The cost of living is rising daily and hasn’t been helped since Brexit. Wages need to increase to be inline with inflation, as the gap is getting wider whilst the rich get richer and the poor get poorer. You just need to look at recent news stories relating to this issue to see that one in four UK families have less than £95 in savings. The same can be said in the recruitment world. As inflation increases, so do agency fees. In this blog we look at ways to keep costs down when recruitment fees are continually rising.

Hiring internally

Quite possibly the cheapest way to recruit. You can always advertise for a role internally, as you will already know who could be perfect for the role. That said, if you were to recruit this way, you would still have to recruit for the role vacated by the employee who has netted the promotion. Fear not though as the agency fee for this role will be smaller than the one which you would’ve had to pay for if you were advertising the more senior position. You might even have another internal candidate who would be suitable for the position.

Advertising locally

One of the oldest ways to recruit and a great way to keep it within the local community is by advertising in the local press and within your local area. This can be useful for local brand awareness – unfortunately the days of local advertising are numbered and the reach of this traditional platform isn’t what it used to be, so don’t expect hundreds of applications from this.

Advertising on social media

Social media is an innovative way of advertising, but to gain any real reach on these platforms you will need to invest.

With 31 million UK citizens having a Facebook account, which amounts to 60% of the population, your target audience is huge. It used to be so easy to generate an audience on social media, but these days it’s harder to get noticed as a business. You will need to spend money on advertising and have guidance from a marketing professional to get the most out of social media.

It may take a while to create a strategy that works for your business, so use split testing to understand what drives the most cost effective traffic to your careers site is a good approach.

Advertising with a recruitment agency

If you are wanting to recruit through an agency, be expected to pay fees upwards of 15% depending on the role advertised. Recruiting this way will usually find you a wealth of talent, but is an expensive way of doing things.

Advertising on job boards

If you advertise your vacancies on job boards you will receive an increased reach, but not necessarily all the right candidates. You will not get any managed service with the credits which means that you, will have to deal with all the applications and candidate communications. This again can be another expensive way of recruiting as costs vary between £99 – £299 for a single campaign but the more job boards you advertise on the higher the costs become. On the plus side, you would save on an agency fee, but will have a reduced reach and incur all the legwork.

Summary

Is there a way of combining all the above services in to one and it being offered at a flat fee cost? At Blue Octopus we offer a cost saving solution providing an end to end recruitment service at a fraction of the cost of traditional recruitment agencies. What to know more? Contact us.

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