Cost per Hire is a metric that calculates the total expenses incurred to recruit and onboard a new employee, including advertising, agency fees, and staff time, divided by the number of hires.
- What is cost per hire?
Answer: It is the total recruitment and onboarding cost divided by the number of hires. - What expenses are included in cost per hire?
Answer: Expenses include advertising, agency fees, and internal staff time. - Why is cost per hire important?
Answer: It helps organizations optimize recruitment budgets and efficiency. - How is cost per hire calculated?
Answer: It is calculated by adding internal and external costs, then dividing by hires. - What can reduce cost per hire?
Answer: Strategies include employee referrals and improved retention.
