How to calculate cost per hire and how to reduce the cost of hiring?
Hiring is really expensive in monetary terms and as per the time consumption. And if the wrong candidate is recruited then the cost is really going to prick you. Calculate the cost per hire to know what you spend.
Cost per hire
Gather the data from the following sources:
Cost per job posted on any portal.
Cost of Background check
Price paid in career fair
Cost in interview venue
Commission of Job Placement agencies
No. of hours spent multiplied by Hourly salary of recruiter
Our placement consultancy has come up with certain tips to reduce the cost per hire
Create a powerful database of candidates.
Build a robust and talented Pipeline.
Instead of focusing on the pool of applicants, recruiters must focus on Quality of candidates.
Apart from roles and responsibilities start with the company’s culture and its services while posting a job.
If you have any doubts in posting a job , you can check it out here.
Retain and train your existing employees
If you are considering employee referrals, make sure the position and profile is completely clear to them.
Include bonus incentives as well, so that they become interested in helping you to fill up the vacancy.