This article is drafted for C-level executives and top HR professionals looking to streamline their recruitment processes and associated costs. In this article, we explore how Huneety helps companies reduce recruitment costs without compromising on recruitment quality.
What to Include in Your Recruitment Costs:
- Cost of Vacancy (COV): The cost of vacancy is defined as the impact cost when a position is not filled. This can include revenue loss when the position remains unfilled.
- Direct Recruitment Costs: This includes the cost of advertisements, recruitment agencies (Headhunter fees), and the internal recruitment team.
- Cost of Onboarding: This covers the time and cost related to onboarding until the new employee reaches full productivity. It includes the time and salaries of the Line managers, HR, and employees involved in the training program and the time and cost associated until the new hire reaches 100% productivity at work.
- Cost of Internal Inefficiency: This includes the time and cost associated with job openings, such as the time required to open a role, the incurred cost of designing a new organisation, the time spend between interview rounds, and the time taken until the final hiring decisions.
Want to learn more about recruitment costs? Click here to read the full article.
Most companies see recruitment costs only as direct expenses, but this is just the tip of the iceberg. Hiring the wrong person can be even more costly, averaging 5 to 25 times the position's salary (Indirect costs below).
How Huneety helps companies decrease recruitment costs
1. Addressing internal inefficiencies to reduce recruitment costs
One cause of recruitment costs is recruitment processes that are administered but not enforced. Is your organization hiring process effective as it is now, or could it be improved further? Here is what Huneety ensures for each hiring project :
- 📊 Salary Benchmarking: Ensuring salary provided is matching current salary benchmarks within your industry.
- 📄 Accurate Job Descriptions: Optimizing job descriptions for best recruitment / marketing practices and comply with local regulations.
- 🧑🦰 Talent Pool Development: Provide a talent pool within five days of the job opening, with shortlisted candidates who best match the role.
- ⭐️ Role-Specific Assessments: Setting the right assessment for each role with Huneety assessment library.
- 🗣️ Line Manager Feedback: Coordinating feedback from line managers on shortlisted candidates within 48 hours.
- 📅 Timely Interview Scheduling: Scheduling interviews within 24 hours of receiving feedback, continuing until the final rounds are completed.
- 🤝 Negotiation and Hiring: Ensuring the contract is drafted and compliant with local labor laws.
- ⚓️ Onboarding Support: Providing an onboarding program for the new hire, including clear probationary objectives to ensure new hires are effective in their role.
2. Decreasing "Time to Fill" to save months of sourcing.
Sourcing can take a few weeks or a few months, thereby increasing the cost of vacancy. Huneety delivers candidates within just 5 days by leveraging:
- Your company internal Talent Pool : Ensuring your company does not omit internal promotion options.
- Huneety talent pool : Tapping directly in Huneety candidate pool, delivered into your open recruitment projects.
- External recruitment channels: Huneety distributes the job distribution to free and paid job boards, as well as specialized social media channels.
3. Absorbing Your Company’s Advertising Recruitment Costs
Huneety covers the recruitment costs, including job advertisement expenses, so these costs are not borne by your company. This approach facilitates the efficient sourcing of candidates. Huneety platform recommends the right premium and free channels to publish the roles, without your company having to pay for it.
Additionally, Huneety provides free employer branding videos to enhance traction in the candidate market. These employer branding videos are produced by Huneety team, ensuring your company stands out to potential candidates without incurring extra expenses.
4. Building a candidate talent pool to meet future hiring needs, at lower cost
Companies that fail to build strong talent pipelines may struggle to lower their recruitment costs and will remain dependent on external agencies for their hiring needs. Huneety provide companies with a talent pool delivered on the platform, with data points such as :
- Job function and seniority fit
- Direct industry fit
- Skills: soft skills, hard skills, and culture fit.
Using a talent pool reduces ongoing recruitment costs by cutting down the time spent on unqualified candidates, decreasing the need for external job advertisements, and shortening the overall hiring process.
Each time a new recruitment project, Huneety scans your talent pool to detect the right match and close the role faster, at lower cost.
5. Shielding your Organization from Mis-Hiring Costs with Soft Skills and Culture Fit Assessments
Using soft skills assessments supports the organization in selecting the right candidate. With Huneety, companies can effectively assess soft skills and culture fit. Assessing for culture fit helps companies ensure that candidates align with the organization’s values and possess the main qualities required for the role.
With Huneety, each candidate is pre-screened based on the company’s required soft skills before the hiring manager conducts interviews. A candidate report is produced for each applicant, which includes:
- An understanding of the behavior and qualities required for each role
- An interview report for each candidate
The cost of mis-hiring can be an average of 5 to 25 times the employee's average salary.
Click here to learn more about the importance of soft skills in the hiring process.
Overall comparison of Huneety VS recruitment agencies
Below is a comparison of Huneety versus traditional recruitment agencies.
In summary, Huneety is helps companies to :
- Divide direct recruitment costs by 5.
- Reducing the cost of Mis-hiring, which can amount to 5 - 25 times the monthly salary of the new hire.
Do you want to know more about how to reduce cost of hiring for your organization? Click here to schedule a discussion with our team.
