May 26, 2023
Hiring people and managing a competitive workforce is one of the biggest business expenses, especially for small companies. Having to cover the compensation, office facilities, training, hiring costs and much more can increase direct and indirect business costs.
How does it affect the business?
On one hand, the business gets a competitive edge to innovate and provide exceptional solutions. On the other hand, these same people have complete control of business profitability. So, if the business fails to build a quality workforce, it will hamper business revenue and growth opportunities.
Even though the employees and labour have such an impact on business, companies adopt layoffs and freeze hiring in case of recession. Recessions can harm business operations leading to shrinking margins and economic losses. However, is this enough reason to cut the hiring costs when adversities arise?
In today's blog, we will understand recruitment costs in depth and see how cutting hiring costs can prove to be beneficial without impacting business capabilities.
Recruitment costs refer to expenses related to sourcing, engaging, vetting, and hiring new employees. Companies spend enormous amounts on recruitment to get their hands on top employees and gain a competitive advantage.
To hire top-qualified candidates, companies spend on a variety of activities. These comprise the types of recruitment costs, including:
All these recruitment costs are taken together to find the cost per hire, a critical recruitment metric. Let us read in-depth about it to understand its importance and impact on business success and growth.
Cost per hire is a crucial hiring metric that enables recruiters to assess the hiring process efficiency.
But, what is the cost per hire?
Cost per hire is the total cost of hiring a new employee, including all the expenses such as:
Cost per hire is a metric that reflects the average cost of hiring a new employee for a company over a specified period. The main aim is to get a comprehensive view of the budget spent on hiring. This includes the marketing cost of job vacancies, recruiters’ costs, and other related expenses.
The company can assess recruitment efficiency with this single metric. For instance, in case of a bad hire, the company must know how much they spend on an employee which costs more than the ROI generated. Moreover, they will be able to distribute the expenses as good, bad, and best costs.
How do you calculate the cost per hire?
Cost per hire includes all the internal and external costs, which are divided among all the new hires. This helps in calculating how much each employee costs the company.
Recruiters emphasize cost-per-hire and dedicate hours to calculating and evaluating the cost per hire. They analyze its distribution and aim to reduce it via different strategies. But, why spend so much time on a single metric?
HR managers and recruiters use tools to make hiring easy and efficient. It helps them to improve and expand their HR functions. With the help of automation and other technological advancements, HR tools can boost hiring operational efficiency.
But, how do recruiters deal with so many tools to exploit them fully?
Companies and HR managers generally aim to build a specific HR tech stack. These tech stacks include all the tools required to automate and improve the hiring process. Recruiters depend upon this tech stack for:
Recruiters spend on building a dedicated HR tech stack to bring together a variety of tools, which enhance productivity. Yet, one of the common issues with these tools is poor integration capabilities and the inability to function together smoothly.
Tech Stack Consolidation
Tech stack consolidation is the process to simplify the existing tech stack. This involves adopting measures to eliminate complexities from the technological environment for boosting operational efficiency. It aims at reducing redundant tools and software and building a seamless HR tech stack.
Tech stack consolidation comes at a price! Maintaining a healthy technology environment for boosting hiring efficiency demands company resources. However, the benefits extracted go beyond its costs, making it a worthwhile investment.
Why consolidate your tech stack?
IMAGE: “Key challenges in consolidating your HR tech stack”; a visual to cover the following pointers:
Working with so many tools comes at a cost, which makes the hiring process inefficient and consolidation challenging. Below are the top 5 challenges that companies face while consolidating their tech stack. We have discussed ways to overcome these so that you can consolidate your tech stack effortlessly.
Implementing the HR tech stack consolidation can be beneficial for the firm and has three simple steps: identify needs, select vendors, and train staff.
Recruiters start by identifying the objectives behind the consolidation and aligning them with existing business needs. Then, they move forward to selecting specific vendors for consolidation. Finally, when all the things are in place, recruiters train the teams to understand and exploit the consolidated tech stack to its full potential. But does this ensure an effective consolidation?
What factors are necessary for effective consolidation?
With all these considerations, teams can easily consolidate their HR tech stack and enjoy its benefits.
We understand that finding the right tools for building a tech stack can be challenging. Hence, we ensured NurtureBox was easy to integrate and compatible with other essential hiring tools and platforms.
But how does NurtureBox help HR teams?
Nurturebox is a talent engagement platform that helps HR teams to source and engage with qualified talent effectively. With a simple chrome extension download, you can start hiring seamlessly across different platforms without having to jump from one tab to another. Just integrate with the existing tech stack and start hiring. We make hiring your next desired candidate easier!
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: