Recruitment processes are becoming increasingly complex and time-consuming, and are at the heart of human resources managers' concerns. The cost of these processes is largely underestimated due to the many hidden costs involved. Here are 3 concrete ways to effectively reduce this type of expense.
13 Feb 2023
What are hidden costs ?
In an era of unbridled competition for talent, reducing recruitment costs is turning out to be a particularly strategic challenge. It is now known, though, that many of these costs are hidden: they weigh on business processes and their impact cannot be accurately measured. They can however be grouped into several categories:
- The loss of time due to lengthy selection processes, often carried out by non-specialist staff who sacrifice many hours of work;
- The loss of efficiency due to high turnover requiring traiing and handover periods that are sometimes long and costly;
- The loss of employee engagement due to the difficulty of maintaining a coherent and stable team spirit.
Hidden costs with prominent impacts
These hidden costs are especially significant in the case of a failed recruitment. Disorganisation of teams, deterioration of customer relations, loss of information…
But beyond the direct financial loss, recruitment difficulties can also mean a competitive disadvantage for players unable to acquire the strategic skills they need to stay in the innovation race.
What can be done to reduce these hidden costs?
Promoting internal mobility
Developing an employee who is already part of the company is often a much less risky approach than external recruitment. As their performance and soft skills are known to their colleagues, they can be assessed on a more reliable basis and their integration will necessarily require a much shorter transition period due to their knowledge of the company, as well as its culture and processes.
Internal mobility is also a major factor of commitment: opportunities for career evolution motivate employees by rewarding the most committed and grow their loyalty to the company.
To develop this type of recruitment, the Cegid Talentsoft solution offers a Marketplace of opportunities tool that allows company employees to search for job offers that match their profile and skills. It also gives HR managers the opportunity to make targeted internal mobility proposals to each individual.
Automating recruitment processes
Reducing the hidden costs of recruitment can also be achieved by partially automating various stages of the process: advertisement and application registration, sourcing and selection of candidates, administrative and operational onboarding, etc.
By dramatically reducing the duration of the talent acquisition process, automation not only optimises costs but also improves the candidate experience. Future employees are kept informed in real time of the processing of their applications and benefit from faster responses. This is particularly important when you consider that, according to a study conducted by RegionJob, 60% of talents give up when the recruitment process is too complicated.
A recruitment software like Talentsoft is therefore a way to optimise the hiring process and to easily manage large volumes of recruitment. With its turnkey and fully customisable careers website, it is also a first-rate collaborative tool for employees, from managers, to department heads, to HR, who can exchange information throughout the entire process. They can comment on applications prior to transfer, while keeping a history of all transactions and opinions for future use. Centralised recruitment is becoming increasingly essential, especially for organisations with multiple locations, both in France and abroad.
The employees’ network is a largely untapped resource for most employers. Former classmates, ex-colleagues or professional partners… Every member of a company personally knows people whose skills could be valued by joining the team.
To enhance this informal network, it is therefore necessary to develop co-optation programs through which employees can recommend candidates and be rewarded for their contributions.
This is what the Cegid-Talentsoft solution makes possible. Thanks to its dedicated co-optation tool, your employees can browse the list of positions open to employee referrals and recommend a candidate in a few clicks. All they have to do is fill in some information and send a message to the recruiter in charge to collect referral points and eventually exchange them for rewards.
Optimising processes to better identify talent
At a time when recruitment costs are increasingly weighing on the balance sheet of companies of all sizes, reducing hidden costs is a priority for many human resources departments. To achieve this goal, these three levers rely on the centralisation and use of HR information. These processes are facilitated by next-generation HR solutions such as Cegid Talentsoft, which offers a complete suite of tools designed to profoundly transform recruitment processes by simplifying them, from profile selection to onboarding.
Discover more about how to reskill your talents to avoid additional costs !