Hiring is crucial to all companies, and poor recruitment practices can be expensive.
Have you ever wondered how much your hiring processes cost? Measuring your recruitment budget will help you make the best decisions, save resources and optimize efficiency.
You should build a hiring report with the following information:
- Cost per hire: This metric includes the money spent on posting jobs, interviewing candidates, training and training material. You can then compare the costs with the value a new employee adds to your organization.
- Time spent per hire: This data shows how long your company took to complete the hiring process. With this information, you can better plan ahead for job postings in the future and avoid having open positions for too long.
Measuring these metrics will help you build better recruiting strategies and save money in the long run. Furthermore, using an applicant tracking system will help you reduce the cost per hire.