Five things every recruiter should know about recruitment costs:
Cost per hire and recruitment costs are surrounded by some popular myths.
These are the myths and misconceptions that create an inaccurate picture of what really constitutes the cost of recruitment. They are the commonly held beliefs that often connect spend with one-off costs whilst overlooking the lengthier and more complex costs embedded within the recruitment process itself.
Many recruiters don’t count the hidden costs of recruitment
It is all too easy to overlook the time and financial drain on resources that is hidden away within a recruitment process. In addition, while recruiters focus specifically on financial cost, they neglect the cost to an organisation’s brand or the cost of the time of its senior HR staff.
Your recruitment process could be costing you
While many recruiters understandably address one-off and overt costs as a way to reduce cost per hire, they miss the costs involved with the recruitment funnel. Issues with this, especially in the early stage can significantly add to cost per hire.
Addressing recruitment costs the right way can benefit a great deal more than your cost per hire
Whilst reducing cost per hire is important, addressing recruitment costs in an effective way can have a big impact on many aspects of your business. A more strategic approach to tackling recruitment cost as well as cost per hire can boost the standard of candidates, increase your company’s profile and also reduce the cost of staff time.
Mixing your recruitment model can reap financial – and other – rewards
Addressing your cost per hire alone can have limited benefits. Adopting a more ‘hybrid’ approach to recruitment can have a whole range of benefits. These range from reducing the time demands on an in-house team, to increasing the range of a recruitment campaign to maintaining a consistent standard of quality to make the recruitment process as successful as possible.
