How To Allocate Your Recruiting Budget

Jun 23, 2022

Whether you’re filling residency slots or replacing providers who’ve left your facility, recruiting costs money. These costs can come from some unsuspecting places and you’ll need to consider these when determining which recruiting resources you can use throughout the year. We’ve put together a recruiting checklist that can help your hiring team prioritize hiring and avoid unnecessary gaps in employment.

1. Determine Personnel Costs

Although it may seem obvious, each member of the hiring team represents a portion of the recruiting budget. However, you need to consider more than just their yearly salaries when thinking about costs. 

Let’s breakdown   this portion of your budget and analyze how your recruiters spend their time. Because after all, time = money. Healthcare recruiting has become increasingly difficult due to the provider shortage. As a result, recruiters may be spending more time on tasks like sourcing and screening. While these tasks are essential to the recruiting process, it can impact the ROI for this portion of your budget. 

Consider implementing recruiting resources that remove these time-consuming tasks from your recruiters’ plates. As a result, they’ll be able to focus on high-value tasks, like interviewing and onboarding candidates, which will help stretch your budget in the long run.

2. Calculate Your Cost-Per-Hire

Your facility most likely has data to determine how many hires you can expect to make each year. However, how does your hiring team use this data when creating a recruiting strategy? Knowing how many hires you’ll make can help you calculate how much your facility can allocate for cost-per-hire.

Having this data can help you avoid overspending on recruiting tools early in the year. Consider that 65% of healthcare organizations used a search firm in 2019, according to the AAPPR Benchmarking Report. However, search firms offer a variety of services at a variety of price points. Thus, when you speak with different search firms, you don’t just want to view their overall yearly cost, but also some data reflecting their cost-per-hire.

For example, if you expect 15+ hires per year, you may want to avoid a service that charges for individual hires. These services can be tempting when you have an urgent need, but it can skew your budget for the rest of the year. A platform that allows unlimited hires can benefit facilities with this many hiring needs.

On the other hand, a facility with only 1-2 hires per year may benefit from a platform with low-upfront costs that does charge for individual hires. This type of low-risk approach can ensure you don’t have long-term openings in your staff without burning through your recruiting budget. 

3. Analyze the Cost of Recruiting at Conferences/Events

Conferences play an important role in healthcare recruiting. Recruiting-focused conferences create a space for you to meet a large number of providers in one place. Recruiting-focused conferences allow you to network within your industry and learn about search firms that can help with your hiring needs. 

However, the price of these events can quickly increase with travel expenses and attendance costs. Consider which events have historically added value to your recruiting efforts and cut out any with a low ROI.  

4. Consider Recruitment Marketing Costs

Recruitment marketing looks different to every organization. Some solely rely on a careers page, while others may have an internal marketing team sending out social and email campaigns. Analyze how effective these efforts are. 

Facilities with minimal marketing may want to consider how they can improve their recruitment marketing. An effectively designed job page combined with social marketing efforts can vastly improve your recruitment success for less money than some other resources.

Recruiting Budgets: More Than Just Numbers

It can be easy to view your recruiting budget as a number you need to stay under throughout the year. However, the way you utilize your budget plays an important role in the success of your recruiting efforts. Inline can help you maximize your budget while providing top quality candidates.  Learn more about our recruiting services for different recruiting budgets here.


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