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Recruitment budgeting

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  • 1. Recruitment budgeting Budgeting for version 2.0
  • 2. Recruitment 2.0 budgeting..!
    • If recruitment now is about version 2.0, then budgeting for recruitment can’t remain the same as earlier.
    • Over the years, the way organizations budget for their internal recruitment has remained just as a percentage, with allocations based on historic data.
    • Is this the right approach?
  • 3. Recruitment 2.0 budgeting..!
    • Budgeting MUST also evolve with Recruitment 2.0 happening now! (beginning to happen?)
    • Traditional recruitment budgets included –
      • Cost of newspaper adverts
      • Internal referrals bonus kitty
      • Recruitment agency fee
      • Administrative recruitment ops cost
      • Re-imbursements
      • Branding costs (HR/recruitment branding)
    • Are these above costs relevant today and justified from a RoI point of view?!?
  • 4. Recruitment 2.0 budgeting..!
    • Most of these cost heads have remained, and are continued just because they are historical
    • And most of these are continued with no analysis of what they achieve after the expense is incurred!
        • This is the precise reason why budgeting also ought to be in sync with version 2.0 (recruitment budgeting 2.0?)
  • 5. Recruitment 2.0 budgeting..! (What shall it comprise?)
    • Ideally, the new budget overheads should be in sync with the trends in recruitment – now.
    • They MUST incorporate the new methods that the organization carries out the task of fulfilling talent.
  • 6. The new budget…!
      • Some heads can be
      • Incentives to internal HR/recruitment team (exponential vis a vis contribution)
      • Incentives to line for fulfilling positions
      • Social networking & Blogging – all related long term brand building costs
      • Structured mapping costs (of industry talent)
      • Adverts in targeted industry publications
      • Academia tie-up costs
  • 7. Rules of the new budget
    • Eliminate every single cost that is not justified or relevant for recruitment today.
    • Eliminate all vendor costs – increase the incentives/benefits for internal fulfillment
    • Reward internal brand ambassadors for their contribution to talent acquistion
  • 8. See costs as investments, not expenditure…
    • In the era of recruitment 2.0, you cannot measure RoI in year one.
    • For the 1 st few years, look at most costs as investments, not expense for the organisation.
    • Create finance and accounts systems and processes for the new need…
  • 9. Think…
    • It’s just a thought – and a call for a discussion to evaluate the current conventions in recruitment budgeting
    • This can be used as a hint – and organization specific evaluation be done on the what and how of the new recruitment budgets.
  • 10. Thank you…
    • Thanks for your time
    • Connect with me
      • Mail – [email_address]
      • Handphone - 9840935357