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Low-Cost Ways to Recruit Top Talent in 2020 [Infographic]

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Low-Cost Ways to Recruit Top Talent

While we may be experiencing a slowdown in the job market, use this time to up your game in the HR department. Once the ball gets rolling again, the job market will be flowing with top talent — and you’ll want to recruit some of these prospects. Because it will be a job-seekers market, though, you’ll need to stand out to be noticed. Unfortunately, this can get expensive, but luckily there are solutions to stay in the green when it comes to recruiting.

Wikibuy has created a guide to help HR departments walk a perfect line of talent and budget in 2020. Especially for those businesses just starting out or with low-budget after the rocky economy, you’ll want to be extremely cognizant of how you spend recruiting dollars. Below we dive into ways to ensure your processes align with both essential elements. We also look at Fortune 500 company strategies and ways you can pull from these big ideas for a business of any size.

To start, you’ll want to stand out. Creating a unique job posting will help cut through the hiring noise and really make your position pop. To ensure your applicants are excited to be applying to a new job you’ll want to make a good impression, without having to spend money on swag or other incentives. The workforce realizes that the longevity of their success comes from more than a recruiting t-shirt.

Second, the average cost to hire a new employee is $3,000 — and that’s just to get them started. From interview time slots to management software to onboarding processes, the prices add up quickly — so get free software. One of the most effective ways to cut costs when it comes to recruiting is to use free software — like Zoom and Google Drive. Or, if you have to pay for a premium account, use a shared one for managers. This ensures there’s no compromising professionalism for saved revenue.

Third, creating an internal referral system can save thousands in the long run. Nobody knows your business better than your own employees, so having the opportunity and platform for them to recommend their trusted peers is a good way to start a talent search. More times than not,

Lastly, a good place to start your search is good old fashioned job fairs. College candidates are almost always eager to add something fresh and new to a company — whether you’re a long-standing institution or a new startup. Moreover, going to school-specific job fairs are a great way to hone your search and find the perfect candidate for each open entry-level position. You’re helping the school as much as they’re helping you, so registration fees are usually minimal or nonexistent.

As for what big companies are doing, we take a look at everyone from Tesla to Google. They’re utilizing strategies like asking extremely tough interview questions to make sure they find the most qualified candidates right away. Other companies like Medtronic bring their managers in at a very early stang in hiring to help determine fit immediately.

To see how these low-cost hiring strategies can apply to any business, check out the visual below and stay in the green with HR.

Low-Cost Ways to Recruit Top Talent in 2020

Low-Cost Ways to Recruit Top Talent in 2020

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