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Cost Per Hire Formula, Meaning & Example | HRMantra
Cost Per Hire Formula, Meaning & Example | HRMantra
1-1 minutes
Cost per hire is the total recruitment cost of an organization over a given period. It is one of the recruitment management system segments that aid in the proper acquisition of talent by the organization within the credited budget for hiring.
COST PER HIRE FORMULA
CPH = (Internal recruiting costs External recruiting costs) / Total number of hires
Internal Recruiting Costs Include:
- Talent acquisition teams salary
- Cost and time spent by the hiring learning and training
External Recruiting Costs Include:
- Recruitment agency cost
- Job fairs
- Employer branding activity
- Job portal posting
It is seen that CPH cost depends on the hiring size. The more people you hire, the lower the cost gets. Tracking the cost of your hiring helps in creating the right budget for recruitment and sticking to those budgets.
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