{"id":12416,"date":"2023-10-18T10:44:55","date_gmt":"2023-10-18T10:44:55","guid":{"rendered":"https:\/\/jobera.com\/?p=12416"},"modified":"2023-10-18T10:44:55","modified_gmt":"2023-10-18T10:44:55","slug":"cost-of-hiring-statistics","status":"publish","type":"post","link":"https:\/\/jobera.com\/resources\/cost-of-hiring-statistics\/","title":{"rendered":"47+ Cost of Hiring Statistics, Facts and Trends [2026]"},"content":{"rendered":"\n<p>Have you ever wondered <strong>how much it costs to hire<\/strong> an employee?<\/p>\n\n\n\n<p>In the US, the <strong>average cost per hire <\/strong>is nearly <strong>$4,700<\/strong>.<\/p>\n\n\n\n<p>If an employer is hiring for a job that pays <strong>$60,000\/year<\/strong>, they might spend <strong>$180,000 <\/strong>or more to fill that role.<\/p>\n\n\n\n<p>How much of this is <strong>direct and indirect costs<\/strong>?<\/p>\n\n\n\n<p>Check out these <strong>cost of hiring statistics<\/strong> to find out!<\/p>\n\n\n\n<div class=\"wp-block-rank-math-toc-block\" id=\"rank-math-toc\"><nav><ul><li class=\"\"><a href=\"#top-cost-of-hiring-statistics-editors-pick\">Top Cost of Hiring Statistics- Editor\u2019s Pick<\/a><\/li><li class=\"\"><a href=\"#general-cost-of-hiring-statistics\">General Cost of Hiring Statistics<\/a><\/li><li class=\"\"><a href=\"#what-are-the-costs-involved-in-hiring\">What Are the Costs Involved in Hiring?<\/a><\/li><li class=\"\"><a href=\"#how-does-technology-impact-hiring\">How Does Technology Impact Hiring?<\/a><\/li><li class=\"\"><a href=\"#cost-per-hire-based-on-demographics\">Cost per Hire Based on Demographics<\/a><\/li><\/ul><\/nav><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"top-cost-of-hiring-statistics-editors-pick\">Top Cost of Hiring Statistics- Editor\u2019s Pick<\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Only<strong> 30-40%<\/strong> of the hiring costs<strong> are hard or direct costs<\/strong>. [<a href=\"#sources\" data-type=\"internal\" data-id=\"#sources\">1<\/a>]<\/li>\n\n\n\n<li>53% of recruiting experts say that their <strong>recruiting budget will decrease<\/strong> or stay flat in the coming year. [<a href=\"#sources\">2<\/a>]<\/li>\n\n\n\n<li>It takes about <strong>42 days<\/strong> to fill an open position. [<a href=\"#sources\">3<\/a>]<\/li>\n\n\n\n<li>According to the US Bureau of Labor Statistics, wages and <strong>salaries cost <\/strong>employers <strong>$29.86 per hour, <\/strong>while <strong>benefit costs were $13.39\/hour<\/strong>. [<a href=\"#sources\">4<\/a>]<\/li>\n\n\n\n<li>It can take a company up to <strong>six months to break even <\/strong>on its investment in a new hire. [<a href=\"#sources\">5<\/a>]<\/li>\n\n\n\n<li>Even an <strong>$8\/hour employee<\/strong> can cost a company around <strong>$3,500 in turnover costs<\/strong>. [<a href=\"#sources\">5<\/a>]<\/li>\n\n\n\n<li><strong>Benefits<\/strong> can cost a company <strong>1.25 to 1.4 times an<\/strong> employee&#8217;s base salary. [<a href=\"#sources\">6<\/a>]<\/li>\n\n\n\n<li>Avoiding a bad hire can <strong>save a company<\/strong> about<strong> $12,489<\/strong>. [<a href=\"#sources\">7<\/a>]<\/li>\n<\/ol>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"427\" src=\"https:\/\/dev.jobera.com\/resources\/wp-content\/uploads\/2023\/10\/indirect-costs-of-hiring-1024x427.jpg\" alt=\"soft or indirect hiring costs\" class=\"wp-image-12428\" srcset=\"https:\/\/jobera.com\/resources\/wp-content\/uploads\/2023\/10\/indirect-costs-of-hiring-1024x427.jpg 1024w, https:\/\/jobera.com\/resources\/wp-content\/uploads\/2023\/10\/indirect-costs-of-hiring-300x125.jpg 300w, https:\/\/jobera.com\/resources\/wp-content\/uploads\/2023\/10\/indirect-costs-of-hiring-768x320.jpg 768w, https:\/\/jobera.com\/resources\/wp-content\/uploads\/2023\/10\/indirect-costs-of-hiring.jpg 1200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"general-cost-of-hiring-statistics\">General Cost of Hiring Statistics<\/h2>\n\n\n\n<p>US companies spend about <strong>$4,000 <\/strong>to hire a new employee. But this is <strong>just an average<\/strong>. The cost of hiring <strong>can vary depending on different factors<\/strong>.<\/p>\n\n\n\n<p>Here are some <strong>general cost-of-hiring statistics<\/strong> that can give you a good starting point for budgeting:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"what-is-the-average-cost-of-hiring\">What is the average cost of hiring?<\/h3>\n\n\n\n<p>The cost of hiring <strong>can vary for each role,<\/strong> depending on the functional area, the size of the organization, and the job level.<\/p>\n\n\n\n<p>In a company with <strong>less than 500 people, <\/strong>hiring costs can go up to <strong>$7,645<\/strong>. [<a href=\"#sources\">9<\/a>]<\/p>\n\n\n\n<p>The benchmark cost of hiring is somewhere <strong>between $3000-$5000<\/strong>. [<a href=\"#sources\">10<\/a>]<\/p>\n\n\n\n<p><strong>75% of hires<\/strong> cost less than $4,500. [<a href=\"#sources\">11<\/a>]<\/p>\n\n\n\n<p>Hiring an executive costs about <strong>$14,936<\/strong>. [<a href=\"#sources\">11<\/a>]<\/p>\n\n\n\n<p>A vacancy costs a company <strong>$98 per day<\/strong>, and it takes an average of <strong>39 days<\/strong> to fill that position, costing them <strong>$3,822. <\/strong>[<a href=\"#sources\">12<\/a>]<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"what-are-the-indirect-costs-of-hiring\">What are the indirect costs of hiring?<\/h3>\n\n\n\n<p><strong>60%<\/strong> of hiring costs are<strong> indirect expenses<\/strong>. [<a href=\"#sources\">1<\/a>]<\/p>\n\n\n\n<p>The <strong>time departmental leaders and managers spend<\/strong> to support the hiring process is part of the indirect or soft costs.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"how-much-will-a-bad-hire-cost-a-company\">How much will a bad hire cost a company?<\/h3>\n\n\n\n<p>The cost of a bad hire in an <strong>entry-level position<\/strong> is about <strong>$15,000 <\/strong>on average. [<a href=\"#sources\">12<\/a>]<\/p>\n\n\n\n<p>A bad hire can cost a business <strong>30% of the employee\u2019s first-year pay<\/strong>. [<a href=\"#sources\">13<\/a>]<\/p>\n\n\n\n<p>The costs can go up from <strong>$240,000 to $850,000<\/strong> per employee, <strong>depending on the job level. <\/strong>[<a href=\"#sources\">13<\/a>]<\/p>\n\n\n\n<div class=\"wp-block-columns has-background is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\" style=\"background-color:#fff9ed\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p><strong>If you found this article interesting, you might enjoy these too:<\/strong><\/p>\n\n\n<p>[related_posts_by_tax taxonomies=&#8221;category,post_tag&#8221; posts_per_page=&#8221;5&#8243; orderby=&#8221;post_modified&#8221; title=&#8221;&#8221;]<\/p>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"what-are-the-costs-involved-in-hiring\">What Are the Costs Involved in Hiring?<\/h2>\n\n\n\n<p>From <strong>advertising to loss of productivity<\/strong>, there are various costs involved in hiring a candidate.<\/p>\n\n\n\n<p>Check out the cost breakdown:&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"recruitment-teams\">Recruitment Teams<\/h3>\n\n\n\n<p>Most companies<strong> outsource recruitment <\/strong>to an external agency.<\/p>\n\n\n\n<p>Based on the company they chose, they might have to pay a <strong>commission<\/strong> of 1<strong>5-30% of the hired candidate\u2019s first-year salary.<\/strong> [<a href=\"#sources\">14<\/a>]<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"job-fairs\">Job Fairs<\/h3>\n\n\n\n<p>If job fairs are part of the recruitment strategy, it can <strong>cost around $100 to participate<\/strong>. [<a href=\"#sources\">14<\/a>]<\/p>\n\n\n\n<p><strong>Assigning employees to staff the booths<\/strong> is an additional indirect cost.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"427\" src=\"https:\/\/dev.jobera.com\/resources\/wp-content\/uploads\/2023\/10\/job-posting-1024x427.jpg\" alt=\"average cost of a job posting\" class=\"wp-image-12429\" srcset=\"https:\/\/jobera.com\/resources\/wp-content\/uploads\/2023\/10\/job-posting-1024x427.jpg 1024w, https:\/\/jobera.com\/resources\/wp-content\/uploads\/2023\/10\/job-posting-300x125.jpg 300w, https:\/\/jobera.com\/resources\/wp-content\/uploads\/2023\/10\/job-posting-768x320.jpg 768w, https:\/\/jobera.com\/resources\/wp-content\/uploads\/2023\/10\/job-posting.jpg 1200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"job-posting\">Job Posting<\/h3>\n\n\n\n<p><strong>Online job boards<\/strong> are a great way to meet potential employees.<\/p>\n\n\n\n<p>The cost of advertising through job boards can vary depending on the platform, but <strong>the average cost will be around $300. <\/strong>[<a href=\"#sources\">14<\/a>]<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"background-checks\">Background Checks<\/h3>\n\n\n\n<p>Background checks can cost a company somewhere between <strong>$10-$100, depending on the complexity<\/strong> of the check. [<a href=\"#sources\">14<\/a>]<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"testing-services\">Testing Services<\/h3>\n\n\n\n<p><strong>Online assessments<\/strong> are a big part of the hiring process for most companies.<\/p>\n\n\n\n<p>A business can spend <strong>$50 to $100 <\/strong>to set up an account with a testing company. [<a href=\"#sources\">14<\/a>]<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"employee-referral-bonus\">Employee Referral Bonus<\/h3>\n\n\n\n<p>On average, an employee referral bonus is between <strong>$1,000 and $5,000<\/strong> per successful referral. [<a href=\"#sources\">14<\/a>]<\/p>\n\n\n\n<p>However, the <strong>organization has the freedom to decide<\/strong> the right amount for the role.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"427\" src=\"https:\/\/dev.jobera.com\/resources\/wp-content\/uploads\/2023\/10\/employee-referral-1024x427.jpg\" alt=\"pay for successful employee referral\" class=\"wp-image-12433\" srcset=\"https:\/\/jobera.com\/resources\/wp-content\/uploads\/2023\/10\/employee-referral-1024x427.jpg 1024w, https:\/\/jobera.com\/resources\/wp-content\/uploads\/2023\/10\/employee-referral-300x125.jpg 300w, https:\/\/jobera.com\/resources\/wp-content\/uploads\/2023\/10\/employee-referral-768x320.jpg 768w, https:\/\/jobera.com\/resources\/wp-content\/uploads\/2023\/10\/employee-referral.jpg 1200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"relocation\">Relocation<\/h3>\n\n\n\n<p>Several firms offer to <strong>pay a certain amount to candidates who move<\/strong> from a different location. [<a href=\"#sources\">14<\/a>]<\/p>\n\n\n\n<p>Relocation costs can go up to<strong> $25,000.&nbsp;<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"onboarding\">Onboarding<\/h3>\n\n\n\n<p>Employee <strong>onboarding cuts into the production time <\/strong>of the new hire and their supervisor.&nbsp;<\/p>\n\n\n\n<p>It can cause a<strong> loss of up to $5000<\/strong>, depending on <strong>the number of days<\/strong> to onboard and the <strong>pay of the employees involved<\/strong> in onboarding. [<a href=\"#sources\">14<\/a>]<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"training\">Training<\/h3>\n\n\n\n<p>Job <strong>training might take weeks<\/strong>, depending on the <strong>complexity of the role and the process<\/strong> of an organization.&nbsp;<\/p>\n\n\n\n<p>The average training cost is about <strong>$722 to $1,438 per employee<\/strong>, based on the industry and size of the company. [<a href=\"#sources\">14<\/a>]<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"compensation\">Compensation&nbsp;<\/h3>\n\n\n\n<p>Compensation is one of the highest costs of hiring. <strong>Benefits can cost up to 30% <\/strong>of the employee\u2019s base salary.&nbsp;<\/p>\n\n\n\n<p>The average annual salary for a candidate with a high school diploma is<strong> $41,850. <\/strong>[<a href=\"#sources\">15<\/a>]<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"768\" src=\"https:\/\/dev.jobera.com\/resources\/wp-content\/uploads\/2023\/10\/pay-based-on-education-1024x768.jpg\" alt=\"entry-level pay based on education\" class=\"wp-image-12435\" srcset=\"https:\/\/jobera.com\/resources\/wp-content\/uploads\/2023\/10\/pay-based-on-education-1024x768.jpg 1024w, https:\/\/jobera.com\/resources\/wp-content\/uploads\/2023\/10\/pay-based-on-education-300x225.jpg 300w, https:\/\/jobera.com\/resources\/wp-content\/uploads\/2023\/10\/pay-based-on-education-768x576.jpg 768w, https:\/\/jobera.com\/resources\/wp-content\/uploads\/2023\/10\/pay-based-on-education.jpg 1200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Here is some interesting data on <strong>average employee compensation <\/strong>based on education:&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th><strong>Typical entry-level education<\/strong><\/th><th><strong>Median annual wage<\/strong><\/th><\/tr><\/thead><tbody><tr><td>Doctoral or professional degree<\/td><td>$114,020<\/td><\/tr><tr><td>Master&#8217;s degree<\/td><td>$80,180<\/td><\/tr><tr><td>Bachelor&#8217;s degree<\/td><td>$81,570<\/td><\/tr><tr><td>Associate\u2019s degree<\/td><td>$60,170<\/td><\/tr><tr><td>Postsecondary nondegree award<\/td><td>$45,790<\/td><\/tr><tr><td>Some college, no degree<\/td><td>$40,580<\/td><\/tr><tr><td>High school diploma or equivalent<\/td><td>$41,850<\/td><\/tr><tr><td>No formal educational credential<\/td><td>$31,380<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"how-does-technology-impact-hiring\">How Does Technology Impact Hiring?<\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li>67% of HR professionals say that <strong>AI has a positive impact on the recruitment <\/strong>process. [<a href=\"#sources\">16<\/a>]<\/li>\n\n\n\n<li>85% of recruiters believe that<strong> AI will replace some parts of the hiring<\/strong> process. [<a href=\"#sources\">16<\/a>]<\/li>\n\n\n\n<li>77% of HR professionals say that soon <strong>people won\u2019t have to be involved in the recruitment<\/strong> process. [<a href=\"#sources\">16<\/a>]<\/li>\n\n\n\n<li>80% of recruiters claim that <strong>the quality of hire improved<\/strong> when they used an applicant tracking system. [<a href=\"#sources\">17<\/a>]<\/li>\n\n\n\n<li>ATS can improve a <strong>recruiter\u2019s efficiency by more than 5%<\/strong> per month. [<a href=\"#sources\">18<\/a>]<\/li>\n\n\n\n<li>94% of hiring professionals believe that the <strong>use of recruitment software has positively impacted their hiring<\/strong> process. [<a href=\"#sources\">19<\/a>]<\/li>\n\n\n\n<li>About 98% of <strong>Fortune 500 companies<\/strong> use recruitment software. [<a href=\"#sources\">19<\/a>]<\/li>\n\n\n\n<li>75% of recruiters use<strong> applicant tracking software<\/strong>. [<a href=\"#sources\">19<\/a>]<\/li>\n\n\n\n<li>86% of HR personnel believe <strong>recruitment software <\/strong>has <strong>helped them hire faster. <\/strong>[<a href=\"#sources\">19<\/a>]<\/li>\n\n\n\n<li>42% of organizations claim that <strong>investing in tools to accelerate hiring <\/strong>is a top priority this year. [<a href=\"#sources\">20<\/a>]<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"cost-per-hire-based-on-demographics\">Cost per Hire Based on Demographics<\/h2>\n\n\n\n<p>The cost per hire <strong>varies based on several demographics<\/strong>, including job level, location, company size, and more.<\/p>\n\n\n\n<p>Let\u2019s take a look at the <strong>cost per hire based on demographics<\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"whats-the-difference-between-onboarding-an-entry-level-employee-and-an-executive\">What\u2019s the difference between onboarding an entry-level employee and an executive?<\/h3>\n\n\n\n<p>Hiring and <strong>onboarding an executive costs 180% more<\/strong> than onboarding an entry-level employee. [<a href=\"#sources\">21<\/a>]<\/p>\n\n\n\n<p>It is about<strong> 20% of an entry-level employee&#8217;s salary<\/strong> to hire them, but it&#8217;s about <strong>1 to 1.5 times a mid-level employee&#8217;s salary <\/strong>to hire them.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"how-much-does-turnover-cost\">How much does turnover cost?<\/h3>\n\n\n\n<p>The average turnover cost for an hourly worker is <strong>$1,500 per employee.<\/strong> [<a href=\"#sources\">22<\/a>]<\/p>\n\n\n\n<p>For technical positions, the cost jumps to <strong>100 to 150%<\/strong> of the salary.&nbsp;<\/p>\n\n\n\n<p>C-suite turnover can <strong>cost 213% of salary.<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"how-long-does-it-take-to-hire-across-different-industries\">How long does it take to hire across different industries?<\/h3>\n\n\n\n<p>It takes about <strong>45 days<\/strong> to hire in the <strong>health services<\/strong> industry. [<a href=\"#sources\">3<\/a>]<\/p>\n\n\n\n<p>Here\u2019s a sneak peek into the hiring durations of different industries:&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"900\" src=\"https:\/\/dev.jobera.com\/resources\/wp-content\/uploads\/2023\/10\/days-to-hire-industry.jpg\" alt=\"days to hire based on industry\" class=\"wp-image-12437\" srcset=\"https:\/\/jobera.com\/resources\/wp-content\/uploads\/2023\/10\/days-to-hire-industry.jpg 800w, https:\/\/jobera.com\/resources\/wp-content\/uploads\/2023\/10\/days-to-hire-industry-267x300.jpg 267w, https:\/\/jobera.com\/resources\/wp-content\/uploads\/2023\/10\/days-to-hire-industry-768x864.jpg 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th><strong>Industries&nbsp;<\/strong><\/th><th><strong>Days-to-hire<\/strong><\/th><\/tr><\/thead><tbody><tr><td>Construction<\/td><td>13<\/td><\/tr><tr><td>Leisure and Hospitality<\/td><td>21<\/td><\/tr><tr><td>Wholesale and Retail<\/td><td>24<\/td><\/tr><tr><td>Warehouse, Transport, and Utilities<\/td><td>25<\/td><\/tr><tr><td>Professional and Business Services<\/td><td>25<\/td><\/tr><tr><td>Non-Farm<\/td><td>28<\/td><\/tr><tr><td>Education<\/td><td>29<\/td><\/tr><tr><td>Manufacturing<\/td><td>31<\/td><\/tr><tr><td>Information<\/td><td>31<\/td><\/tr><tr><td>Government<\/td><td>33<\/td><\/tr><tr><td>Financial Services<\/td><td>45<\/td><\/tr><tr><td>Health Services<\/td><td>49<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"fa-qs-about-the-cost-of-hiring\">FAQs about the Cost of Hiring<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"what-is-the-cost-of-hiring\">What is the cost of hiring?<\/h3>\n\n\n\n<p>The cost of hiring is the total amount of money that a company spends to fill a vacant position. This includes both direct and indirect costs.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"how-do-you-calculate-the-cost-of-hiring\">How do you calculate the cost of hiring?<\/h3>\n\n\n\n<p>The formula for calculating the cost of hiring is:<\/p>\n\n\n\n<p><strong>(Total internal recruiting costs + External recruiting costs) \/ (Total number of hires in a given time frame)<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"what-are-the-factors-that-affect-the-cost-of-hiring\">What are the factors that affect the cost of hiring?<\/h3>\n\n\n\n<p>Some of the factors that can affect the cost of hiring include:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Industry:<\/strong> Industries,<strong> such as technology and finance<\/strong>, are more competitive and have higher salaries, which can lead to higher hiring costs.<\/li>\n\n\n\n<li><strong>Company size:<\/strong> Larger companies <strong>have more complex hiring processes <\/strong>and may spend more on recruiting and onboarding.<\/li>\n\n\n\n<li><strong>Role level: <\/strong>Higher-level roles <strong>have higher salaries<\/strong> and more complex hiring processes.<\/li>\n\n\n\n<li><strong>Location:<\/strong> Hiring costs can vary depending on the <strong>location of the job,<\/strong> cost of living,&nbsp; and the availability of qualified candidates.<\/li>\n\n\n\n<li><strong>Demographics:<\/strong> Hiring costs can also <strong>vary based on demographics<\/strong> such as gender, race, and ethnicity.<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"what-are-the-indirect-costs-of-hiring-1\">What are the indirect costs of hiring?<\/h3>\n\n\n\n<p>Indirect costs can include the<strong> HR team\u2019s salaries, benefits, office space, technology, loss of productivity, and administrative overhead.<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"how-can-we-reduce-the-cost-of-hiring\">How can we reduce the cost of hiring?<\/h3>\n\n\n\n<p>There are some things you can do to reduce the cost of hiring, such as:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Streamline your hiring process:<\/strong> Identify areas where you can save time and money.<\/li>\n\n\n\n<li><strong>Invest in diversity and inclusion initiatives:<\/strong> This will help you <strong>attract and retain a wider pool of candidates,<\/strong> which can lead to lower hiring costs.<\/li>\n\n\n\n<li><strong>Partner with staffing agencies:<\/strong> Staffing agencies can help you <strong>find qualified candidates and manage the hiring process<\/strong>, which can save you time and money.<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"summary\">Summary<\/h2>\n\n\n\n<p>A bad hire can <strong>cost a company more than money<\/strong>. They can <strong>affect employee morale<\/strong> and the reputation of a firm. That\u2019s why it\u2019s important to understand <strong>the latest trends and hiring statistics<\/strong> to make a calculated decision.<\/p>\n\n\n\n<p>These statistics would\u2019ve given you an <strong>overview of the various factors<\/strong> involved in hiring the right candidate.<\/p>\n\n\n\n<p>Keep an eye on our website to <strong>learn the latest statistics<\/strong>, facts, and trends on several topics.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"sources\">Sources<\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li>SHRM. <a href=\"https:\/\/www.shrm.org\/resourcesandtools\/hr-topics\/talent-acquisition\/pages\/the-real-costs-of-recruitment.aspx\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">The Real Costs of Recruitment<\/a><\/li>\n\n\n\n<li>LinkedIn. <a href=\"https:\/\/business.linkedin.com\/talent-solutions\/resources\/future-of-recruiting\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">The Future of Recruiting 2023<\/a><\/li>\n\n\n\n<li>Workable. <a href=\"https:\/\/resources.workable.com\/tutorial\/time-to-hire-metrics\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Time to fill and time to hire metrics FAQ<\/a><\/li>\n\n\n\n<li>Bureau of Labor Statistics. <a href=\"https:\/\/www.bls.gov\/news.release\/pdf\/ecec.pdf\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Employer Costs for Employee Compensation \u2013 June 2023<\/a><\/li>\n\n\n\n<li>Investopedia. <a href=\"https:\/\/www.investopedia.com\/financial-edge\/0711\/the-cost-of-hiring-a-new-employee.aspx\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">The Cost of Hiring a New Employee<\/a><\/li>\n\n\n\n<li>Compport. <a href=\"https:\/\/www.compport.com\/blog\/how-much-should-employers-spend-on-benefits#:~:text=Answer%3A%20The%20amount%20employers%20should,worker's%20salary%20to%20cover%20benefits.\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">How Much Should Employers Spend on Benefits | A Quick Guide<\/a><\/li>\n\n\n\n<li>World Economic Forum. <a href=\"https:\/\/www.weforum.org\/agenda\/2015\/12\/how-much-are-toxic-workers-costing-your-company\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">How much are toxic workers costing your company?<\/a><\/li>\n\n\n\n<li>Glassdoor. <a href=\"https:\/\/www.glassdoor.com\/employers\/blog\/calculate-cost-per-hire\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">How To Calculate Cost-Per-Hire<\/a><\/li>\n\n\n\n<li>LinkedIn. <a href=\"https:\/\/www.linkedin.com\/pulse\/why-losing-best-talent-so-costly-edligo-learning-and-talent-analyti#:~:text=The%20National%20Association%20of%20Colleges,costs%20an%20average%20of%20%247%2C645.\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Why Losing the Best Talent is So Costly?<\/a><\/li>\n\n\n\n<li>Workable. <a href=\"https:\/\/resources.workable.com\/tutorial\/faq-recruitment-budget-metrics\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Budget and Cost per Hire | Recruiting Metrics FAQ<\/a><\/li>\n\n\n\n<li>SHRM. <a href=\"https:\/\/www.shrm.org\/ResourcesAndTools\/business-solutions\/Documents\/Talent-Acquisition-Report-All-Industries-All-FTEs.pdf\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">SHRM CUSTOMIZED TALENT ACQUISITION BENCHMARKING REPORT<\/a><\/li>\n\n\n\n<li>&nbsp;LeoForce. <a href=\"https:\/\/leoforce.com\/blog\/what-does-it-really-cost-to-recruit-and-hire-a-new-employee\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">What does It really cost to recruit and hire a new employee?<\/a><\/li>\n\n\n\n<li>Business. <a href=\"https:\/\/www.business.com\/articles\/cost-of-a-bad-hire\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">How to Handle a Bad Hire<\/a><\/li>\n\n\n\n<li>&nbsp;Indeed. <a href=\"https:\/\/www.indeed.com\/hire\/c\/info\/cost-of-hiring-employees\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">What Is the Cost of Hiring New Employees?<\/a><\/li>\n\n\n\n<li>U.S. BUREAU OF LABOR STATISTICS. <a href=\"https:\/\/www.bls.gov\/emp\/tables\/education-summary.htm\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Employment Projections<\/a><\/li>\n\n\n\n<li>Tidio. <a href=\"https:\/\/www.tidio.com\/blog\/ai-recruitment\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">AI Recruitment Statistics: What Is the Future of Hiring?<\/a><\/li>\n\n\n\n<li>The Happy Manager. <a href=\"https:\/\/the-happy-manager.com\/how-can-applicant-tracking-systems-improve-the-selection-process\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Can Applicant Tracking Systems Improve the Selection Process?<\/a><\/li>\n\n\n\n<li>LinkedIn. <a href=\"https:\/\/www.linkedin.com\/pulse\/top-20-benefits-applicant-tracking-system-eli-franklin\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Top 20 Benefits of Applicant Tracking System<\/a><\/li>\n\n\n\n<li>Medium. <a href=\"https:\/\/medium.com\/hr-blog-resources\/top-5-recruitment-software-statistics-42c91c42bcd7#:~:text=Statistic%20%233%3A%20Using%20a%20recruitment,positively%20impacted%20their%20hiring%20process.\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Top 5 Recruitment Statistics<\/a><\/li>\n\n\n\n<li>Finances Online. <a href=\"https:\/\/financesonline.com\/hiring-statistics\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">101 Hiring Statistics You Must Read: 2023 Data Analysis &amp; Market Share<\/a><\/li>\n\n\n\n<li>Insight Global. <a href=\"https:\/\/insightglobal.com\/blog\/6-reasons-to-hire-entry-level-employees\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">6 Reasons to Hire Entry-Level Employees<\/a><\/li>\n\n\n\n<li>Builtin. <a href=\"https:\/\/builtin.com\/recruiting\/cost-of-turnover\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">The True Costs of Employee Turnover<\/a><\/li>\n<\/ol>\n\n\n<p>[ratemypost]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Have you ever wondered how much it costs to hire an employee? In the US, the average cost per hire\u2026<\/p>\n","protected":false},"author":4,"featured_media":12439,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[50],"tags":[48],"class_list":["post-12416","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-statistics","tag-hiring"],"_links":{"self":[{"href":"https:\/\/jobera.com\/resources\/wp-json\/wp\/v2\/posts\/12416","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jobera.com\/resources\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jobera.com\/resources\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jobera.com\/resources\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/jobera.com\/resources\/wp-json\/wp\/v2\/comments?post=12416"}],"version-history":[{"count":0,"href":"https:\/\/jobera.com\/resources\/wp-json\/wp\/v2\/posts\/12416\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/jobera.com\/resources\/wp-json\/wp\/v2\/media\/12439"}],"wp:attachment":[{"href":"https:\/\/jobera.com\/resources\/wp-json\/wp\/v2\/media?parent=12416"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jobera.com\/resources\/wp-json\/wp\/v2\/categories?post=12416"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jobera.com\/resources\/wp-json\/wp\/v2\/tags?post=12416"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}