Cost-per-hire is arguably the most important metric for talent analytics. When you know your cost-per-hire, you can better determine where to invest your recruiting dollars. These strategic recruiting decisions can potentially save your company money and attract better candidates.
Because so many factors go into recruiting, it can be difficult to calculate an accurate cost-per-hire across your organization. In our Glassdoor eBook, Talent Analytics For Dummies, Glassdoor Special Edition, we share this formula for calculating cost-per-hire.
Here’s how to calculate your cost-per-hire:
Three things you can do with your cost-per-hire data:
1. Benchmark your company against the overall average and your industry peers. Download the Bersin by Deloitte Talent Acquisition Factbook for industry benchmarks.
2. Analyze cost-per-hire data by department and position type. Use…