Creating a data-centric recruiting budget and plan is an intellectual process – a process that is worth spending time on.
Start by asking Seven Key Advertising Strategy Questions:
1. How many hires did you make in 2019?
2. How many applicants did it take to make a hire? In other words, what is your apply-to-hire ratio?
3. How many clicks, slots, and/or postings did you use to get to those applicants?
4. What percentage of your applicants came from non-advertising sources? For example, resume search, staffing firms, referrals, internal promotions, and moves?
5. How much did an applicant cost?
6. What are your business objectives in 2020? How many hires, broken down by job type and location, will you need to hit your objectives this year? Are you accounting for turnover or churn in your business as you calculate the number of hires you will need to make?
7. What assumptions are you willing to make about your current application rate? Will it increase, decrease or remain stable based on your best guess of market trends? Following current market trends, it’s safe to assume that your conversion rate will go down year over year.
These questions take numerous pieces of
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