No construction company wants to blow up its budget with hiring.
Keep the following tips in mind when attracting and hiring talent, and you should find yourself saving room in your budget for other construction costs.
Measure the Cost Per Hire
Before you can work to reduce your talent acquisition costs, you need to make sure you know where you stand. Knowing your cost per hire gives you a starting point, letting you confirm that your chosen strategies worked.
To calculate the cost per hire, you will need to add up all of the costs that go into hiring in a given time and divide it by the number of hires you make.
Externally, consider costs such as:
- Advertising or marketing
- Recruitment tech
- Staffing agencies
- Job fairs and boards
- Candidate travel fees
- Background checks and drug testing
And include internal recruiting costs, such as:
- Employee referrals
- Recruiter travel fees
- Recruiter learning and development
- Applicant tracking systems
- Recruiting teams
Now that you can track your progress, it’s time to look at strategies that will keep your recruiting costs low.
Optimize Your Career Portal
One of the first places to start is your website’s career portal. It should be mobile-friendly and informative. Make sure it has the information that applicants want to know about working for your construction company, from compensation to culture.
Use social media for Recruiting
Your construction company is likely already using social media for advertising, but did you know you can also use it for recruitment? Social media is a much more affordable alternative to traditional job boards.
You can use social media advertising to highlight your company culture in addition to available jobs. Social media will bring in a lot of candidates with varying experience levels.
Ask for Referrals
An excellent way to attract high-quality talent that will be a good fit is to ask current employees for referrals. Their suggestions will likely be a good fit for your construction company’s culture, as your team already knows what the culture is like.
fdDon’t Forget to Reduce Employee Turnover
One of the best ways to reduce the cost of hiring new construction employees is to minimize the need to keep hiring. You can reduce employee turnover as you observe and determine what your employees want from your company.
This likely includes career advancement, educational opportunities, and good compensation and benefits. Importantly, you should ask employees what they want and encourage feedback. Don’t just assume you know what they are thinking and looking for in their careers.
When you reduce the cost of acquiring talent, you free up more of your construction company’s budget for other projects or initiatives. The above tips should help you do just that.
Are you a hiring authority in need of construction talent? Submit a search request today.