Are you looking for effective ways to reduce recruitment costs?

blog by George Bentham, Head of Employee Benefits

In the challenging landscape of the current business environment, organisations are constantly looking at ways to streamline operations and costs. One question we are hearing regularly is ‘how can a business reduce their spend on recruitment’ as it consumes both money and time – broken down as advertising, agency fees, and the substantial investment of time in the hiring process. However, a comprehensive benefits package tailored to attract and retain top talents can significantly contribute to reducing these costs over time.

The good news is our team based in Manchester can help you! Our bespoke solutions not only curtail recruitment expenses by helping you retain staff but also foster a thriving, engaged workforce, leading to enhanced business efficiency.

Understanding the costs

First of all, you need to understand what the costs are to your business. Typically, these will be:

• Advertising Expenses
  Traditional job advertisements, along with digital marketing campaigns to attract potential candidates, can incur significant costs.

• Agency Fees
  Seeking assistance from recruitment agencies often involves substantial fees, especially when recruiting high-level professionals.

• Time Investment
  The time spent on interviewing, onboarding, and training new employees is a substantial cost for any business.

• Downtime Costs
  There is also the hidden cost of downtime from your team being a member short. This is reflected in loss of productivity.

So, how can you make savings?

Here at Caunce O’Hara Insurance Brokers Limited (COHIBL), we understand the intricate challenges businesses face in managing their resources effectively and fostering a loyal, productive workforce.

Here are some tips to help you unlock your business’s full potential:

Strategic Resource Allocation:

Try to understand why you may be losing people. Using employee satisfaction surveys can significantly minimise the need for recruitment as it can help you to retain existing team members. By changing where you spend the money, you could free up vital resources that can be redirected towards critical areas of your business. This step allows you to enhance operational efficiency and invest strategically in your company’s growth.

Enhanced Talent Retention:

Foster a supportive work environment. Looking at different wellbeing dimensions (mental, physical, social, and financial) may help you to build a comprehensive support package that cultivates deep employee connections. This strategy effectively reduces turnover rates, saving valuable time and costs associated with training and onboarding new team members, thus maintaining a stable and experienced workforce.

Increased Workforce Productivity:

Prioritise employee well-being and engagement through customised benefits to create a highly committed workforce. Elevating employee morale not only fosters a positive work environment but also significantly boosts overall productivity, leading to a more efficient business operation and reduced recruitment needs.

How COHIBL can support you

Our dedicated team at COHIBL offers tailored benefits solutions that are specifically designed to optimise resource allocation, enhance talent retention, and elevate workforce productivity. With our expertise, you can build a resilient business model that fosters a thriving, engaged workforce while ensuring efficient resource utilisation and sustained growth.