Here at Career Kinetics, we help our clients lower the real cost of Recruitment, but what does that actually mean? What are the real costs of Recruitment? And how can these be reduced?
Below is an outline of what can be considered as some of the real costs when it comes to trying to fill your vacancies, followed by how working with a partner like Career Kinetics can help you lower these whilst improving your process in other areas:
When it comes to sourcing the right candidate to fill your vacancy, there are many options to choose from. These range from instructing a Recruitment Agency/Headhunter, Direct Job Board Advertising, Social Media Advertising such as Facebook & LinkedIn or Print Media Advertising to name a few.
Whilst all of the above are successful in their own right and each have their own benefits, they do all of course come with their own related costs some of which are more considerable than others.
As a general rule, a Recruitment Agency will charge a cost per hire of between 10 and 25% of your candidates annual salary with some agencies charging as much as 30% for hard to fill or specialist roles.
Take for example an average salary of a £25,000 role recruited through an Agency at a fee of 15%, it would cost you £3,750 to hire this individual. If you are needing to make multiple hires of the same role, these fees can become significant.
With so many Job Boards and Aggregators available, this market can become a minefield if you are unsure of which ones to use for your industry or location. Ranging from Major Job Boards, Industry and Location specific Job Boards and pay per click aggregators, there are many to choose from. If you are looking for maximum exposure, you will want to post across as many platforms as possible using both premium and featured adverts and this can become a costly exercise.
With the average cost of a single fully branded job advert ranging anywhere from £70 to £500 per Job Board, it’s easy to see how these costs can soon add up.
Not only that, how would you manage the response internally? Do you have a dedicated recruitment team to manage the response for you or would this task be passed across to your HR or Hiring Managers taking time out of their day and effectively costing more money indirectly? Do you have Applicant Tracking Technology (ATS) in place? Is your process GDPR compliant keeping your application records safe? With ATS Software licenses costing anything north of £2000 per annum, these are more costs to consider when using job boards directly.
In such a socially driven society, more and more employers are using the likes of Facebook & LinkedIn to find their next hire. The biggest question I have for my clients is “does Facebook or LinkedIn have the right demographic for the type of candidate you are looking for?” if not, then spending money on sponsored adverts or “pay per click” advertising campaigns could become costly and more than likely not deliver the desired results.
Using Print Media is a similar story. Although in some industries print media is still very effective and there is very much still a place in the market for it, the biggest obstacle is not only ensuring that the media publication holds your target audience, but also ensuring that your target audience reads the publication when your advert is present. As the saying goes, yesterday’s news is today’s chip paper!
When we partner with our clients, our first job is to understand your current process and areas which you wish to improve. Our expert consultants will then work with you to build the ideal recruitment process which can include all or some of the above elements and more.
Partnering with all the Major Job Boards our bulk buying power means that we are able to offer Fully Branded Job Board Advertising Campaigns across all Job Boards, industry and location specific Job Boards, Leading Aggregators and Social Media Networks for a fraction of the cost than if you were to go to them directly. We can even help with job advert creation and optimisation ensuring your adverts are situated as far up the search listings as possible.
Our In-House Resource Team are a dedicated team helping you manage the application response and candidate engagement if you do not have the capacity to do so within your existing business. Working as an extension to your team, our Resourcers work with you directly to build a bespoke process that enables you and your Hiring Managers to go about what you do best saving both time and money.
Our Market Leading ATS System is offered to all clients as part of our service and is built into the cost of our standard campaigns. Being fully cloud based and GDPR compliant, with automated candidate emails, you and your team can have peace of mind that your recruitment is being supported and protected without the added cost of dedicated technology.
If you would like to find out more about Career Kinetics and how we can help you lower the real cost of recruitment, give our team a call on 0800 0485 785 or email us at firstname.lastname@example.org