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Cost Per Hire benchmark
Recruiting & Staffing
Cost Per Hire benchmark
Exchange ideas about sourcing, screening, interviewing, finding passive candidates, measuring your results, and more.
Hello Everyone,
I am in the process of developing a cost per hire tracking tool. Not looking to re-invent the wheel so I wanted to see if anyone had something that works effectively for them curren
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Forums » Topic Forums » Recruiting & Staffing » Cost Per Hire benchmark
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Cost Per Hire benchmark
posted at 3/14/2000 4:21 AM EDT
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Posts: 6
First: 3/14/2000 Last: 8/28/2001 |
The key for us is to look at the total process cost....from the time the ee gives notice, until a new ee is on the job being productive. From the point of the hiring manager, this is what they see as the staffing process.
Generally we capture only the costs from the time recruiting gets a requisition until the offer is accepted. We needed to capture productivity loss, management time, training costs, and other "soft costs". dreed@agconsult.com |
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Cost Per Hire benchmark
posted at 3/16/2000 6:28 AM EDT
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Posts: 7
First: 9/28/1999 Last: 7/25/2000 |
If the published hi-tech industry "turnover cost average" are pushing 25+%, and given a local cities employee skill/bodies availability, then with the search, review, background checks, benefits start-up, 90 day ramp-up, other mentoring by staff who have to give of that time, productivity costs, potential sick or (family or...) lost days...the soft costs of all these areas of need while the business is moving ahead, could not be far off this, with a <3%> spread on the above average. That is what we see with the various business's we consult with.
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Cost Per Hire benchmark
posted at 3/16/2000 8:54 AM EDT
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Posts: 5
First: 3/16/2000 Last: 3/16/2000 |
Why not make your recruiting costs fixed? I offer 20% fees and recruit heavily in the IT and Manufacturing engineering and management fields. It would be very scary if your benchmark matched another company's benchmark. Does that mean you are accepting turnover rates and compensation rates set by other companies in your industry? Who says their figure are acceptable? Let me know what you think.
Regards, Chris Christen, VP Career1 Employment Services Richfield Ohio, 44286 Tel. (330) 659-2446 |
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Cost Per Hire benchmark
posted at 3/19/2000 4:32 PM EDT
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Posts: 4
First: 3/8/2000 Last: 3/19/2000 |
Hi Chris,
Thanks for the info. I will have to give you a call since 20% would work okay for me. But, I think you may be missing the point. I am not looking to accept another companies benchmark at all. I am just looking to see if someone has design a spreadsheet type of tool for tracking costs per hire. But thanks for the information. I have been looking for another firm that recruits well and does it lower than 25%. |
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