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How to Manage Talent Acquisition Budgets in 2023

During the COVID-19 pandemic, talent acquisition budgets were ripped in half, and hiring was put under considerable strain. Now that we are beginning to see a “new normal”, how do we return to a more accurate budget that gives flexibility and stability throughout 2023? What budget is appropriate and can take into consideration project turnover in a constantly growing and ever-evolving job market?

At this time of the year, plans are being prepared for the remainder of 2023, which poses many questions that can inform an overarching budget. How much time is available? How much will recruiting employees cost? Which hiring strategy should I use? Do I hire more recruiters or outsource the complete hiring process in its entirety? How do I know the recruiter is capable of the workload or has expertise in our industry?

Flexibility is key.

Of course, each question requires due diligence and sound reasoning to answer, but there are tried and tested ways to plan and weather the storm of hiring. Remember, no single strategy will see your recruitment process flourish; a blended approach of contract, permanent, and possibly executive search might be on your road map for 2023 and should all be considered before being discounted. Explore different options with your recruitment providers. A flexible approach will stand you in good stead when searching for different types of talent.

Refine your hiring process.

Write down a step-by-step process that your candidates will experience from application through to starting on their first day, and put realistic time frames against each action. If you think your hiring process is long-winded and arduous, your candidates will too. Efficiency and speed are crucial and will only save time and your budget if executed correctly. Candidates have many options to choose from in today's market, which is important to keep at the back of your mind. Going one step further, educating your hiring managers on this will really help to get your hiring process moving. 

Retaining talent is as important as hiring talent.

It is also important to remember that the recruiting process does not end with the hire. Retention efforts are also an essential aspect of talent acquisition. Factoring in these efforts now sees markedly more success over the long term, ensuring what matters most is well cared for; your people. Our consultative approach to retention strategies will aid you when forming employee development programs and benefits packages. It also provides hard data on how you can help retain top talent and what they command.

Innovative Solutions: How Harba saved a global CRO $475,000 in staffing fees.

Often traditional recruitment models are not cost-effective for particular projects. In this example, a global CRO engaged Harba to help hire a total of 60 Research Associates and Associate Computational Biologists. A traditional contingent fee of 25% for an annual salary of $55,000 (the average for these roles) would incur a total staffing cost of $825,000 for 60 hires. Harba delivered these hires in three months at just $350,000.

Harba proposed and executed on their Proprietary High-volume Hiring Solution. The solution begins with agreed-upon deliverables forming the foundation for a recruitment process, consisting of sourcing, screening, and selecting candidates that match the requirements. Harba's sourcing strategy focuses on direct outreach through multiple outlets rather than relying on job postings to generate applications. As a niche provider of scientific skill sets, Harba uses its own deep candidate pools to fill the roles. Where more complex searches were needed, the team utilized its best-in-class tech stack to map the market to locate local talent and headhunt relevant passive candidates who were not visible to the market.

The result was a resounding success. The client hired 60 scientific hires that were sourced and submitted by Harba, with the project being delivered ahead of schedule in three months. In this particular case, the client's requirements were permanent hires, but our Proprietary High-volume Hiring Solution can be adjusted to fit other permanent or contractor hiring needs.

You can download the Summary Report for Harba's Proprietary High-volume Hiring Solution here.

I'd welcome any questions on planning for the year ahead or offering my advice on talent acquisition in life sciences. Please don't hesitate to reach out to me at info@harbasolutions or call me on 617-475-5221.

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12th October