The coronavirus (COVID-19) pandemic has had a significant impact on the U.S. job market. While some businesses have had to unfortunately make layoffs for the time being, others are scrambling to hire qualified talent as soon as possible. At the same time, all organizations are looking to drive cost saving across the board during these uncertain times. 
Whether your team is actively hiring right now or temporarily putting hiring on hold, you likely have an understanding of the various costs associated with hiring. From job boards costs to decreased productivity as a result of open roles, hiring expenses add up quickly.
A streamlined hiring process can save your team time and resources, and help you secure top talent sooner, ultimately reducing your hiring costs. Below, we’ve outlined several ways efficient hiring can help drive cost savings for your organization.

1. Optimize your recruitment costs 

Many employers make the mistake of simply purchasing a one-off job board posting each time they have an open role. But by taking this approach, you’ll only reach a limited number of prospective applicants and risk overspending on applicant channels that don’t drive results. 
Rather than relying on job boards alone, Hireology data found that a multichannel recruitment strategy results in five times more quality applicants than investing in one channel alone. Your recruitment sources should include a mix of job boards – such as national, local and niche, industry-specific job boards – as well as a compelling career site that excites top talent about joining your team. 
One you have a multichannel recruitment strategy in place, actionable data can help you optimize your budget and drive continued cost savings. Hireology’s Sourcing Insight answers the question, “What is my best source of applicants?” and provides clear visibility into the total number of applicants, quality candidates and hires by source. The Insight also provides central visibility into sponsored job board performance, including total sponsored posts purchased, dollars spent, quality applicants sourced, and average cost per quality applicant. By tapping into this data, you can ensure you’re only investing in applicant channels that drive results. 
With a diverse set of applicant sources, your team can better determine what’s working and what’s not with your recruitment strategy – and eliminate channels that don’t lead to quality applicants and eventual hires, driving cost savings. And a cost-effective recruitment strategy is key to boosting profitability at your organization in any economic climate.

2. Stop spending time on unqualified applicants

Many HR and hiring managers spend a significant amount of time manually reviewing every applicant – including those who aren’t a fit for open roles. Beyond reviewing unqualified applicants, sometimes these applicants also move on to the interview stage, which wastes more time, resources and money.
To avoid spending time on unqualified applicants, your team can incorporate prescreen surveys into your hiring process. With prescreen surveys, as soon as applications are submitted, your team can automatically send follow-up emails to each applicant with a link to the survey. These surveys typically include a series of true/false questions, only take candidates a few minutes to complete and are automatically scored. Candidates who aren’t a fit based on the results are automatically eliminated from the hiring process, saving your team time and resources.

3. Avoid manual processes and decrease time to hire 

The average HR leader spends nearly one-third of his or her work week on routine tasks such as answering calls, responding to emails, scheduling interviews and updating spreadsheets. While time spent on manual processes, this takes time away from other more strategic tasks necessary to help the business navigate these uncertain times. 
Instead of manually weeding through emails or paper applications, a streamlined hiring process enables you to store all candidate data and complete hiring steps in one centralized platform. And at a time when employees at many organizations are working remotely, a centralized platform enables your team to handle all steps of the hiring process virtually. 
You can speed up your overall time to hire by automating several steps in the hiring process. In addition to the prescreen surveys outlined above, steps that can be automated include: distributing skills tests, scoring interviews, completing reference and background checks, and sending candidates automated email reminders, among other steps. Ultimately, a more efficient hiring process can help your team reduce costs associated with lost productivity and profitability due to open roles. 

4. Streamline new hire onboarding 

No new hire is fully productive on his or her first day. And the longer it takes new hires to get onboarded and up to speed, the longer your team will lose out on profit. This means you need a process in place to get new hires onboarded as quickly and efficiently as possible. 
To speed up time to productivity for new hires, you can tap into digital onboarding. In many cases, new employees spend several hours of their first day or week filling out paperwork. Not only can this cause employee engagement to take a hit, but the longer an employee is simply filling out tedious paperwork, the less time they have to spend contributing to your team. 
Digital onboarding enables new employees to fill out paperwork once their offer letters are signed – before they even get started – and kick off their day-to-day work right away, rather than focusing on administrative tasks. And it saves your HR team from manually repeating the same onboarding tasks each time a new employee is hired.

Onboarding tasks that can be completed before the first day include: filling out direct deposit information for automated payroll, completing tax forms, filling out benefits paperwork and signing the employee handbook. During the COVID-19 outbreak, digital onboarding can also help you stay organized with new hires if your team happens to be working in a remote capacity at this time. 
The circumstances surrounding COVID-19 are unprecedented and the pandemic is leading to a variety of challenges for businesses across industries. Hireology is here to help you put your best team in place – and save time and money along the way. If you have any questions or need assistance, contact your Hireology Customer Success Manager or support@hireology.com.