The coronavirus (COVID-19) pandemic has had a significant impact on the U.S. job market. While some businesses have had to unfortunately make layoffs for the time being, others are scrambling to hire qualified talent as soon as possible. At the same time, all organizations are looking to drive cost saving across the board during these uncertain times.
Whether your team is actively hiring right now or temporarily putting hiring on hold, you likely have an understanding of the various costs associated with hiring. From job boards costs to decreased productivity as a result of open roles, hiring expenses add up quickly.
A streamlined hiring process can save your team time and resources, and help you secure top talent sooner, ultimately reducing your hiring costs. Below, we’ve outlined several ways efficient hiring can help drive cost savings for your organization.
1. Optimize your recruitment costs
Many employers make the mistake of simply purchasing a one-off job board posting each time they have an open role. But by taking this approach, you’ll only reach a limited number of prospective applicants and risk overspending on applicant channels that don’t drive results.
Rather than relying on job boards alone, Hireology data found that a
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