Cost per Hire

How often to calculate: monthly or annually.

Healthy rate: depends on the corporate management.

Cost per hire is a metric that shows a company's costs to hire one employee. Tracking this KPI helps HR managers create budgets and stick to them. Considering the average cost of hiring, you can allocate the budget efficiently.
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To track the cost of hiring, you need to assess the internal and external costs of hiring staff and the total number of employees hired over a certain period.
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Internal recruiting costs are the internal costs of filling a specific position: in-house talent acquisition staff salaries, recruiter salaries, talent acquisition program costs (such as an employee referral program), etc.
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External recruiting costs are any costs to external vendors during the recruitment process: external recruiting agency fees, job postings on job boards, candidate background checks, employer branding events (such as job fairs), employee relocation costs, etc.