Look Forward to Business Success in 2022: How to Budget for Recruitment Costs
How to Prepare for the Hiring Challenges of 2022
Recruitment costs, and your hiring budget, are critical to the success of your business in 2022. And accurate budgeting requires preparedness. As we near the fourth quarter of the year, it’s time to start thinking about what your budget should include, and how it must accommodate the changes hiring faces in 2022, such as:
- Increased demand for diversity, equality, and inclusion
- The use of transferrable skills as employment landscapes shift
- The rise in project-based hiring, and the uptake of short-term talent
- The ongoing skills shortages
You must develop a realistic hiring budget to compete and hire the talent you need.
What Does a Hiring Budget Include?
There are many factors you need to consider when developing an effective hiring budget. Some costs are ‘easy’ to consider and quantify, such as:
· How Many People You Need to Hire
Estimating the number of employees needed for a given budget is one of the most important tasks in business. You should consider staff turnover and how many new employees you will need for anticipated growth.
· Estimate Hiring Costs
Businesses must estimate an appropriate amount of money to cover the costs of recruiting and on-boarding a new hire. Consider:
- In-house recruiter salaries
- Social media
- Trade fairs
- Company videos
· Recruiting Events
Great to get you in front of active candidates, but you must calculate the cost and remember you’re not promoting yourself to the 73% of passive candidates.
· Technology Costs
Technology can support your hiring efforts, such as resume screening software. However, you must also consider the effectiveness of hiring this way. Using such software implies you’re posting on mainstream jobs boards, which can cause a high influx of poor-quality applicants, slowing your hiring efforts and adding hidden costs of management time and time to hire (if you do).
· Stationary and Other Admin Costs
Run a check on how much has been spent in previous years to help you estimate, taking any staff increases into account.
Other costs, however, are not so easy to estimate, including:
· Cost of Interviewing Candidates
Interviewing takes time from your in-house management; from resume checking, to scheduling, to the interviews themselves and the crucial communication in between. There’s also the vetting and reference checking costs to include.
· Cost of Providing Tests/Test Days
Testing for skills and abilities is a method to ensure you filter great candidates through to hire. They’re essential, but must be accounted for in your budget.
How We Can Help
As a specialist staffing agency, Everest Recruiting is your hiring and financial solution:
· We Deliver Fewer and Higher-Quality Candidates, Handpicked from our Talent Pool
Our specialized and diverse pool of the skills you need are delivered to you on request – whether for permanent placement, or project-based hiring.
· Candidates Are Higher Quality
No more slowed hiring processes sorting the wheat from the chaff – just pure, quality candidates that are skilled for the vacancy.
· We Do Vetting and Screening
No more budgeting and time lost on crucial vetting and screening – we take care of it for you to provide the evidence and reassurance that your favored candidate will deliver.
· Higher-Quality Candidates Mean Better Hires
Your hiring process is smoother, and so is the onboarding, with quality candidates to choose from for cultural fit and ability as well as technical expertise and soft skills.
· Greater Business Success
Better hires lead to greater productivity and lower employee turnover, which deliver bottom line improvements.
Your Recruiting Solution to Success Is Just a Click or a Phone Call Away
Managing all your hiring in-house is a huge challenge for businesses, and a financial burden and risk. Everest Recruiting provides an immediate, professional, effective, and efficient solution, with a range of staffing options from direct hire to temporary contracts.
Whatever your business needs and requirements, there’s no need to struggle.
Our services are not just a business luxury, but an essential aide that will ensure your hiring requirements are met with competitive recruitment costs that deliver the quality candidates to help your business excel in 2022 and beyond. Contact Everest Recruiting today.