Reduce cost per hire with social media

Social media is now an integral part of our lives. That's a good thing because these channels open up unique opportunities to connect with job seekers! Find out how this development helps to reduce the cost per hire in today's highly competitive job market in this article.

What is meant by Cost per Hire?

The Cost per Hire, or cost per hire in English, is a crucial key performance indicator (KPI) in recruiting. It quantifies the total expenses incurred when filling a job vacancy. This includes placing job advertisements, conducting interviews, onboarding new employees, and other administrative expenses. By analyzing the Cost per Hire, organizations can evaluate and optimize the efficiency of their hiring processes.

How Social Media Reduces Cost per Hire

In the competitive world of recruitment, it is essential to keep the cost per hire low. However, the challenge is to achieve this without compromising the quality of candidates. Only in this way can a company's financial health and operational efficiency be ensured.

A promising method to achieve this is through social media recruiting. By using innovative targeting methods, qualified candidates can be reached where they spend several hours daily — on social media. Unlike traditional recruitment paths, social media recruiting reduces cost per hire thanks to these advantages:

Lower Costs Due to Higher Reach

Social media platforms like LinkedIn, Instagram, Facebook, and TikTok offer cost-effective solutions for sharing job offers with a large group of people. Unlike traditional job boards where you simply wait for the right candidate, the job listing is targeted at a group of qualified workers at a fraction of regular posting and advertising fees. Due to the increased reach, many of our clients report a rise in applications.

Targeted Approach Yields Better Results

One of the biggest advantages of social media recruiting is the ability to target specific demographics. By specifically addressing potential candidates based on their online behavior, skills, and network affiliations, companies can enhance the quality of incoming applications. This targeted approach not only saves time but also reduces resources spent on filtering unsuitable candidates. This thereby further reduces the overall cost per hire.

Strong Employer Brand Lowers Future Costs

Social media provides an excellent platform for companies to showcase their culture, values, and work environment and position themselves as an attractive employer. When candidates see job postings from your company where you highlight the exciting workday or unique employee benefits, they associate positive emotions with your company, thereby increasing the likelihood of receiving applications in the long run. An established employer brand attracts more passive candidates, reducing the need for future recruitment expenses.

Accelerated Hiring Enables Increased Savings

The dynamic and interactive nature of social media significantly optimizes the recruitment process by accelerating everything from job posting to communication with applicants. This not only leads to a shortening of the entire hiring cycle, but also helps to significantly reduce costs arising from prolonged vacancies. In a modern recruiting approach aimed at minimizing costs and time expenditure, it is crucial not just to focus on generating reach but also on the handling of applications. High-quality reach can significantly shorten hiring times, thereby reducing costs per position over the long term.

Conclusion

The shift to recruiting through social media is not just a trend but a strategic change in the way companies approach talent acquisition. Social media recruiting not only helps to reduce cost per hire but also to optimize the recruitment process, improve the quality of hires, build a strong employer brand, and minimize the time investment involved.

Do you want to lower your cost per hire? Then try social media recruiting from two.jobs!