5 Tips for Getting Budget Approval for New Recruiting Tools

March 20, 2018

 

iCIMS Staff

3 min read

Each organization prioritizes their business needs differently. Although hiring the right people is universally crucial to a company’s success, many organizations are not utilizing the proper recruitment tools. It’s been found that 93 percent of CEOs feel that they need to change their strategy for attracting and retaining talent, according to PwC, but 61 percent don’t know where to start.

With recruiting being more complex and dynamic than ever before, choosing a recruitment technology platform gives companies the opportunity to streamline their talent acquisition tools, mitigate compliance risks and more.

Making a decision that is right for your company includes hours of research, countless conversations, and a set budget. Having the right budget to work with makes all the difference in researching the best recruiting tools. If you don’t have a proper budget allocated, you could end up with a sub-par recruiting tool, leaving your business struggling to hire top talent.

Preparation is key when convincing executives to determine or approve any budget. But are you fully equipped to build your case? We’ve put together five tips to help convince your C-suite that you need a budget for new recruiting tools and technologies.

1. Align yourself with overall company goals. If your company has been struggling with their recruiting process – whether it may be filling positions or organizing candidate data, this is a cause for concern. Industry analysts have recommended that companies evaluate their current talent acquisition ecosystem. The first step is to assert talent acquisition requires its own suite and deserves its own technology stack.
2. Utilize informative statistics. There are striking reports and studies that can be found online to support the need to prioritize recruitment technology. Gathering supporting statistics regarding challenges in HR, candidate skills, performance metrics, candidate experience and other key points will help arm you for the best possible, informed conversation with your C-suite.
3. Provide supporting selling points. As a follow-up to the point above, preparing yourself with selling points specific to your business will effectively communicate the importance of budgeting for strategic recruiting tools. What is the ultimate business need for your organization regarding this solution? Providing your C-suite with positive key-points which will benefit your business may open an opportunity for further discussion.
4. Calculate return on investment (ROI). Arguably one of the most convincing points when determining budget to executives, ROI offers the opportunity to present the value of the solution being offered compared to the cost. By doing so, your C-suite will have greater insight into the true benefits of their investment.
5. Provide potential consequences if this issue is not prioritized. It’s important to understand the offerings out there and how they fit into your business. Going further into this process without the right budget may end up saving your business some dollars up-front, but leaving you dissatisfied as a result. This would cost you much more than money – your time and effort.

Now that you’ve gained further insight into how to properly prepare for speaking with your C-suite regarding budgeting for new candidate sourcing tools and technologies, prepare your plan of action to move forward. Your proposal is worthy of an investment and if you come prepared with all of the points listed above, you will be able to start a conversation around the identified business need for new recruiting tools. As a result, investing in the right candidate sourcing technologies through proper budget will make sure your time is not wasted – both now and later.

Whether you’re ready to purchase your first applicant tracking system or know it’s time to switch from your ERP or current talent acquisition provider.