Strategies to Minimize Recruitment Costs: A Management Report

This report addresses the issue of high recruitment costs faced by organizations. It highlights the financial strain of traditional recruitment methods, such as using external agencies and job boards. The report then proposes and details several strategies to reduce these costs, including leveraging social media for recruitment, utilizing employee referrals, and optimizing the company's career portal. The advantages of these strategies are discussed, such as reaching a wider audience and reducing reliance on expensive external services. The report emphasizes the importance of cost-effective recruitment practices for efficient resource allocation within the organization and provides insights on how to improve the hiring process. The report is supported by academic references to validate the findings and recommendations provided.

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Reducing the recruitment cost
The managers often have to look over the cost that is involved in the recruitment of the
employees. The recruitment process is often very costly, and a huge amount of money from the
company fund is used up. As a result of this, the company might feel that it is becoming tough
for them to use the money for many other purposes of the organisation like the investment on the
research and development department (Topolovec-Vranic & Natarajan, 2016). The company
often has to use a large amount of money to find out and recruit the right person for the right job.
However, the organisation has to use some strategies that will be helping them to cut down the
cost that is involved in the recruitment process
The strategies are-
 Optimize your company career portal
 Recruit via Social Media
 Leverage referrals from current employees
Reasons behind the excess cost
The organisations that do not have there in house recruiting channels have to recruit the
candidates by taking the help of some other external agents like the consultancy services. This
option may seem to be very easy and cheap, but there are some or the other kinds of issues
associated with it. This has to be noted in this context that the organisations have to use a good
portion of money from their funds to maintain the partnership or this collaboration that they have
developed with the external recruiting system or the consultancy services (Bold et al., 2016).
The job boards also change a huge amount of money per advertisement from the
organizations — this overall the company has to pay a considerable amount of money for the

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recruitment of the candidates. The organisations thus make a considerable wastage of their
money and their time in recruiting the candidates from the external agencies.
Minimizing the recruitment cost and enhancing the hiring process
Recruit via Social Media
In this modern day context, many of the organisations are using social media methods to
recruit the candidates. Twitters, snapchats and other such social media posts help send a prompt
of the job vacancies or the job advertisements to a mass population. Majority of the people spend
their time browsing their social media accounts (Gelinas et al., 2017). As a result of this, the job
vacancy prompts are immediately sent to the users.
Referrals from current employees
The organisations must use their existing candidates as a source for recruiting the
candidates. The existing employees have a good idea regarding the job requirement and
can refer the best employees for the job vacancies. This will be very helpful for the
organisation. The organisation will be able to cut the cost of contacting with the external
recruiters like the consultancy services or the job advertising agencies. This will help the
organisation to use their existing resources or the current employees to hire new ones. As a
result of this, they will be able to optimise their recruitment cost.

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References
Bold, K.W., Hanrahan, T.H., O'Malley, S.S. & Fucito, L.M., 2016. Exploring the utility of web-
based social media advertising to recruit adult heavy-drinking smokers for treatment.
Journal of medical Internet research, 18(5).
Gelinas, L., Pierce, R., Winkler, S., Cohen, I.G., Lynch, H.F. & Bierer, B.E., 2017. Using social
media as a research recruitment tool: ethical issues and recommendations. The American
Journal of Bioethics, 17(3), pp.3-14.
Topolovec-Vranic, J. & Natarajan, K., 2016. The use of social media in recruitment for medical
research studies: A scoping review. Journal of Medical Internet Research, 18(11).