Have you ever seen that episode of “The Office” where Oscar explains that Michael needs to spend his surplus “lemonade stand money,” so that it won’t get taken away? Well, in layman’s terms that is why you need to spend the rest of your budget before winter.
The Office - LI5 Surplus from Ryan Faucett on Vimeo.
After all, most companies have fiscal years that roll over effective January 1st, so leaving extra dollars on the table makes it look like you don’t need it. That could not be less true. Here’s why…
1. You Need Supplies
Even if for some reason you have filled all of your open roles (you are all all-star if that is true!), there are still supplies you need to be proactive in your future recruitment endeavors. Some examples might include giveaways for recruitment events, collateral that you’ve been putting off (posters, flyers, business cards etc), retention gifts and sign-on incentives to add to offers. Don’t leave money out there when there are lots of excellent ways to use it.
2. You Need to Retain People
Many economists are predicting a recession in the near future and others are reporting that you need to play defense by building a culture where people want to stay. If you have extra money in the budget, we recommend that you spend it on your team. Retention leads to a better overall recruitment strategy. Happy people tell other valuable people. If you harness the power of happy team members now, it will make finding new hires much easier in the future.
3. Back to the Recession
If a recession does hit (we all hope it doesn’t, but such is life sometimes), recruitment budgets are going to be the first to go. However, it is much harder to cut budgets if they are being effectively used or if monies have already been assigned to salaries. Don’t lose everything by saving up for a rainy day.
4. You Should Host an Event
The end of summer, early fall time is perfect for hosting a mass hiring event. If you have a lot of needs, use the extra funds to throw one that will knock the socks off your competitors. You’ll make hires before they even think about their needs. Proactive beats reactive every time!
5. Other People Aren’t Doing it!
There are a few seconds of summer left. If you have open requisitions, it’s time to do a hard push before fall. As you already know, fall is more competitive and intense on all fronts. Get your people in the door before the stampede.
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