A Recruitment Budget is the estimated budget that is planned to get an approximate value of the cost that will be incurred while acting as recruiting throughout the year. This is the budget that is assigned and the management or the recruiters have to complete the task of recruiting. Here are some budget templates that you can make use of to understand the recruitment budget in detail.
8+ Recruitment Budget Templates in MS Word | PDF
1. Student Recruitment Budget
2. Recruitment Budget Template in PDF
3. Sample Recruitment Budget
4. Recruitment Budgets and Hiring Trends
5. Recruitment Budget Example
6. Army Recruitment Budget
7. Recruitment Budget Worksheet
8. Student Recruitment Budget Report
9. Recruitment Budget in DOC
How to Calculate Recruiting Cost for the Calculation of the Budget?
Step 1: The Cost per Hire
At first, calculate the total expense by adding up the cost of our previous hires. After the calculation is done counting the number of hires you had the previous year. Now divide the total expense with the total number of hires. Multiply the average with the number of hires you want to make this year.
Step 2: Adding-Up the Internal and External Costs
The cost of hiring might differ with different jobs, positions and departments. Therefore you can find out the cost by multiplying the cost of the specific department, position or job with the cost of hire that you have calculated in the first step.
In these two steps, you will be able to come up with the value that is needed for recruiting the new hires in the current year. The cost calculation is very important as the approximate value will help you to get the budget assigned that you will be using for the current year’s recruiting process.
What are the Elements that are Added in a Recruiting Budget?
If you can create a proper spending plan it is more likely that you will be able to get a proper budget for the recruitment. Therefore you must develop a list of the spending that you are supposed to make for the hiring.
The Fees of the Job Boards:
The amount that you pay to the job board to show that you have a job opening in your organization.
The Cost to be Incurred for the Assessment of the Candidates:
This is the cost or the money that you have to pay for assessing the capability of the candidates before they go through the employment process.
The Charges of External Recruiter:
This is the money that is paid to the recruiters who will be recruiting. This can be recruiting agencies, staffing members, etc.
Funds for Recruiting Methods:
This is the money that is spent on conducting the events that are related to recruitment, this can be campus recruitment, career fairs, etc.
The Cost for the Career Page:
This is the cost that will be undertaken to maintain, redesign, setup the career page, etc.
Cost of Internal Recruiter:
This is usually the highest among all the elements in the line. This includes the recruiter’s salaries, benefits, travel expenses, etc.
Why is Recruitment Budget Important?
Fixing a budget is an essential part of an organization. Without a budget plan, an organization cannot function. Therefore you must establish a plan for the proper functioning. The same goes for the recruiting process. For the recruiting process of the organization, a budget must be fixed.
The function of the budget is that you get a fixed amount and you cannot go beyond that. Anything you do that is related to the organization you will get a fixed budget. Therefore the recruitment budget is automatically set when you propose the idea of recruiting.
Another important thing the can establish the importance of the recruitment budget is that you will not run out of the budget. During the ongoing process, you may run out of the budget. That can create a problem. Hence you must have a fixed amount that you can exploit to the fullest to get in potential employees.
There can also arise a situation that you keep on draining the resources of the organization in terms of money. Hence if you give a planned detail of the charges that will be incurred, and then get your budget assigned there is a least possible that you will run out of the resources or you will use up more than you require.
From this article, you can get a clear idea of the role that is played by the recruitment budget. As defined here the purpose and elements that are necessary to get your budget fixed, are also getting some free downloadable templates that can help you with your requirements.