Almost every recruiter has cost per hire as part of her annual goals. While the hiring manager flexes every possible muscle to minimise it, the VUCA conditions of today make it difficult. It is, thus, important to decode what constitute the key factors in the coming times that will contribute to cost per hire.
Understanding Cost per Hire essentially across the following areas:
• Definition- What is cost per hire in today’s world? What are its constructs?
• Flaws in measurement- The measurable and hidden pieces of cost per hire and what are more important in these times.
• Do organizations across industries and varying size measure this metric differently?
• Direct versus opportunity costs of hiring
• Cost of a wrong hire in these times
• Calculating cost per hire: Alternative perspective and best practices
A practical discussion on how to approach the measurement of cost per hire in the coming months.