From the course: Hiring a Recruiting Firm
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Determine your budget
From the course: Hiring a Recruiting Firm
Determine your budget
- 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…
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Contents
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Current challenges to attract and hire top talent4m 8s
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(Locked)
Hardest positions to fill4m 7s
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Type of positions available4m 19s
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Current resources utilized4m 22s
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Retention issues and challenges3m 37s
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Past experiences with recruiting firms3m 34s
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Determine your budget3m 26s
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Identify the best recruiting firms3m 43s
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