What is an effective method of sourcing candidates at a low cost?

An effective method of sourcing candidates at a low cost is through employee referrals. This approach leverages current employees’ networks, which often leads to high-quality candidates who may align with the company culture and values. Since the referral process typically does not involve significant monetary expenses—other than possibly offering a referral bonus—it can be a cost-effective way to tap into a pool of potential hires. Employee referrals can also expedite the hiring process, as current employees can provide insights on the candidates’ capabilities and fit for the organization, reducing the time and resources spent on recruitment.

While recruitment agencies can be effective in sourcing candidates, they often come with high fees that may not be justifiable for budget-conscious hiring. Online job portals can also incur costs, especially for premium listings, and may not guarantee the quality of candidates. Television advertisements can be prohibitively expensive, make it difficult to target specific candidate demographics, and often result in a large volume of unqualified applicants. Therefore, employee referrals stand out as a low-cost yet highly effective method for sourcing candidates.