Recruiting can be a real challenge for businesses, especially when business owners and hiring managers aren’t sure what kind of budget they’ll need for 2023. At the same time, failing to recruit efficiently can lead to steep costs, with the average vacancy costing around $98 per day. These key reasons are why you need a solid recruiting plan and a sufficient budget in place.
As you develop effective recruiting plans ahead of 2023, here are some items to consider adding to your plan and budget.
What to Include in Your Recruiting Budget
Not sure what to plan for when it comes to recruiting? In a full life cycle recruiting plan, you should consider adding the following to your budget:
1. Ads
One critical item to account for in your recruiting budget is advertising. This covers all ads and postings that aim to recruit new employees. Depending on the type of job board you use for postings, you may need to pay a subscription, while others may require you to use different models such as pay-per-click.
2. Your Website
Another factor to consider for your recruiting plan and budget is your company’s website, specifically your career page. A well-optimized and well-designed website can attract candidates that off-site postings don’t, while giving everyone more information about your job openings. To leave a great impression, your website will need a good design that appeals to visitors. To facilitate this, make sure you have enough funding for your website.
3. External Recruiting Teams
Many businesses turn to external recruiting teams to help with their recruitment efforts. This is often the case with startup recruiting when companies can’t rely on internal recruiters. Companies might turn to individual consultants or recruiting agencies to help with hiring, which can help save money as these professionals have ample resources.
4. In-House Recruitment Teams
Some companies may not need to turn to external teams for assistance when they have dedicated internal recruiters. If you have an internal team to assist with recruitment, you’ll need to consider the cost of employing each team member. You’ll also need to account for the internal systems the team uses for recruiting and the cost of each employee’s salary.
5. Events
You may promote your job openings at various events, including conferences and recruitment events where you connect with prospects. This kind of direct contact with potential hires can make you more memorable to them and help you stand out among less active competitors.
One of the main costs at these events will apply to the branded materials you use to promote your company and open positions. For example, you might hand out everything from brochures and business cards to merchandise such as water bottles and keychains. All of these materials can go a long way into attracting potential hires and helping you stand apart.
6. Partnerships
Strategic recruiting partners can further supercharge your recruiting plan. You may partner with different types of organizations, such as colleges and other educational institutions. The cost of a partnership could get steep, so prepare to budget carefully for these if you want to incorporate them into your recruiting plan.
7. Recruiting Tools
To get the most from your recruiting plan, you need reliable tools to assist with everything from automation to analytics. This will require tools that are easy to use and integrate into the recruiting process. However, you’ll need to determine which tools you need and how much you can afford to spend on them.
There are many tools and features you can use to help streamline the recruiting and hiring process. For example, you might use an ATS that connects you with recruiters and tracks applicants. Meanwhile, a video conferencing solution makes virtual interviews possible and further increases hiring efficiency. A scheduling solution could make it easy to schedule interviews and ensure hiring managers and candidates are on the same page. Yet another tool can help assess the effectiveness of your recruiting efforts by providing in-depth recruiting KPIs and analytics.
In short, there are plenty of recruiting solutions that will help you succeed with your recruitment efforts. The key is knowing which tools to implement while staying within your budget. The right tools will ultimately help you save more time and money on recruiting, allowing you to acquire top talent and grow your business.
Leverage Comeet to Get Better Results From Your Recruiting Plan
All of the elements listed above are crucial to include in your recruiting plan and budget. Additionally, you should prepare your budget for any unplanned costs, as things may change and you need to adapt accordingly. By taking the right approach to planning and budgeting, you’ll be able to successfully find strong candidates and ensure your efforts are worth it.
For some assistance with recruiting, consider turning to Comeet for a variety of software solutions that can fully optimize the recruiting process. Our tools can increase the efficacy of both your internal and external recruiting efforts. Comeet gives you all of the features you need on a single easy-to-use platform.
To learn more about what Comeet can do for your recruiting process, schedule a demo with us today.
