Knowing the cost per hire is one of the more essential recruiting metrics. It ranks up there with source of hire and time to hire. Like those two, the cost of talent attraction reflects on the efficiency of your recruiting efforts, especially when you compare it against benchmarks for your industry or comparable occupations.
In order to provide a reliable yardstick for employers to measure and compare their cost of hire, the Society of Human Resource Management developed a formula that’s become an industry standard endorsed by the American National Standards Institute (ANSI). It lists all the possible types of