Cost per Hire

Did you know how many resources it takes for strong candidates to go through your hiring funnel? Think of advertising costs, total recruiter fees, LinkedIn and different social media accounts and job fairs for example. The cost per hire recruitment metric shows the organization how much it costs them to hire new staff. This involves both individual hires as well as the overall total of new employees. Just like time to engage, the cost per hire metric mainly gives a complete insight into the (in) efficiency of your recruitment method. Tip: Just like your sourcing stats, make sure the prices information together in one place, readily available for those involved. You may also want to have the sourcing (performance) information and costs per sourcing channel in the same overview, whatever works best for your company as long as you keep a record of the expenses per channel; recruiter fees, social media accounts, job fairs, and almost everything.