Conquer Budgeting for New Year’s Hiring

Your company has really been taking off, and you’re shifting into high gear for hiring. Do you know your budget for all of those new hires next year?

As summer winds down, your organization is probably planning for the annual process of creating next year’s budget. For rapidly growing companies, new hire salaries are your biggest expense. Getting the budget right for open jobs can mean the difference between having the right employees to drive the company’s growth or risk cutting back important initiatives and burning out existing employees. 

Maybe you’re the CFO facilitating the budget for next year salaries, including new hires. Or you’re leading the People team and need to determine how much talent the company can afford while staying within budget, and you’re working with leaders to prioritize hiring. When it comes to new hire budgeting, it’s important to balance fiscal responsibility with market competitiveness and internal equity, while also staying true to the company’s values and compensation philosophy. Where do you even start? 

This is where Kamsa comes to the rescue. By using Kamsa’s simple approach to job leveling and market pricing all of your roles, you’re set up for success to determine the jobs and respective levels based on business needs. Once you’ve determined the job levels for your open jobs, connect all of your open jobs to the most accurate market compensation data seamlessly in Kamsa. 

Extract those market compensation ranges (midpoints in particular, is best to use for budgeting):

  1. In Kamsa’s Open Jobs, use this file to upload your open jobs (within the Market Compensation page) to get instant market matches and calculate how much the company can afford while staying within budget (more info in this video on how to upload Open Job. Pro Tip: go right to 1:00)
  2. Crunch the numbers with Kamsa’s option to export salary ranges for Open Jobs (min, midpoint, and max)
  3. Invite your leaders and recruiters! Kamsa access can be granted to leaders and recruiters so they can view comp ranges (e.g., approved salary ranges for the org) tied to open requisitions (if they have Open Jobs permission, they’ll only see the data for the job families in their org, and for the job levels below their own job’s level.)
  4. Conquer the world (or at least your open headcount strategy)

Budgeting is complex, but it doesn’t have to be. Kamsa’s Open Jobs feature helps to simplify new hire budgeting to make it painless. Get the market data for all your open jobs at your (and your leader’s) fingertips. 

Need help getting started? Reach out to your Kamsa Consultant to use the free consulting services that are included with Kamsa.