Part II in the eBook by WCN about planning your hiring budget and maximizing recruitment spend takes readers through the following year's hires, giving employers an estimate on the number of hires they plan on making and roughly how much it will cost the company. Take a dive below!
You’ve done the math and you’ve chosen a program that meets your needs. Next, looking at the year in general, you need to dive into how many hires you estimate to make. This will impact both topics we have already discussed including each new employee’s cost to you, as well as the amount you spend on the program (some may be account/data amount specific when it comes to determining pricing). In order to make this easier on your team, break this number down by a quarter to see what budget needs to be spent on each channel or area of your business and when.
In order to get a closer look at this number, you will have to do some digging both in records of years past and how your company culture actually works. For instance, what does your workforce consist of? Is it mostly Millennials who are ready to seek adventure to try new things? Or, is it full of older generations who enjoy the comfort of staying put in a secure position? Obviously, this will change from department to department and may even be impacted by the type of position you are looking at. Interns are much more likely to leave within the first year than someone who is senior management.
In October 2017, records indicated a total of 5.2 million new hires across businesses within just one month. [Source]
Getting a spot-on number is always preferred. However, getting an average to build off from should always be in best practice - it is always better to calculate for a higher budget than run out and not have a way to hire for the positions you need to fill. Another way to help you get close to this number is by formulating your employee turnover. This can be broken up into two different categories:
During this process, be sure to get key insights from different levels and areas of your company. It will be helpful to look into the managers and supervisors for specific departments to not only get the numbers you need but their expertise concerning past experience with new hires and employees in general.
About Jeanette Maister:
Global talent acquisition technology leader with extensive experience in global talent acquisition, applicant tracking systems & recruiting technology, recruiting metrics and process. Deep insight into all aspects of campus recruiting strategy. Recognized for driving growth and helping clients transform their recruiting efforts.
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