“Companies are spending an average of $3,500 for every new hire brought into the organization – about three times the amount spent on training per employee.” – Josh Bersin CEO & President, Bersin & Associates.
Hiring the right Talent is costly for businesses, and when you think about the amount of time and money spent just looking for that ‘perfect’ candidate, it’s imperative to keep tabs on expenditure, recruiting effectiveness and not hire blindly.
These are two commonly measured metrics that you should already be tracking:
A measurement of how long it takes an organisation to fill a vacant position.
A measurement of total cost incurred per hire. Costs include advertising fees, agency fees, employee referrals, travel expenses, relocation expenses and internal recruiter costs. Keeping track of cost-per-hire helps with budgets but it
Efficiency of recruiting has always been dependent on these two commonly measured metrics, but as businesses operate and take a more results-based, data-driven approach to decision making, you need metrics that do more than just measure time and cost.
Download the free whitepaper to find out the 5 other key hiring metrics you cannot afford to ignore.
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Article contributed by HRBoss / Image credit: hrinasia.com
