We’re barely a quarter of the way through 2020 and it’s already felt like the longest year ever! The global COVID-19 pandemic has drastically changed the economy and the employment landscape as a result. Whatever predictions were made at the end of 2019 have gone out the window.
The candidate-driven market is in the past and many employers have either laid off or furloughed their workforce. Money is tight and for those still lucky enough to be in the hiring business, a new infographic will help you keep those purse strings closed. However, you must first know what your recruitment costs are.
Wikibuy from Capital One—a shopping browser extension—explains how to measure the cost per hire to make more informed hiring decisions. In a blog post, it says, “A widely accepted way to measure the cost per hire is by subtracting the external recruiting costs from the internal recruiting costs, then dividing this number by total new hires. This number will give you a good idea of how a business is doing in the hiring sector.” Once you’ve determined your cost, use the information in Wikibuy’s graphic below to help you make more informed decisions.