Calculate Your Hiring Budget Plan
Optimizes your hiring process by reducing hiring time & costs
Advanced assessment tool with data-driven insights
Psychometric assessments to understand candidates’ behavior
Real-time analytical reports to gauge candidates’ performance
Remote online proctoring for cheat-proof assessments
Terminologies
Return on Investment measures the profit generated from the amount invested. So, ROI is the ratio between net profit & cost of investment. Higher ROI means a larger profit on investment.
ROI = Gain or Return/Cost
In the recruitment industry, costs are comparatively easy to define than Returns.
Costs include
- Recruiting costs
- Assessment costs
- Salaries of hiring team
- Cost of hiring external recruitment agencies
- Institutional partnerships etc.
Returns include
- Hiring the right, job-fit candidates that stay longer in the organization & work effectively.
- The employees score well in their training.
- They learn new skills from various training sessions and put these skills to use.
Cost per hire
Recruitment costs include internal and external costs. Though external costs can be calculated easily, internal costs are overlooked most of the time. However, if an organization’s attrition rate is higher, they will be frequently hiring a lot of candidates through walk-in recruitment drives, scheduled interviews, technical assessments (managers evaluate the skills). These will obviously increase the internal cost of recruitment. In such situations, it becomes necessary to calculate the cost per hire which is:
