Part V of our eBook: A Guide to Planning Your Hiring Budget & Maximizing Recruiting Spend helps you break down the costs of recruitment events and how they will impact your overall budget.
Cost of Events
Earlier within this document, we discussed events as a system to get your jobs out to the public. However, these can be expensive and honestly deserve their own spotlight. These events can range from anything between a simple career fair to actually hosting your own candidate meetup/outreach party. Whatever the case may be, consider all the events that you will be hosting or attending during the year to come up with an accurate budget.
Recruiting events to choose from:
- Career fairs
- Chamber of Commerce events
- Possible church or non-profit groups
- College alumni programs
- College career networking events
- Diversity groups
- Job club meetings
- Professional conferences
If you’ve had events in the past, you may already know what to expect. In this case, especially if you plan on doing close to the same types of events, base your budget on the average from years past. Or, if last year was your first time, average out the cost from each event.
84% of companies state the type of events they participate in most are university career fairs. [Source]
Even if this isn’t your first time hosting an event, it is still good practice to start tracking not only the cost, but also the ROI you are seeing from these efforts. This will help you determine which events are worth investing in, and which are not. In order to start this process, you may decide to seek outside help from a certain program or system (such as an ATS or CRM) - in this case, refer back to the section we cover on determining those costs. However, especially if you are a small business, it may make more sense to track this data internally using a combination of things including spreadsheets or even Google Analytics.
If you aren’t sure on exactly how this process would work, here are some pointers as well as some other metrics that are key to figuring out recruiting success:
- Number of actual applicants
- Qualified candidates per opening
- Event attendance
- Candidate conversion to interview (or the next phase in the process that your company decides)
- Offer acceptance rate
- Days to offer or days to hire
- Number of new hires from this event
- Retention rate
Lastly, it’s important to think outside of the box of just candidates and how many individuals may be attending. These event take sophisticated planning and not only will you have to pay someone to do that planning, but you also have to worry about the venue costs and more. Calculate fees, tickets and accommodations for events you’re interested in attending.
Costs of Recruitment Technology:
Recruitment technology has gone from the humble applicant tracking system to a wide array of talent acquisition tools. From sourcing engines to onboarding programs, here is a brief list of recruitment technologies to price out:
- Sourcing engines
- Diversity or blind hiring apps
- Applicant Tracking Systems (like WCN)
- Assessment or psychometric tests
- Video interviewing systems
- Background check services
- Hiring manager collaboration software
- PreBoarding/onboarding systems
- Predictive analytics & scoring
Instead of going into 2018 with a blind eye, be prepared! Set up your goals, recruitment needs and budget all together to get the most accurate representation of what you will need. In the end, it will make a world of difference when you have all the resources to hire the best talent for any open position within your company that you may come across. If you’re struggling to get started in any of these areas WCN has the solutions you need. WCN is a highly rated, intelligent talent acquisition suite. We have decades of award-winning recruitment software expertise and an obsession with driving real change in organizations. Our products accelerate and improve the entire process of finding, attracting, engaging, assessing and hiring the best talent.
Download our eBook: A Guide to Planning Your Hiring Budget & Maximizing Recruiting Spend