16 Ways to Reduce Your Cost-Per-Hire

Recruiting top talent in the life science industry can be a challenging and costly process. The demand for skilled professionals combined with the specialised nature of the field often leads to high cost-per-hire. However, with careful planning and strategic execution, you can effectively reduce your cost-per-hire whilst still attracting and retaining top talent.

In this article, we explore 16 ways to help you optimise your recruitment processes and minimise costs, allowing you to the best ROI possible for your organisation’s hiring.

Clearly Define Job Requirements

Before initiating the hiring process, ensure you have a solid understanding of the job requirements, including the non-negotiables that the ideal candidate must possess. This will ensure that your job postings and candidate searches are targeted and focused, reducing the time and resources wasted on unqualified applicants.

Leverage Employee Referral Programs

Tap into the power of your existing employees by implementing an employee referral program. Incentivise your staff to refer potential candidates from their professional networks. Employee referrals often yield high-quality candidates who are more likely to align with the company culture, resulting in a shorter time-to-hire and lower cost-per-hire.

Utilise Niche Job Boards

Make use of niche job boards that cater to the life science industry, such as PharmiWeb.Jobs. These platforms attract professionals with specialised skill sets, increasing the chances of finding qualified candidates efficiently. Targeted platforms reduce the risk of wasted resources on uninterested or unqualified applicants.

Here are 7 more benefits of using a niche job board to fill your life science vacancies.

Build and Maintain a Talent Pipeline

To reduce time-to-fill and cost-per-hire, invest in building a talent pipeline. Regularly engage with potential candidates who may not be an immediate fit for current openings but possess desirable qualities for future roles. By nurturing relationships with these candidates, you can establish a pool of qualified individuals who can be tapped into when suitable positions arise, saving both time and resources.

Don’t limit your search to active jobseekers. Actively engage with passive candidates who may not be actively looking for new opportunities. Attend industry conferences and other networking events to connect with talented professionals to further add to your talent pipeline.

Optimise Your Employer Brand

Enhancing your employer brand can significantly impact your recruitment efforts. Establishing a positive reputation within the life science industry can attract top talent reduce hiring costs, as more jobseekers will proactively approach you when it comes to finding their next role. Showcase your company culture, employee testimonials, and career development opportunities on your website and social media platforms to create a compelling employer brand that resonates with prospective candidates.

Leverage Social Media

Harness the power of social media to source and engage potential candidates. Platforms like LinkedIn provide access to a vast pool of life science professionals. Actively participate in relevant industry groups, share thought leadership content, and leverage social media advertising to attract passive candidates who may not be actively looking for new opportunities.

Conduct Pre-Screening Assessments

Implement pre-screening assessments to evaluate candidates’ skills and qualifications before committing valuable time and resources to in-person interviews. This step ensures that only the most suitable candidates progress in the hiring process, minimising the cost of unnecessary interviews and increasing the chances of finding the right fit.

Here are 16 online pre-screening and interviewing platforms to use in 2023.

Streamline the Interview Process

Optimise your interview process to minimise the number of stages and the time required for each stage. Use structured interviews with standardised questions to ensure consistency and fairness. Leverage video interviewing platforms to conduct initial screenings, reducing the need for travel and logistical expenses associated with in-person interviews.

Negotiate Competitive Compensation Packages

When extending an offer, ensure that the compensation package is competitive within the life science industry. Conduct market research to determine the appropriate salary range and benefits. Offering a package that aligns with industry standards increases the chances of securing top talent and reduces the risk of losing candidates due to compensation concerns.

Develop Partnerships with Universities and Research Institutions

Forge strong relationships with universities, research institutions, and educational programs specialising in life sciences. Collaborate with them to establish internship programs, co-op opportunities, and research partnerships. This allows you to tap into a pool of talented individuals who can potentially be future hires, whilst also reducing recruitment costs.

According to the Times Higher Education World University Rankings, the best universities for life sciences in the UK as of 2023 are:

University of Cambridge
University of Oxford
Imperial College London
UCL
University of Edinburgh
King’s College London
University of Manchester
University of Glasgow
University of Bristol
University of Dundee

And in the US:

Harvard University
Massachusetts Institute of Technology
Stanford University
California Institute of Technology
Yale University
Princeton University
University of California, Berkeley
John Hopkins University
Columbia University
University of California, San Diego

Implement an Effective Applicant Tracking System (ATS)

Invest in a robust applicant tracking system to streamline and automate your recruitment process. An effective ATS can centralise candidate data, manage job postings, track applications, and facilitate collaboration amongst team members. By reducing manual administrative tasks, it can improve efficiency, save time, and lower hiring costs.

Leverage Employee Development Programs

Invest in employee development and internal mobility programs that provide opportunities for upskilling and career advancement within your organisation. By nurturing and promoting internal talent, you can reduce your reliance on external hiring, which often incurs higher costs. Encourage employees to acquire new skills and qualifications, fostering a culture of continuous learning and growth.

Implement Employee Retention Strategies

Retention is as important as recruitment. Develop and implement effective employee retention strategies to reduce your turnover. Engage with employees, provide opportunities for growth, offer competitive compensation packages, and foster a positive work environment. Retaining talented employees not only reduces the need for frequent external hires, but also saves costs associated with recruitment and training.

Foster a Positive Candidate Experience

A positive candidate experience can significantly impact your cost-per-hire. Ensure that candidates receive timely and personalised communication throughout the hiring process. Provide feedback to unsuccessful candidates and maintain a professional and respectful approach. A positive candidate experience can lead to favourable word-of-mouth, increased referrals, and improved employer branding.

Analyse and Optimise Your Hiring Metrics

Regularly review your hiring metrics to identify areas for improvement and cost reduction. Track metrics such as time-to-fill, cost-per-hire, source of hire, and candidate drop-off rates. Analyse the data to identify bottlenecks in the process and implement targeted solutions. Continuously refining your hiring strategy based on data-driven insights ensures efficiency and cost-effectiveness.

Here are 21 recruitment metrics to measure in 2023.

Evaluate and Optimise Recruitment Advertising Channels

Regularly assess the effectiveness of your recruitment advertising channels. Track and analyse the performance of different platforms, job boards, and social media channels to determine which ones yield the best results. Focus your resources on the most productive channels, eliminating or reducing investment in those that provide minimal returns.

Get Help With Your Hiring

Need help connecting with top life sciences talent? Contact us today.

Lucy Walters

Senior Marketing Executive at PharmiWeb.

16 Ways to Reduce Your Cost-Per-Hire