Cost per Hire Calculator
Make sure to utilize our Cost per Hire Calculator examples.
Links to Recruitment Plan Templates
Formula 1: Basic Calculation
Total Recruitment Costs / Total Number of Hires)
Where:
- Total Recruitment Costs: The sum of all costs associated with the recruitment process (like advertising fees, recruiter fees, administrative costs, etc.)
- Total Number of Hires: The total number of employees hired in a specific time period.
Formula 2: Detailed Calculation
To get a more accurate figure, you can break down the recruitment costs into different components:
Cost Per Hire= (Internal Recruitment Costs+External Recruitment Costs)/Total Number of Hires
Where:
- Internal Recruitment Costs: The costs associated with internal resources used in the recruitment process (like internal staff salaries, administrative costs, etc.)
- External Recruitment Costs: The costs associated with using external resources for the recruitment process (like job boards, recruiting agencies, etc.)
- Total Number of Hires: The total number of employees hired in a specific time period.
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