Topics: Full Cycle Recruiting, Full Cycle Recruitment, Outsource Full Cycle Recruiting
Posted on May 08, 2024
Written By
Ranjana Singh
Are you struggling with high costs every time you hire someone? This is a common challenge for staffing companies worldwide. In the U.S., the average employer spends nearly $5,000 per new hire, spread over 40 to 50 days covering everything from posting job ads to vetting, interviewing, and finalizing the hiring process.
According to a report by CIPD, the average cost of recruiting someone, including labor expenses, is £6,125. For senior manager roles, this cost can escalate to £19,000. Moreover, if the first hire doesn’t work out, you might end up paying double when you have to recruit again.
Before we delve into how outsourcing full cycle recruitment can help you in optimizing your costs, let’s first understand the concept of cost-per-hire.
Cost-per-hire refers to the total expenses incurred by an organization for hiring a new employee. This includes various components such as:
1. Advertising costs
2. Recruiter fees
3. Time spent by internal staff on recruitment
4. Administrative expenses
Calculating and minimizing this metric is essential for staffing companies to optimize recruitment efficiency and overall business productivity.
There are multiple costs and complexities that revolves around full cycle recruiting in house, including:
Each of these steps demands time, resources, and specialized skills. Moreover, prolonged vacancies can lead to decreased productivity and revenue losses for the organization.
Outsourcing your full-cycle recruitment needs more than a few benefits, here are some of them listed below:
Outsourcing involves partnering with external agencies or recruitment firms that specialize in talent acquisition. The process typically includes:
Outsourcing your full-cycle recruitment can really help streamline your hiring process. Companies like QX specialize in this area and can save you money while finding great talent for your team. They have the expertise to make hiring more efficient and cost-effective. If you’re interested in learning more about how QX can reduce your hiring costs and improve quality, just fill out the form below, and we’ll reach out to you soon.
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Originally published May 08, 2024 08:05:08, updated May 08 2024
Topics: Full Cycle Recruiting, Full Cycle Recruitment, Outsource Full Cycle Recruiting