Recruitment Hacks — How to Hire Top Talents on a Limited Budget

Growing the team is often the most challenging task for employers. Not always you find the right candidates at the right time and on top of that if you have a tight budget the job becomes even more difficult. As a recruiter, you must have come across candidates that are a great fit for your organization but you simply cannot afford them. And so you are trapped in a paradox — you need to expand your team to increase revenue but you cannot afford to expand your team until you increase your revenue. However, amid this frequently occurring scenario in the business world, there also dwells a common misconception among recruiters for which they miss out on top talents from the industry. Although compensation is an important part of attracting good candidates, recruiters also need to know that it’s not the only way of winning them over. Competition is tough out there with big companies offering lucrative compensations but the good news is that many talented candidates are also looking for good work culture, shorter distance to work, skill enhancement opportunities and other benefits. And, if you can plan your recruitment process well you can very well attract top talents even under tight budgets.

If your organization also has budget constraints but is looking for skilled people to join the team, here are a few techniques that might help you hire the right candidates:

1. Offer Higher Designations

Many candidates are looking to add advanced job titles to their resume. One of the prime motivating factors for a professional, once his basic monetary needs are fulfilled, is the sense of accomplishment and prestige. People aspiring to become Vice President or Directors look for senior-level positions in organizations to pave their way. So, offering higher designations might help lure the top talents but the recruiters also need to understand the roles and responsibilities of the job and offer a rank that justifies it.

2. Highlight Your Company Culture

Some candidates prefer a great work culture over a lucrative pay package. Some are also looking for rich work experience to advance their skillset, for which startups are appropriate. While you are trying to attract good candidates during the interviews, do not forget to highlight your company culture, explaining what makes it different from others. Mention the advantages of working with your organization such as a good work-life balance, flexible working hours, professional growth or others that make your company a great place to work.

3. Impress Them with Perks and Benefits

Employer-sponsored benefits such as good retirement plans and health insurance attract a lot of candidates. These are the minimum benefits that all employees expect from their organization these days. Such benefits, combined with other perks such as profit sharing, the flexibility of working remotely, paid time-off, and bonuses tied to organizational performance make working with the organization even more lucrative. A lot of candidates are willing to compromise on their pay package if they get such perks and benefits.

4. Provide Opportunities for Professional Growth

There are good candidates out there who are looking for opportunities to advance their careers by learning new skills and by being exposed to new markets and technologies. While trying to sell your company to the candidate, share the examples of high-profile projects that your company has handled or the experiences of your management team to ensure them that they would get enough opportunities to learn from experts. Assure the candidates that your organization would offer them great opportunities to progress their career graph in the long term.

5. Conduct Professional and Systematic Interviews

The way an organization conducts interviews always has a significant impact on the candidates. Optimize your interviewing process to provide a great candidate experience. Provide training to the interviewers on how to develop and implement a professional and systematic process. Good interviews in terms of procedures and settings always make a good first impression and say a lot about the company culture. Use this aspect to your advantage and make a great impression on the candidates to convince them that your organization is a great one to be associated with.

Not every talented candidate out there is looking for a great pay package. By following smart techniques and strategies and optimizing your company policies, you can surely hire top talents even on a limited budget. All you need is some careful consideration of the aspirations of the candidates.