We have reached the start of the third quarter and for many organizations, it is time to start thinking about budgeting for the upcoming year. When delegating funds in your budget, consider creating a plan for your hiring process for the following year.
What roles need to be filled?
When making a plan, consider all of the roles that are open. These could be backfills, new positions, or even hires in preparation for upcoming retirements. No matter the cause of the role opening, make a list of all of the available positions in your organization. From there, decide which roles are most crucial. Split the list into must-hires and nice-to-hires. When deciding on which roles are most important to hire, think about what positions would have the biggest impacts on the organization immediately and what roles would help push the company towards its long-term goals.
Create a recruitment budget
This will be a budget that will be an estimate of the cost of hiring for the year including internal and external resources. Not only should this include budgeting for currently open positions, but it should also include a plan for unexpected hires caused by events such as an employee resigning.
Break down the hires
Once the roles that need to be filled are identified, take it further. How will these roles be filled? What resources will need to be delegated to make each hire? Break down each role to decide what it will take to make the hire. This will include determining how difficult it will be to find the right candidate for the job. These could be reasons like finding a particular skill, attracting talent to a difficult location, niche industry knowledge, a confidential hire, or bringing in new leadership. If there are roles that are expected to be difficult to fill, it would be worth partnering with an industry-specific recruiter, such as a chemical recruiter, to help find suitable candidates and fill these jobs. Discuss your hiring plan with your recruiting partner to set up an annual plan for these upcoming hires. Get an idea of market compensation rates for each hire. Use your recruiting partner if needed to help decide on an appropriate pay range for each role based on industry trends. Other costs to consider will be the cost for each hire, the cost of job advertisements if posting on job boards, costs of interview expenses such as travel, and the cost of onboarding and training once hires are made.
Incorporating recruiting into your annual budgeting will step up your hiring process. Set a hiring plan and rely on your industry recruiting partner for support to save time and resources on difficult-to-fill roles. Plan, prepare, and set up a year of success for bringing in new talent.
Are you looking for top talent in the Specialty Chemical, Advanced Materials, or Animal Health industry?
Contact us to discuss how we can bring top leadership talent to your team. Boaz Partners is a premier executive search firm focused on the direct recruitment of executives and professionals for the specialty chemicals and animal health space. We are your partner, and our focus is on custom recruiting solutions. Follow the link to learn more about how our specialty chemical recruiters can help you.