{"id":6523,"date":"2018-04-30T13:09:58","date_gmt":"2018-04-30T11:09:58","guid":{"rendered":"http:\/\/www.viasto.com\/en\/?post_type=post&#038;p=6523"},"modified":"2020-03-12T16:57:47","modified_gmt":"2020-03-12T14:57:47","slug":"hr-analytics-here-is-how-to-calculate-your-cost-per-hire","status":"publish","type":"post","link":"https:\/\/www.viasto.com\/en\/blog\/hr-analytics-here-is-how-to-calculate-your-cost-per-hire\/","title":{"rendered":"HR Analytics: Easily calculate your Cost per Hire!"},"content":{"rendered":"<p>One of the most important key metrics in HR analytics is &#8220;Cost per Hire&#8221; (CPH). This performance indicator is defined as the <strong>combination of all internal and external recruitment costs to the number of positions that are filled in one period<\/strong> (e.g. a financial year). It provides HR professionals and managers comparable information about the effectiveness and efficiency of their recruitment processes. The number of positions refers to the actual number (internal and external) and includes also part-time jobs and temporary hires.<\/p>\n<p><strong>Learn the important external and internal cost factors in this article!<\/strong><\/p>\n<p><!--more--><\/p>\n<p><strong>I have created a tool that enables you to easily calculate your cost per hire. The calculation presented here refers to the standard of the Society for Human Resource Management (SHRM).\u00a0Try it out here:<\/strong><\/p>\n<h2><span style=\"color: #7db61c;\">External cost factors:<\/span><\/h2>\n<ul>\n<li><strong>Advertising and Marketing:<\/strong> expenses related to job openings on job boards, social media or other channels, but also to campus recruiting events.<\/li>\n<li><strong>Employer Branding:<\/strong> expenses spent on efforts that are related to the brand and reputation as an employer instead of specific positions to ensure a high quality candidate pool in the long run.<\/li>\n<li><strong>Consulting and Agency Services:<\/strong> expenses spent on third-party agencies or consulting companies when one or more parts of the recruitment process are sourced out.<\/li>\n<li><strong>Selection procedures:<\/strong> expenses spent on several tests and assessments, including license fees for tests, expenses for assessment centres, background checks or drug tests.<\/li>\n<li><strong>Travel expenses<\/strong> for candidates and recruiter<\/li>\n<li><strong>IT-Infrastructure:<\/strong> expenses spent for applicant tracking systems or other related ERP-Software.<\/li>\n<\/ul>\n<h2><span style=\"color: #7db61c;\">Internal costs factors<\/span><\/h2>\n<ul>\n<li><strong>Costs for Recruiting and Sourcing Staff:<\/strong> includes basic salary, bonus for regular recruiters and other staff involved in recruiting.<\/li>\n<li><strong>Governmental Compliance:<\/strong> costs that refer to expenses for salary and bonus of people that take care of governmental compliance.<\/li>\n<li><strong>Learning and Development<\/strong> expenses for recruitment staff<\/li>\n<li><strong>Associated Staff costs:<\/strong>\u00a0expenses related to management members taking part in recruitment or selection processes or participating in recruitment events.<\/li>\n<\/ul>\n<h2><span style=\"color: #7db61c;\">Benchmarks<\/span><\/h2>\n<p>The segmentation of cost per Hire data provides more meaningful information compared to overall results. Typical segmentations are leadership levels, industry or recruiting channels. There are several sources of useful benchmarks. Nevertheless, not all cost per hire calculations are based on the same standard, which makes it necessary to check first if benchmarks are really comparable.<\/p>\n<p>Did you know that you can reduce your cost per hire using <strong>pre-recorded video interviews<\/strong> for first round screening? Find out more in our article about<strong><a href=\"https:\/\/www.viasto.com\/en\/blog\/4-key-benefits-of-video-interviews\/\">4 key benefits of video interviews<\/a><\/strong>.<\/p>\n<p><strong>Should you have any questions, drop me a line or leave a comment!<\/strong><\/p>\n<form name=\"cp_calculatedfieldsf_pform_1\" id=\"cp_calculatedfieldsf_pform_1\" action=\"?\" method=\"post\" enctype=\"multipart\/form-data\" class=\"\"><input type=\"hidden\" name=\"cp_calculatedfieldsf_id\" value=\"7\" \/><pre style=\"display:none !important;\"><!--noptimize--><script>form_structure_1=[[{\"form_identifier\":\"\",\"name\":\"separator1\",\"shortlabel\":\"\",\"index\":0,\"ftype\":\"fSectionBreak\",\"userhelp\":\"\",\"userhelpTooltip\":false,\"csslayout\":\"\",\"title\":\"\\u003Ch3\\u003E\\u003CFONT COLOR=\\u0022#7db61c\\u0022\\u003EExterne 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This performance indicator is defined as the combination of all internal and external recruitment costs to the number of positions that are filled in one period (e.g. a financial year). It provides HR professionals and managers comparable information about the [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":7345,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[45,37],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v15.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>HR Analytics: How to Calculate Your Cost per Hire! | viasto<\/title>\n<meta name=\"description\" content=\"Easily calculate your cost-per-hire with this tool created by viasto! Most commonly used HR Analytics calculation for your recruiting.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.viasto.com\/en\/blog\/hr-analytics-here-is-how-to-calculate-your-cost-per-hire\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HR Analytics: How to Calculate Your Cost per Hire! | viasto\" \/>\n<meta property=\"og:description\" content=\"Easily calculate your cost-per-hire with this tool created by viasto! Most commonly used HR Analytics calculation for your recruiting.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.viasto.com\/en\/blog\/hr-analytics-here-is-how-to-calculate-your-cost-per-hire\/\" \/>\n<meta property=\"og:site_name\" content=\"interview suite\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/viasto\/\" \/>\n<meta property=\"article:published_time\" content=\"2018-04-30T11:09:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-03-12T14:57:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.viasto.com\/en\/wp-content\/uploads\/2015\/03\/image153.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"452\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@viasto\" \/>\n<meta name=\"twitter:site\" content=\"@viasto\" \/>\n<!-- \/ Yoast SEO plugin. -->","_links":{"self":[{"href":"https:\/\/www.viasto.com\/en\/wp-json\/wp\/v2\/posts\/6523"}],"collection":[{"href":"https:\/\/www.viasto.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.viasto.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.viasto.com\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.viasto.com\/en\/wp-json\/wp\/v2\/comments?post=6523"}],"version-history":[{"count":4,"href":"https:\/\/www.viasto.com\/en\/wp-json\/wp\/v2\/posts\/6523\/revisions"}],"predecessor-version":[{"id":15300,"href":"https:\/\/www.viasto.com\/en\/wp-json\/wp\/v2\/posts\/6523\/revisions\/15300"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.viasto.com\/en\/wp-json\/wp\/v2\/media\/7345"}],"wp:attachment":[{"href":"https:\/\/www.viasto.com\/en\/wp-json\/wp\/v2\/media?parent=6523"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.viasto.com\/en\/wp-json\/wp\/v2\/categories?post=6523"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.viasto.com\/en\/wp-json\/wp\/v2\/tags?post=6523"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}