One of the most important measures in today’s recruitment strategy is the cost-per-hire. The cost-per-hire means the amount of money it costs a company to fill an open position. Cost per hire comprises all expenditures connected with filling a post, such as advertising, recruiting events, software fees, and relocation charges, among others.
Promotions within the company or transfers, as well as new workers recruited from outside the business, can all be included in the cost-per-hire calculation.
The cost-per-hire is determined by the company’s current position and size, the position’s seniority, and the power and effectiveness of in-house recruitment.
There are numerous aspects to consider throughout the hiring process, but the most crucial measure for talent analytics is the cost per hire. When you know your cost per hire, you can better decide where to put your recruiting expenditures, whether in people or technology like an applicant tracking system (ATS) that can help you take your recruitment to the next level. This form of strategic planning has the ability to save your organization money or allow you to spend more to recruit superior applicants, which is critical in today’s search for the top talent