3 Jobs | 0 Resumes | 3 Companies

5 Deadly Mistakes in Recruitment Budget Planning

1864gh5oo8dpojpg

Recruiting has changed dramatically over the last decade. It is no longer just posting ads in a newspaper or on an online job board, then shuffling through the resumes that come in. While digital recruitment still matters, things have changed. It is a competitive space and in order to make it, you need to have proper budgeting in place. This budget should cover the expenses that are associated with drawing in top tier talent and standing out in the sea of recruiters. To get that budget, there are a few mistakes or deadly sins are ones to avoid. After all, they can become a nightmare.

 

The Sin of Blowing Your Entire Recruitment  Budget

The sin of blowing your budget at a breakneck pace. Spending money for the sake of spending it, is one of the grave sins you’ll make in Recruitment. Instead of blowing it on whatever that comes along, think before you spend money on something for your department or begin to recruit for a position. Think about where you’re heading in 2016, and how a purchase will advance your business and your recruitment efforts. That’s the best way to utilize your budget and avoid surprises. After all, if your goal is to build up the number of employees you don’t want to blow the budget so you can only afford to replace positions as they open up.

 

The Sin of Not Doing an Assessment

As you prepare your budget, what have you done to determine if you’ll have enough? If you haven’t looked at the core areas of your business, you’re probably in for a rude awakening. It is critical that when you build a budget you assess the previous year’s expenses and break down costs. This should focus on three areas that have a considerable impact on things.

 

  • What was your return on investment for your recruiting efforts?
  • How much did it cost you per new hire the last year?
  • Were there times where you could have spent your funds more wisely?
  • What were your physical recruitment results compared to your digital recruitment efforts?
  • Based on this information, you can better determine what your budget needs are.

 

The Sin of Not Getting the Input of Various Stakeholders

When was the last time you sat down with your stakeholder and asked them what their business needs are? Have you reviewed their hiring needs and challenges that they plan to face in the next year? Is there a new role or a key position opening up they need to fill? If there is, you’ll need to take that into account when you’re setting up your budget for 2016.

 

The Sin of Wasting Money on the Same Recruitment Channel

They say a crazy person will do the same thing a dozen times and expect different results. With the recruitment landscape evolving, you can’t expect something that isn’t working in 2015 to work in 2016. Instead, you need to look at new ways to branch out there and to fill your positions. Think about new avenues you can take and incorporate them into your budget planning. What ate the alternative to job boards ? Is your recruiters value adding yo your company ?

 

The Sin of Not Investing on Your Recruitment Team’s Training

This is perhaps the worst of all the sins listed. In today’s changing world, you need your recruitment team to be informed about the changes taking place. If you aren’t investing in their training and education, you are flushing funding down the drain. Understand the strength and non strength of your team. Are their core compentency in place? What new recruitment  tools or technics they need to pick up?

Want some addition insights and advice that can help you to achieve real results? Contact us at jobsmy@lavoroservices.com

« »

Leave a Reply

Your email address will not be published. Required fields are marked *

© 2015 Lavoro Services. All Rights Reserved.