Getting the most out of your Talent Budget
Updated: Jan 23
Given all the different predictions regarding the economy , we are dealing with a lot of uncertainty. With high inflation, a potential recession and on-going supply chain issues, there isn’t a clear roadmap for what to do. High levels of uncertainty often mean a tighter focus on budgets – especially in HR. How can we develop our talent strategy and budget
to get the most out of a potentially smaller pie? Here are a few tips:
Audit Your Current Costs
It’s hard to make a plan without knowing your current cost. Now is the perfect time to do an audit of your talent expenses. What services are you paying for to recruit and manage your employees? What are the returns you are getting for those investments? List out everything you pay for and their costs, so you know what you’re working with and where you might be able to trim. Don’t forget vendors, technology, software, or subscriptions.
Invest in Internal Talent
The cost of turnover is high and it doesn’t just affect your bottom line. Losing talent can result in lost knowledge, lower sales and can affect your team’s morale. Rather than focusing on replacing an employee who leaves, create a process for retention. Focusing small investments on your internal talent through “stay” interviews and additional development can help you avoid attrition that could impact your profitability.
Focus on Technology
It is essential to make sure that the technology you are paying for is working for you. Does it make you more effective, or is it a drain on your resources? Are there new tools that will help you improve your processes? When working with a tight budget, look for tools that make incremental improvements in efficiency instead of creating new, complex processes from scratch.
Work with a Recruiting Partner
It may seem counter-intuitive, but working with a recruiter can create a positive return on your investment. A skilled recruiter, like Sigred Solutions, has the processes in place to quickly and efficiently find you amazing talent, with limited time needed from you and your staff. Working with a recruiter can free your employees to focus on other value-added activities.