I’ll give you a hint – it’s probably more than you expect!
It’s becoming common practice for HR to measure the cost of recruitment when they’re looking to hire. When the average new recruit costs upwards of $14,000 to hire, plus the costs of training (there’s a lot of them) and the amount of time it takes for an employee to become effective in their role (in some cases, up to 5 months to reach 75% effectiveness), it’s an important consideration.
There’s one cost which is often overlooked, despite being – for the most part – fixed for every new candidate. The cost to onboard the new employee.
Even with a perfect onboarding process there are always costs involved:
- Cost (both material and time) of creating offers
- Mailing costs
- Administration time
- Lost productivity due to poor processes
To work out exactly how much it’s costing you, follow these steps.
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