time, engaging actively in recruitment groups and forums on these platforms is also a great way to approach potential candidates. By doing so, recruiters can save a huge amount of time and cost.

Mid-level vacancies

The requirements of mid-level vacancies up the ante for candidates in terms of qualifications, job-related expertise, experience and skills. Therefore, businesses should plan ahead and be more precise in their demand to target the right candidates:

• Graduated from a university or college with the relevant major

• Over two years of experience in the similar position

• Good communication, negotiation and analytical skills

• Specific qualifications required by each position

Businesses can leverage paid media to seek professional candidates. (Photo: Internet)

In this case, recruiters should use paid media to ensure the fastest access to the most qualified candidates as their fees are not too high. These job posting websites can be a great solution for businesses to optimize their hiring process.

Senior management vacancies

It is no doubt that the qualifications, management capacity and skills for these vacancies are in their strictest term, making it more challenging to fill these positions. Consequently, businesses often opt for one of the following solutions to balance the time and cost of recruitment more effectively:

Building internal staff capacity

This approach focuses on developing, providing training and creating opportunities for internal employees to take senior management positions that are hard to fill.  The upside includes an easy selection of suitable employees, quick adaptation to new job progress and almost no recruitment analysis cost incurred.

Building internal staff capacity enables easy selection of suitable employees and quick adaptation to new job progress. (Photo: Internet)

Outsourcing hiring services

This is now a new recruitment trend preferred by many businesses. In particular, the business will sign a contract and transfer its recruitment to the service provider. In this way, businesses can get access to an extensive network of human resources via a dedicated recruitment process outsourcer. In addition, it is a legally binding contract with terms on deadlines, quality of candidates, responsibilities of the service provider during the recruitment process and service warranty. Therefore, businesses can allocate a reasonable budget to secure quality candidates.

Outsourcing recruitment services is one of the tips to ensure effective cost-time balancing. (Photo: Internet)

A thing to keep in mind is that businesses should choose a reputable and experienced service provider to ensure all terms are strictly adhered to during the contract period at the most reasonable cost.

Above are some tips to effectively balance recruitment time and cost that businesses can refer to and apply.