What happens when 1200 candidates apply for nine available jobs? For I Love Rewards, Inc, a small consulting firm with offices in Wellesley, Mass. and Toronto, Canada, the answer was to employ speed dating techniques. They invited all 1200 to a corporate ‘open house’ at the Toronto office. The response rate was 1 in 3.

Says founder and CEO, Razor Suleman, “That’s self-selection. It’s so easy to apply … but 800 didn’t take the first step. That lowered the screening process.”

Suleman and his team organized the event at corporate headquarters with a general ‘meet and greet’ on the main floor, and used the second floor for one-on-one five-minute interviews with candidates and key personnel. The result: at the end of the event, Suleman and his team had found 68 strong candidates to invite back for more intensive interviews.

A tight economy has made smaller corporations very aware of their bottom line. The costs associated with job recruitment, such as headhunter fees and advertising, can mount up fast. And if a new hire bombs out, finding a replacement only increases the costs. As a result, these companies are looking for innovative, efficient and economical ways of finding new employees.

Some companies are using personality tests – questionnaires that take only a few minutes of an applicant’s time and give potential employers a snapshot of a perspective employee’s strengths and weaknesses. One Arizona company began using a test developed by Professional Dynametric Programs, Inc. to screen potential hires in June. According to the CEO, “So far, every hire we have made in which we used the survey tool has resulted in a successful placement.”

An advertising agency located in Albuquerque, New Mexico is talking a truly innovative approach in screening potential employees – they invite prospective candidates to spend a few days at headquarters. Since most of the agencies hires would require relocation, the price of a trip to New Mexico is part of the corporate budget. Putting a couple of extra days of hotel expense on the tab is small change if it helps insure the agency makes the right hire.

“Humans are on their best behavior when they meet new people, but you start to see who they really are when they are relaxed and are themselves,” reasons the creative director.

So far, this technique has yielded excellent results for the agency.

For serious job seekers the message is clear: in today’s economic climate, be prepared for anything…even a speed date!