- March 28, 2024
It is no secret that recruiting can be time-consuming but have you ever wondered how much recruiting costs? Well, the answer may surprise you.
In this blog from the experts at CROX RPO, we are going to talk about all you need to know about Recruiting costs in 2024.
The cost of recruiting is often one of the biggest lines in terms of the company’s overall budget. As per the data of the Society for Human Resource Management (SHRM) reports that the average cost-per-hire in the US is around $5.
This number may vary depending on the geographical location, size of the company, the industry, and the type of position that needs to be filled. So, it is very important to establish a budget, track your expenses, and refine your recruitment process ensuring that you are getting the best returns on your investment.
Ultimately, the cost of recruiting is an investment for the future of your organization and should be approached with a strategic and long-term perspective. By taking small steps to minimize the recruiting cost while maximizing the quality hires that you make, you can make sure that you are investing in the right recruiting partner and a productive workforce will drive your business forward.
How to calculate your recruiting costs?
To calculate the recruiting cost, you need to incorporate several expenses such as
- Job Advertising-Costs that come with posting job openings premium membership of job boards and other recruitment websites.
- Recruitment Agency fees:Costs associated with using a recruiter or recruitment agency.
- Interview Expenses-The cost of flights, meal accommodations, and other expenses incurred.
- Sign-on bonuses and other incentives-The cost that comes with attracting the top minds of the industry.
Easy ways to reduce recruiting costs
Reducing recruiting costs generally involves evaluating and optimizing other aspects of recruiting like
Utilizing cost-effective sourcing methods such as employee referrals, and social media instead of relying on recruitment agencies.
Streamlining the interview enables you to reduce time for things that require your time and attention.
Building a strong company brand helps you build a brand that will certainly attract the top minds of the industry.
Outsourcing your recruitment hassle to an RPO firm, outsourcing your recruitment process to a third-party provider like CROX RPO can help your recruiting costs in multiple ways.
By implementing these strategies, you can reduce your recruiting cost and attract the top minds of the industry at the same time.
Why CROX RPO?
At CROX RPO we have a dedicated team of experienced recruitment professionals that can help you find candidates as per requirements and needs. Since we are working globally, we have wide access to a good pool of candidates and you don’t have to pay money for job advertisements.
We cater to all the recruitment tasks right from sourcing and screening candidates. Our outsourcing model allows you to save time and resources, improve quality hires, and increase efficiency.
To know more book a free trial today at Book Now.