Last month we discussed how important it is to have a budget for Talent Acquisition. We promised tips to help you build a plan for your budget. We have included categories to consider to help make your planning easier. As always, please let us know of any questions you may have.
Categories to help build a Talent Acquisition Budget:
- Manpower– who will oversee the program? Do you have someone internal or do you need an outside source or do you need to create a new position?
- Who will do creative?
- What platforms will you use? (Indeed, Monster, Industry trades, local)
- Who will handle social media?
- Update website & career page
- Career events
- Referral Program
- Pay for what you are asking for- offer incentives to have employees, clients, and others refer quality talent for your open positions
- Onboarding Costs
- Legal – approve job profiles
- Management training in how to hire more effectively
- Will you need a signing bonus?
- Longer financial security periods
- Attendance at career events/conferences
With unemployment high and retention low, it is crucial to have a plan in place. Think about how much turnover you have and what it will cost to replace each position. For those senior sellers who control a high volume of revenue, the cost can be 5 times what they are making. If they leave to join a competitor, multiply that by 2! Ouch.
To start the new decade off correctly, start by including a budget to win the war for talent!