Part IV of our eBook: A Guide to Planning Your Hiring Budget & Maximizing Recruiting Spend takes you a step further by breaking down the costs of the programs and systems you need or use and how they will impact your overall budget.
Programs and Systems
In order to get the very best new candidates and prospects into your talent pool, using the assistance of some type of program or system is essential. From managing job board postings to creating a CRM (or adding to one), and even installing and maintaining proper recruitment analytic tools, it’s no surprise that your budget is going to be ever expanding. To prevent this from happening too much, figure out what is really needed at your company. What are you able to easily do in-house and what metrics or management tools are important to you and your team? This will all be dependant on where you decide to advertise your job, how you decide to organize the incoming traffic of applicants, and the number of positions you are hiring for. The bigger this number is, the more likely a talent management or acquisition system is going to be best for you.
An employer brand alone can typically amount to a $129,000 annual investment. [Source]
Now, if you’re new to this, you may be wondering what kind of system works best for your company. Take a look at these different recruitment program specialties to see where your needs might fit in. (note: it is possible that you need a combination of these. If that is the case, finding a source that covers multiple aspects is ideal!)
- Perfect for retail, hospitality, restaurant, etc.
- Accelerate hiring and reduce costs and time to hire
- Allows you to fill multiple roles for single posts
- Complete end-to-end coverage of your entire college, MBA and PhD recruitment process
- Can include internships and apprenticeships
- Helps you focus on hiring what your company could be lacking including veteran hires and more
- Deepens engagement and maximize the power to connect
- Works to create the best in ROI
- Made specifically for the finance industry
- Accelerate and improve the entire process of finding, attracting, engaging, assessing and hiring the best financial services talent
Any of these, as well as many others, are great places to start when honing in on what your company may need. They will help your company better recruit, help manage events, ensure your candidates are engaged and also help assist with diversity hiring initiatives. Be aware that the costs for these systems will differ depending on how you use them, what aspects of the program you need, and especially if you decide to go with an all-in-one system.
For your benefit, be sure to do extensive research, participate in a demo, as well as report your findings to the rest of your team. Grasping a complete understanding of what each product provides while also obtaining outside insight and knowledge will help you in determining the best fit.
WCN is a highly rated, intelligent talent acquisition suite. Our products accelerate and improve the entire process of finding, attracting, engaging, assessing and hiring the best talent.
Besides systems, you may also be looking at other areas of job advertising and those can cost quite a lot as well. Again, it’s important to determine which ones work best to find the specific talent you are looking for. However, it is equally important to put your job ad out there to be as accessible as possible. For example, pick job boards that focus on the industry you are hiring for. Or, if you are going after a younger generation, scouting out local colleges and focusing heavily on social media may be the way to go.
Job or company placements you may want to consider:
- Local classifieds
- Building your own career site
- Recruiting events (that you host)
- Career fairs
How to Improve:
No budgeting exercise is complete without potential costs and budget for improvement. The world of TA Technology continues to grow and evolve at an exciting rate. What could you add to your toolbox to make recruiting at your organization even better? Some places to improve:
- Testing and assessments.
- Employee referral programs
- Mobile initiatives
- Expanding your entry-level recruitment program
- Video interviewing
- Employee reviews and brand
This is just part IV of our eBook: A Guide to Planning Your Hiring Budget & Maximizing Recruiting Spend. As 2017 comes to a close, 2018 brings forth a mountain of possibilities. Be prepared to hire the talent you need. Download our eBook to see how setting a proper budget is the first step in recruitment success.