<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=555865791448670&amp;ev=PageView&amp;noscript=1">

Hire job fit candidates. Faster.

All Posts

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.

Interview Mocha blog
 
 

Courtesy – gethired.com

Amit Mishra
Amit Mishra
CEO, Co-founder of Interview Mocha, the world's largest skills assessment API platform

Topics: Recruitment

Related Posts

Write for Interview Mocha

Editorial Guidelines:

Skills To Look For When Hiring For A Digital Marketer!

Remember the simpler times when marketing was all about ATL, BTL, and TTL? These acronyms mean above the line and below the line, through the line respectively. This basically means when you had to do the marketing of the products on big billboards, television, newspaper, and via flyers.