Hiring on Time and on Budget

Let's be honest, when a vacancy opens up, or a new role gets sign-off, most companies want someone to be in the position and up and running as soon as possible. But, sometimes in the rush to fill positions, critical questions often go unanswered, like:

• How much are we prepared to spend to get this hire right?

• What's a realistic timeline to secure the right person?

• What will it cost the business, in time and money, especially if we get it wrong!

Over the past few months, we have been compiling articles that cover the entire recruitment process. We have been drilling down into every detail, leaving no stone unturned, and the main takeaway from all our articles is that planning is the key that unlocks the door to successful hiring! Take a look at some of our previous articles, and you'll see that they all share one thing in common: the art of planning for success. Take a look at what we have covered so far: 

• Assessing Workforce Gaps and Future Hiring Needs

• Creating Detailed Job Descriptions and Role Requirements

• Is Your Company's Employer Brand And Culture Aligned With Your People Strategy?

• Fresh Talent or Familiar Faces? Getting Your Hiring Mix Right.

• Working with a Recruitment Agency vs. Direct Hiring

So, with all this in mind, planning your recruitment budget and timelines needs the same attention to detail. We know it isn't the most glamorous part of hiring, but done correctly, it's what separates reactive recruitment from a planned strategic process. It means fewer worries, better candidate experiences, and a much higher chance of finding someone who will grow with you over the long term.

In this blog, we'll guide you through planning your recruitment budget effectively, creating accurate timelines, and avoiding the common pitfalls of rushing decisions or underestimating actual costs.

Why Planning Recruitment Budgets Matters More Than Ever

Recruitment unfortunately isn't free, even if you're not using an agency. Advertising, internal resource time, onboarding, training, and the cost of a role sitting empty all add up. Yet businesses can tend to underestimate the actual cost of hiring and the time it takes. Rushed, short-term thinking can often lead to poor decisions or budget overspending, especially when urgency takes over.

A realistic recruitment budget helps you:

• Make informed decisions on sourcing strategy (in-house vs agency)

• Sets expectations for hiring managers

• Avoid candidate drop-out due to low offers

• Benchmarks internal salaries more effectively

• Strengthen your overall workforce planning process

Breaking Down Your Recruitment Budget

Even if you're not allocating a formal hiring budget, every hire has a cost. To get a clearer picture, break down and cost your budget planning into three areas:

1. Cost of Sourcing

• Job board fees and advertising boosts

• In-house recruitment team hours

• External recruiter fees (if applicable)

• Employer branding and marketing content

2. Cost of Hiring

• Time spent by hiring managers in interviews and assessments

• Candidate testing or pre-employment checks

• Internal admin (contracts, onboarding paperwork, HR input)

3. Cost of Onboarding

• Training time and materials

• Reduced productivity during ramp-up

• Manager time spent supporting the new starter

Then estimate the cost of a role sitting vacant, considering missed revenue, delayed projects, or stretched teams that are not operating efficiently. Once you have all this costed and you can see figures, you can start making sense of it all. This exercise is a bit like using a calorie tracker for the first time. I'm not sure if you've done this, but let me tell you, I was convinced I was eating about 2,700 calories a day, only to find that those snacks I like to forget about really did add up! :) 

Sometimes, when you actually examine the figures, they are not quite what you thought they would be, so be sure to review this part of the process. You will now be able to see how you can shift budget around to make a real difference. Or you may find that investing more upfront for a faster, higher-quality hire may start to look like a wise business decision, rather than an unnecessary expense. Either way, being aware of the right information will help you plan better. 

Setting Realistic Recruitment Timelines

Next, let's talk timing. Most businesses drastically underestimate how long good recruitment takes, especially in candidate-scarce markets. Hiring timelines can vary hugely depending on the level, seniority, and complexity of the role.

How Long Does Hiring Actually Take?

Here's a typical timeline for a permanent hire: 

Estimated Stage Time

Role definition and job description 1–3days (longer if collaborative)

Advertising and applications open 2–4 weeks

CV review and initial screening 1 week

Interviews (1–2 stages) 1–2 weeks

Offer, references, and contracts 1 week

Notice period and onboarding prep 1–3 months (varies widely)

Even in the best-case scenario, a typical process can take 2–4 weeks, not including notice periods. And specialist or senior roles often take even longer.

Tips to Keep Recruitment Moving

• Plan backwards from when you need someone to start

• Build in time buffers for decision-making and internal sign-off

• Encourage hiring managers to block time for interviews in advance

• Use structured interview formats to avoid delays and increase fairness

• Partner with a recruitment agency if speed and reach are key

In addition to this, take a look at our comprehensive blog How can you reduce time in your hiring process?

Aligning Budget and Timelines with Business Goals

Your recruitment plan should serve your business strategy, not slow it down. Here's how to bring it all together:

1. Forecast Your Needs Ahead of Time 

Use workforce planning tools and input from line managers to identify likely upcoming vacancies. Don't wait for a resignation to start thinking about your hiring process. To nail this part of the process, please take a look at our blog, 'Assessing Workforce Gaps and Future Hiring Needs.'

2. Prioritise Business-Critical Hires

Not all roles are created equal. Assign tiers to roles, critical hires, growth hires, or opportunistic ones, and allocate budget and time accordingly.

3. Collaborate Across Departments

Ensure finance, HR, and hiring managers are all aligned on budgets and expectations. Misalignment here is the number one cause of hiring delays and drop-outs.

4. Reassess Budgets Quarterly

The market moves fast. What was a fair salary six months ago might not be competitive today. Review benchmarks and remain flexible to avoid losing great candidates over small differences.

In Summary: Plan Now to Hire Smarter Later

Long hiring times, candidate drop-outs, and poor culture fit can be traced back to poor planning. By taking the time to forecast, budget, and build timelines in advance, you gain a huge advantage in today's tight talent market.

Smart recruitment is proactive, not reactive. Aligning your budget and timelines with your growth goals doesn't just help you hire faster; it helps you hire better. So before your next vacancy goes live, take a step back and ask, what's the real cost of this hire, and what's the cost of getting it wrong?