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The Real Cost Of Hiring a Single Candidate

The cost of hiring a single candidate is rarely calculated. If organizations study this process deeply they will realize that the costs are fairly steep.

step_01 Post on
job boards
Time spent
Writing ad copy

Completing 1 posting

1 hour

30 minutes

$25

$12.5

External cost
Cost of job posting
Posting to Craigslist

Posting to Monster


Posting to CareerBuilder

- $25

$385


$419

Overall cost
For one posting
- 1 hour
30 minutes
$37.5
to
$456.50

Depends on number of posting to different job portals

step_02
Review your applicants

Time spent
Preparing short list of candidates to contactAssuming just 250 responses (you may get more in most of the cases)
Recent report suggests employers spends 6 seconds to 5 minutes (generous employer) reviewing each resume
2.5 hours
to
23.5 hours
$62.50
to
$587.50
External cost
Cost of ATS (ranges as per ATS you are using)
Large companies spend 7% of their recruiting budget on ATS.
Also, ATS system requires human review as it filters candidates on words and phrases in the resume.
- Cost of ATS or systems you are using
Overall cost
For reviewing applicants
- $62.50
to
$587.50
+
Cost of ATS or systems you are using

step_03
Pre-screen your candidates

Time spent
Scheduling and Phone / video screening 30 minutes each for 25 candidates
12.5 hours $312.50
External cost
Cost of pre-employment testing solution like Interview Mocha - $50 for testing 25 candidates
Overall cost
For pre-screening candidates - $362.50

step_04
Preparing for the interview

Time spent
Preparing interview questions

Phone calls to 6 candidates for scheduling

30 minutes

45 minutes

$12.5

$18.75

External cost
- - -
Overall cost
For preparing for the interview - $31.25

step_05
Your interview method

Time spent
6 interviews
30 minutes per interview
3 hours $75
External cost
Your office (test center operations) - Cost of test center operations
Overall cost
For interviews - $75
+
Cost of Test center operations
+
Potential revenue loss if hiring manager generates revenue for your company

step_06
Wrapping up

Time spent
Final interviews call to interviewees

Miscellaneous time for other tasks


3 final interviews – 30 minutes per interview


Final interviews


Checking references

1 hour
30 minutes

1 hour

 


1 hour
30 minutes


1 hour
30 minutes


2 hours

$37.50

$25

 


$37.5


$37.5


$50

External cost
Your office(test center operations)
+
Potential revenue loss if hiring manager generates revenue for your company
- Cost of test center operations
Overall cost
For final interviews - $187.50
+
Cost of test center operations
+
Potential revenue loss if hiring manager generates revenue for your company

Time spent
time Time variable between 27 hours
to
50 hours

Total cost to hire

Dollar Cost variable between

$1,600
to
$18,000
+
Potential revenue loss if hiring manager generates revenue for your company

The human resource of every organization accomplishes many tasks with pre-assigned budgets. Hiring the right candidates is one of the most important tasks that they need to do using cost-effective techniques and tactics.  So, to make a cost-effective hiring decision & avoid the risk of the bad hires, Interview Mocha’s candidate assessment tool is the key to improve your hiring metrics.

Interviewmocha_logo2
 
 

Courtesy – gethired.com

Topics: Recruitment

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