Planning your recruitment budget: expert advice from Workable’s CFO

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Workable CFO Craig DiForte has been through this himself numerous times. He gets straight to the point: “There are two main things you want to look at,” he says. “Cost per hire and time to hire.”

Craig explains that you must break those down into manageable and measurable chunks, and identify the areas where you can optimize to get more bang for your buck.

“You had a budget that said that you were going to spend this much, and that HR was going to cost this much. What really happened? That’s where you need to look deeper.”

Cost per hire

“The first thing to look at is your cost per hire for the past year,” Craig says. Cost per hire is the average cost invested in hiring X people in a time period – it’s easy to measure on the surface. But the solution isn’t as simple as saying, ‘Let’s cut back on our cost per hire.’ You need to drill down to specifics.

First, before planning your recruitment budget, go back to your last proposed recruitment budget (if you have one). Once you’ve lined up your projected numbers against your actual numbers for the previous budget, sort out all the

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