20-10-2008, 01:09 PM
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 | Senior Member | | Join Date: Apr 2005 Location: AUSTRALIA
Posts: 755
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 Talent
Quote:
Originally Posted by swethk  hi everybody!!
i m Shwetha, a PGDBM student specializing in HR. I would like to know what are the costs involved during talent acquisition
i wud be glad if someone could help me out with this topic
thnx!! |
SHWETHA,
HERE IS SOME USEFUL MATERIAL.
REGARDS
LEO LINGHAM
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TALENT ACQUISITION EXPENSES INCLUDE :
-advertising [ print media]
-advertising [ internet]
-assessment / test fees
-reference and background checks
-referral fees
-travel
-relocation
-signing bonuses
-talent management software use
-others
These are the direct cost involved and it works out
roughly 15 % of the salary for the position.
ON the top of that you have to consider the management time
in the selection process, which will be about 15%.
On the top of that you have to account for the signing bonus,
which may be 3 months salary.
SO, IF THE ANNUAL SALARY IS 100,000 DOLLARS,
THE EXPENSES COULD BE 15,000+15,000 +25,000 = 55,000 DOLLARS.
ON THE TOP OF THESE, SOME COMPANIES OFFER
''LOYALTY'' BENEFITS.
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As against these expenses, the benefits that could be gained from
talent recruitment.
-reduction in future separation costs / in replacèment costs by increasing
by selective internal mobility and avoiding unnecessary severance payouts.
- reduce productivity loss by having a faster time to fill to ensure knowledge
transfer and reduce vacant positions.
-reduce ''INTELLECTUAL PROPERTY'' loss by making sure full time employee
are hired and retained for sensitive positions. Have non-compete agreements in place
if employees leave.
AS TALENTS ARE RECRUITED AND RETAINED IT HELPS
-to reduce paperwork in the HRdepartment.
-reduce HR staff and hiring managers time spent on activities such as
sourcing / screening / assessing etc
-reduce cost in advertisement etc
-reduce the cost / time in onboarding processess.
etc
-staffing consistency absolute range target.
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OVER AND ABOVE THESE , THE TALENTS HELP
-to increase efficiency.
-to increase effectiveness.
-make contributions to the productivity.
-make more contributions towards sales outcome.
-make more contributions towards profit/ profitability.
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__________________
LEO LINGHAM
PRINCIPAL:BestBusiCon Pty Ltd
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