which of the following best defines the term cost per hire
the average cost of advertising a job posting
the cost of training a new employee
the cost of internal versus external training a new employee
the cost of internal versus recruitment sources
the amount it costs to attract and evaluate and hire a job cantidate
the amount it costs to attract, evaluate, and hire a job candidate
The term "cost per hire" refers to the amount it costs to attract, evaluate, and hire a job candidate. So, the best definition would be:
The amount it costs to attract, evaluate, and hire a job candidate.
The term "cost per hire" refers to the amount it costs to attract, evaluate, and hire a job candidate. It takes into account various expenses incurred during the hiring process.
To determine the cost per hire, you need to consider the following factors:
1. Advertising costs: Calculate the average cost of advertising job postings across different platforms, including job boards, social media ads, and other promotional channels.
2. Recruitment agency fees: If you use external recruitment agencies to find candidates, include any fees they charge for their services.
3. Internal recruitment costs: If you have an internal HR team dedicated to sourcing and screening candidates, factor in the expenses associated with their time, salaries, and resources.
4. Testing and assessment costs: If you administer any assessments or tests to evaluate candidates, include the expenses for conducting these tests.
5. Interviewing expenses: Include any costs related to conducting interviews, such as travel expenses for candidates and interviewers.
6. Background checks and reference checks: If you conduct background checks or contact references, account for any fees associated with these checks.
7. Onboarding and training expenses: While the initial question options mention the cost of training a new employee, this is not directly related to calculating the cost per hire. However, onboarding and training costs can be considered separately to assess the overall cost of bringing a new employee up to speed.
By summing up these factors, you can obtain the cost per hire, which gives insights into the financial investment required to recruit and onboard a new employee.