Cost of acquiring talent: how to reduce efficiently?

Finding and hiring talents is a great challenge, especially in technical areas. According to research, US ranks among the top countries to fill job positions. Because of this, you need to have a good hiring strategy.

This strategy, however, weighs somewhat in the budget of HR and the company. The cost of acquiring talents becomes high from the moment the company needs to spend hours with this process, especially in the selection stage.

With that in mind, we have created a guide for you! Here you will know the costs of hiring talents, how to reduce them, and the role of video interviews.

Keep reading!

Origins of Cost of Talent Acquisition

One thing is certain: hiring talent is crucial to keeping the company competitive. Some surveys report that organizations that effectively invest in people management perform 51% higher than the competition on average.

Some costs related to hiring must be considered. The first comes before recruitment and selection: the construction of the employer brand. The intention is to build a positive image of the company for the job market, making the above-average professionals want to act in it.

In this case, it is possible to highlight costs with: career page elaboration, pieces for social networks, videos and testimonies about the organizational culture.

When recruitment begins, there are other types of costs. It is necessary to publicize work positions in social networks, partnerships with selection agencies or headhunters. The costs can be even greater when there are difficulties in hiring.

Finally, it is worth mentioning the expenses with the selection process. Traditionally, the whole selection process is done within the company – interviews, dynamics, tests, etc. – which is generating an unnecessary cost, most of the time. In addition, this puts the HR professional’s agenda on the back burner.

How to reduce costs efficiently?

To reduce costs, you have to focus on new technologies – that is, making your company’s HR more digital. According to a Deloitte survey, about 56% of companies are already redesigning their HR processes and betting on digital tools.

One of the most important is the recruitment and selection software. It helps manage the entire hiring process: announcing open positions, screening the first professional profiles and communicating with the candidates.

The software allows you to advertise job positions in multiple portals from one place, centralizing all work and optimizing the recruiter’s time. In addition, you can create application forms and get to know the talents better in this first step.

Another technology that is gaining more and more attention is arranging interviews through videos. Today, you do not have to waste time – and money – on face-to-face interviews that could be avoided: just send out the question script and watch the answers.

You can watch the same video several times, and share it with other managers of the venture. This adds greater flexibility and convenience to the selection process, allowing the recruiter to reduce costs and focus on other activities.

How Video Interview Helps Reduce Costs

Video interview saves time and money for the HR industry. With it, candidates can record their responses with their own smartphone and send the file to the recruiter, making the whole process more flexible and effective.

Check out the benefits:

Reduces the time that the professional would dedicate to the interview

An HR professional spends a lot of time to get everything in order for the face-to-face interview to begin. In addition to preparing the space, he usually reviews the script of the conversation and aligns other leaders who will participate at the moment.

In some cases, the candidate misses or cancels the interview, making all the time spent in vain. As noted, interviewing through video allows all this time to be eliminated.

Just create a script of questions for the professional and await your answers in the video. Content can be shared, viewed, and reviewed as often as needed.

Increases the speed and efficiency of the interview itself

In the face-to-face interview, lack of objectivity is common – things that are not pertinent to the moment are almost always discussed. In addition, the most important information needs to be noted by the recruiter, which is not very interesting in the middle of the interview.

When conducting the video interview, it is possible to increase the objectivity and make the professional answer what is really important for the company. So it is possible to stay focused and talk about what really matters, leaving other issues aside.

Because responses are saved, you can archive them and access them in the future if a new demand arises. Therefore, the efficiency is much greater.

Eliminates expenses with phone calls

It is very common for HR to have to use the telephone to schedule a face-to-face meeting, to ask questions that were left when reading the professional profile or to give feedback from the face-to-face interview. Whatever the case, this is not the best method. When using video interview, the time and cost of calls are optimized.

Unlike what happens over the phone, when watching the responses of the candidates by video is possible to observe their body language, their gestures and the way they dress. Thus, it is possible to carry out a more systemic analysis and ascertain if the candidate has adherence to the position.

Allows more candidates to participate in the selection

With video technology it is possible that more candidates will participate in the selection process – after all, HR will have the flexibility to do so. As a result, the chances of hiring someone with a job and team members are also greater, which will benefit the company.

The cost reduction lies in the fact that adherent professionals spend much more time in the company, reducing indicators such as turnover and absenteeism. That is, the company eliminates future spending and makes your work team much more effective.

These are just some of the benefits of using video for the recruitment and selection process. The reality is that the HR sector will need to modernize more and more to act effectively and contribute to the growth of the company.

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