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

Internal Recruiting Cost

Job Boards
Assessment
Salary costs of hiring team

External Recruiting

Outside Consultants
Employer Branding
Career Page
Partnerships
Total Internal recruiting expense

Total External recruiting expense

Appr. Candidate Screening Per Year

Cost Per Hire is

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

  1. Recruiting costs
  2. Assessment costs
  3. Salaries of hiring team
  4. Cost of hiring external recruitment agencies
  5. Institutional partnerships etc.

Returns include

  1. Hiring the right, job-fit candidates that stay longer in the organization & work effectively.
  2. The employees score well in their training.
  3. 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: