May 26, 2023
Economic crises invite declining sales and profits for small and big businesses. Especially recession in the global markets impacts big enterprises and small export businesses.
Businesses have to adopt cost-cutting strategies and depend upon lay-offs to sustain their operations. They analyze the business workflow to eliminate unnecessary costs. Companies target their hiring costs to keep the business afloat.
But would it not impact the business performance?
Often businesses make the mistake of firing their employees to save cost, instead of optimizing their business processes. In the majority of situations, companies can run cost-effectively by hiring and retaining top talent while enhancing their hiring workflow.
How can a business optimize its hiring process and sustain recession?
There are many ways to cut hiring costs including cost optimization, reviewing compensation plans, etc. Of all, one strategy stands out and completely changes the way recruiters hire people.
Outbound recruitment is a cost-effective hiring strategy, allowing recruiters to attract top talent while reducing hiring costs. It involves actively prospecting and reaching out to qualified candidates to hire them. Recruiters spend their time engaging and strengthening the relationship to ensure that these top candidates choose their company when a vacancy arises.
In today's blog, we will talk about the top 7 strategies to cut hiring costs and maximize business profits. We will discuss in elaborate how outbound recruitment can prove to be an effective recruitment strategy for hiring top candidates. First, let's start by understanding why your business should focus on cost-cutting.
Every business has three types of costs while running operations- good cost, bad cost, and best cost.
Businesses aim to cut costs by reducing the good cost and eliminating all the bad costs. This helps them to enhance their profitability and achieve long-term success.
The main aim of cost-cutting is to optimize and efficiently run the operations, instead of solely trying to cut expenses. But why should businesses give extra attention to cost-cutting?
Businesses often confuse cost cutting as completely eliminating certain expenses and bringing major changes in business operations. This will do more harm than good. This will create an environment of resistance and might hamper business capabilities. It will impact the business by reducing the ability to meet future demands or exploit new opportunities.
IMAGE: A visual representation of all the strategies "How Can HR Help In Cost Cutting"
Strategy 1: Work Allocation
Strategy 2: Streamline Workflow
Strategy 3: Review Compensation Packages
Strategy 4: Training Cost Optimization
Strategy 5: Leverage Technology
Strategy 6: Strength Employer Brand
Strategy 7: Eliminate Bottlenecks
Of all departments, cost-cutting impacts the HR team the most. They have to fire people, freeze hiring, deal with unqualified candidates, and much more while having to attract top candidates with competitive compensation. Additionally, they need to optimize their processes and ensure cost efficiency, while ensuring a strong workforce.
How can recruiters achieve cost efficiency and a competitive workforce?
Forecast And Plan Future Hiring Needs
Recruiters must spend time understanding business needs to forecast the hiring needs. Based on this analysis, they shall map out their hiring efforts to build a healthy workforce. Additionally, they must operate with a cost-efficiency mindset to support business survival.
How can HR teams support cost-cutting initiatives?
Analyze, Eliminate, Optimize!
Recruiters must start by analyzing and identifying the good, bad, and best costs. Further, they must aim to decrease their expenses and optimize their workforce cost. Optimizing the expenses will leave the team with additional funds to reinvest in the business. Finally, they will upgrade the hiring process to attract and hire top candidates.
Below are the top 7 actionable strategies to cut hiring costs and drive business growth.
IMAGE: Work Allocation pointers displayed via visuals in a tabular format "Adopt Diverse Work Allocation Strategies"
Recruiters' priority is to optimize costs without hampering the workforce and business performance. Since most companies rely on layoffs and cutting the pay of employees, it degrades performance and has a direct impact on revenue.
Diversification of Workforce
Recruiters can diversify the workforce and adopt various strategies to ensure cost efficiency without compromising work quality. Here are 5 ways recruiters can allocate the work without worrying about business growth.
Often, the recruitment costs are high as the process itself is not optimized. There are overlapping functions, delays, unnecessary approvals, etc. This increases the cost and adds redundant steps to the workflow.
Streamline Recruitment Workflow
Recruiters can adopt various methods and streamline the hiring process to enhance its efficiency. Some helpful strategies are:
Recruiters shall aim to create a consistent hiring process to offer a positive hiring experience to the candidates. Moreover, every time a hiring need will arise, the recruiters shall have a clear map to tap the top candidates.
Compensation strategy and flexibility are critical to attracting and retaining top talent. If the candidates find the pay less attractive, the company might lose qualified candidates to competitors. Contrarily, paying more than the industry average will cost the company.
Review Compensation Strategy
Recruiters shall study the market and identify the industry standards for a particular job role and industry. They shall highlight the employees with salaries beyond or below the industry standard. Recruiters then must take measures to extract true value to match the pay.
Businesses have many training modules and programs for their employees to maintain competency. HR keeps adding new training modules to meet the dynamic market and increasing competition. This lays the burden on the HR teams since building a huge library of training material burns a hole in the pocket.
Optimizing Training Cost
Recruiters can optimize and reduce their training costs in various ways. It will start by creating a proper training plan and mapping out the job training requirements beforehand.
Recruiters rope in various tools to help in the hiring process. This could include automation tools to ease out the admin work or reporting tools to better analyze the data. However, often, recruiters end up with way too many tools without truly extracting the value of any of the tools.
Tech Stack Consolidation
Tech stack consolidation means stringing together all the tools and software to build a proper workflow. This helps to remove redundancies and complete exploitation of each tool. How can recruiters do this?
Recruiters spend a lot of time attracting and retaining top talent, while also having to deal with enormous unqualified candidates. As a result, the hiring cost increases and businesses have to spend more on advertising and job board to find qualified candidates.
Employer branding means taking measures to enhance the company's perception as an employer for candidates and employees. It aims to build a positive narrative for the company so that top candidates willingly join the company and serve with complete loyalty. But how to strengthen employer branding?
Finding qualified candidates is the biggest hiring bottleneck for recruiters. Increasing spending on job boards and marketing solely won't help. Moreover, this inefficiency adversely impacts business revenue and operations.
Recruiters must spend time and build a talent pool with qualified and deserving candidates that are fit for the business hiring needs. It will help them have qualified and engaged candidates all the time of year, speeding the hiring process whenever a vacancy arises. Moreover, it will save the internal team from the burden of covering for the missing employee, ensuring employee satisfaction.
Bottom line: You need not opt for all the strategies together. Recruiters must analyze the business's current situation, needs, and priorities to decide on a few strategies to cut hiring costs. They must evaluate the ROI from each of the strategies before adopting it permanently. This includes studying the business impact and matching it with the investment in each strategy. Additionally, they must account for any risk factor and draw a timeline for ROI to ensure business continuity and growth. A proper timeline will help to plan the implementation and budget ensuring cost efficiency.
How does it feel to have to go through hundreds of applications only to find none of them the perfect fit for the job?
Recruiters have been there, where they receive a storm full of unqualified candidates after posting a job vacancy. This wastes recruiters’ time and effort plus the money spent on job boards and marketing. So, what is the solution?
Outbound recruitment is a proactive approach to sourcing and engaging with qualified candidates. Recruiters start by building a prospect list of potential candidates based on a specific candidate persona. They target a small particular group of people and reach out to them to engage and build interest in the company. Since the approach is personalized, recruiters get to attract and hire top candidates cost-effectively. Moreover, they can build a strong talent pool that eases the hiring process.
But why outbound recruiting?
Now the real question: How to reduce hiring costs with outbound recruiting?
Bottomline: Recruiters can adopt outbound recruiting and experience cost efficiency in no time. It helps to streamline the process and embrace the multichannel hiring strategy. Moreover, it eliminates various hiring bottlenecks and helps in hiring the top talent. Additionally, recruiters can embrace technology and build a stronger talent pool by proper forecasting and planning business needs to cut hiring costs.
We talked about how technology plays an important role in recruiting costs, be it to automate or remove redundant tools. Our advice?
Cut hiring costs and opt for HR tools that automate the hiring process without increasing the burden. They should integrate with the existing HR tech stack easily and make hiring effortless. Our pick?
Nurturebox: The Ultimate Solution To Cut Hiring Cost
Nurturebox is a talent engagement solution that helps recruiters to source and engage desired candidates seamlessly by eliminating all the admin work. It helps in embracing the outbound recruiting process by presenting all the features essential for engaging with qualified candidates. You can build a strong talent pool with NurtureBox without worrying about unqualified candidates or increasing hiring costs.
NurtureBox is a free chrome extension that helps recruiters to nurture qualified candidates on desired platforms without the hassle of navigating through hundreds of tools. With a simple download, recruiters can integrate the tool with their tech stack and engage with desired candidates. Hiring was never this easy!
Amidst today’s noisy digital world, brands find it challenging to create meaningful connections with their customer base and target audience. Getting the target consumer’s attention and persuading them to buy from you gets even trickier. Hence, content marketing has become more crucial than ever for brands to attract, educate, and retain customers.
Content creation is a top priority for 80% of marketers, and there is no reason it shouldn’t be. Consistent, high-quality, and engaging content impacts your audience’s decisions through education and persuasion.
Depending on your business goals and requirements, the role of Content Marketers you hire will vary. The primary responsibilities revolve around forming consistent brand messaging and deciding upon a unique and identifiable voice, style, and pitch across various distribution channels.
From raising brand awareness to attracting a relevant audience to your website, boosting social media presence and engagement, generating leads, and building brand loyalty – content marketing drives all the growth efforts for your brand. When done effectively, it can help you:
While content marketing is a broad role with numerous areas of expertise involved, it’s vital to thoroughly understand your company’s current marketing goals and the related requirements. In this blog, we will dive deep into the step-by-step approach to hiring a Content Marketer.
A Content Marketer must be deeply passionate about telling your brand’s story to the world. The objective is to educate and nurture the target audience to establish brand authority using thought-leadership and drive more people to buy from you.
As a candidate is expected to be a mediator between the brand and the target audience, they are primarily responsible for planning, creating, and sharing valuable content to grow their company’s awareness and engagement to bring more business.
To be more specific, the role of a Content Marketer requires a perfect blend of creativity and attention to detail in an individual. It’s a balancing role, as they need to ensure creating content that resonates and strengthens business relationships, using strategies that position your business as authentic and problem-solving.
Take a look at the core responsibilities of a Content Marketer that most businesses expect them to take over:
While the practices discussed above are primary responsibilities of a Content Marketer, they also need to be proactive with
Content marketing has become the key to driving growth for businesses. Unlike a few years ago, it’s not possible now to get away with a one-person team for content marketing. You need deeply trained individuals for specialist roles.
Let’s now dive into the step-by-step approach of hiring a Content Marketer. But before you even source your first candidate, you should have a clear expectation of the skillset and experience to look out for top content marketing candidates.
Apart from having relevant industry experience, a good Content Marketer must possess the following skills.
A Content Marketer’s prior skillset should be writing excellent attention-grabbing content. From long-form blog posts to website copy, ad copies, social media content, video scripts, emails, newsletters, e-books, whitepapers, and more – a Content Marketer should be able to adapt to the business’s specific requirements and create quality content.
Identifying user behavior is vital for framing the story in the right direction. So a Content Marketer must know how to identify and analyze the needs and pain points to develop a buyer persona. User research can be performed through social listening, relevant communities, in-person calls with customers, analyzing sales call recordings, and more.
Creating valuable thought-leadership content isn’t enough. Researching the right set of keywords is an essential skill to further educate your target audience on the Whys, Hows and Whats of your business, and have your website rank on Google.
Content that’s not backed by relevant data points does not build enough trust. Experienced content marketing professionals would always prefer data over hollow claims. No doubt that only data doesn’t help a content piece succeed, but it’s essential..
A Content Marketer is also expected to break down and analyze the pain points to turn keyword research into content ideas. So a professional must be able to identify and solve content gaps.
Further, they must know how to create a content calendar, decide the different types of content, and choose relevant platforms to publish and schedule marketing campaigns.
Creating a valuable content piece, for example - an ebook, isn’t enough. Your content marketing team needs to promote it proactively for bringing enough attention and engagement.
Setting up goals and plans is one thing, but continuously executing, measuring, and analyzing content performance is another. A Content Marketer should always be monitoring key performance parameters to figure out the upcoming plans with the necessary updates required.
Not to forget - stakeholders and marketing heads need the performance reports regularly. So Content Marketers must be able to collect and comprehend all the data to make it worth presenting.
Let’s sort out the priorities first, and decide the type of content marketing candidates you want to recruit. From exceptional research skills to storytelling, communication skills, relationship building, audience engagement, and more capabilities must be comprehensively considered. Identify and break down the skill requirements for Content Marketers:
Forming a candidate persona by answering all these questions would ensure you are not shooting in the dark while sourcing candidates. Further, it helps you determine the traits of the ideal candidate, and plan your sourcing and recruitment strategy further.
Next step is determining your role requirements suiting primarily to organizational needs and business goals. A content marketing professional is expected to own the entire content strategy, creation, and distribution. But what about your business’s unique requirements?
You might need someone comfortable with frequently creating long-form content pieces like blogs, ebooks, or whitepapers, or creating engaging video content based on your industry trends.
Talk to various relevant stakeholders for seeking the complete detailed company requirements for the role.
Before you enter the recruitment funnel, outline your talent acquisition process. Identify various strategies, channels, and other informational insights you would need – and maintain a collaborative document.
As you update the tactics and tweak your recruitment process for meeting hiring requirements optimally – keep your document up to date.
Once you have finalized the role requirements with respect to your current content marketing goals and team, you can start sourcing candidates. Preparing the job description is the first task you’ll need to do.
Here are the necessary components you must have in your job description:
The job of a Content Marketer is to perform competitor research, create user persona, and write plagiarism-free content for blog articles, social media, and the company website. They need to stay updated on the latest SEO techniques.
Once you have the tailored job description in hand, it’s now time to do the groundwork and source candidates. Create an attractive job post to promote your job across job boards and social channels.
Prepare an impactful job post and also execute paid job ad campaigns if required. The next step would be promoting your jobs on various job boards and hiring platforms. You can leverage the following platforms for hiring Content Marketers:
Not to forget - almost 3/4th of the workforce includes passive candidates, so you cannot miss out on passive talent sourcing as well. Reach out to qualified candidates on communities, LinkedIn, Twitter, and even Facebook to offer them suitable opportunities.
Once you have filtered candidates based on their experience and skills listed on their profile, it’s time to evaluate them deeply. Ask them to create a content strategy for your website, along with a value-adding content piece like a small blog. The topic of the article must fall within the scope of the strategy.
Interview the candidates whose profiles got shortlisted. Keep in mind the parameters covering skills, relevant experience, and personality traits of candidates.
Reach out to selected Content Marketers and communicate about the compensation.
Further, extend your offer letter to all the candidates who have been selected. In the case of passive sourcing, extend to only those who were aligned with you on the compensation and are willing to move forward.
Ensure having a deadline for the joining date and mention the necessary documents required by your recruiting team.
Inbound candidate sourcing doesn’t work effectively anymore. Do you also find challenges in closing quality candidates through job posts even after spending on ads?
Don’t worry, passive candidate sourcing can be an optimal solution for hiring top content marketing candidates.
Nurturebox is a one-stop talent sourcing and engagement platform which is powered by automation. Here’s how you can source product managers from LinkedIn using Nurturebox: