Time to Get Cost-Effective with Recruitment Methods
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The Graph:
Harvey Nash, a worldwide leader in recruitment consulting, publishes an annual survey of HR professionals, with a focus on recruiting, hiring, and labor market trends. The 2017 publication, based on more than one thousand responses, contains information on which recruitment methods are most often used. The results show that, over the past three years, there has been a decline in more expensive options, and increased reliance on low-cost options.
The Message:
Recruiting can be a labor-intensive, expensive process. All too often, it involves sorting through piles of resumes from unqualified candidates, paying hefty fees to head hunting firms, or making endless phone calls and chasing missed connections. The system is inefficient, and as a result, we’re observing a shift in the approach.
While the Harvey Nash survey provides only three years of data, it’s easy to see that the methods on the rise (LinkedIn and Social Media) are relatively inexpensive or free. The method that’s seen the greatest year-over-year decline is recruitment companies; hiring an outside agency is now one of the least common means of finding a new hire. As low-cost, easy-to-use tools become readily available to assist with recruiting, this trend will likely continue.
Ultimately, the techniques you rely on boil down to return on investment. If more expensive options land you high-quality candidates that the cheaper options don’t, then they may be worthwhile. But usage trends suggest that’s not the case – using social media and other online tools get you access to the same candidate pool at a fraction of the cost, making these options the best choice for increasing your ROI.
