Creating and reviewing a hiring budget is absolutely crucial when trying to attract the best talent. In this video, learn how to set a budget based on projected needs and how to plan for the unexpected.
- Wouldn't it be great…if you could look into your crystal ball…and see exactly what hiring you'll need to do…in the coming year?…Of course analytics can provide some guidance,…so I want to help you understand how to determine a budget…based on what's predicted.…I also want to help you understand how to budget…for the unexpected.…The type of employee you hire…will have a direct impact on your budget.…If you use a recruiting firm…to help identify full-time employees,…you'll pay a placement fee.…
For contractors, temps, consultants,…and independent contractors,…you'll pay an hourly bill rate…and you won't be the employer of record.…And if you have turnover in the C suite,…your search will more likely be done…on a retained search agreement.…Retained search agreements involve payment up front…for work done throughout the search…and that these range anywhere…from 25 to 50% of the annual salary.…Now, in order to correctly forecast your cost per hire,…you must track the total compensation package…for new hire by quarter.…
- Recall the purpose of a gap analysis.
- Recognize the most insightful way to analyze retention rates.
- List three aspects of a recruiting firm that should be analyzed to determine if they fit your needs.
- Name three types of information you can obtain by reading a recruiting firm’s LinkedIn profile.
- Determine two important areas that indicate a recruiter’s success.
- Identify pertinent information that should be included in an annual prospectus.
Skill Level Intermediate
Strategic Human Resourceswith Catherine Mattice Zundel55m 43s Intermediate
Administrative Human Resourceswith Catherine Mattice Zundel1h 25m Appropriate for all
1. Identify Your Needs
2. Questions You Should Ask
3. Determine Expectations
4. Documentation and Pricing
Next steps1m 10s
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