Hiring employees in the current labor shortage is more cumbersome than ever, especially in light of the average cost per hire in 2022 and productivity statistics:
average recruiting impact for a single employee is $4,425 (average role) and $14,936 (executive positions) – SHRM
a company breaks even on employee investment in 6 months
It may take around 94 days to fill a single skilled position
Companies spend up to 46.7 hours on employee training, spending an additional $986 per person
Benefits and compensation packages are on a 16-year high mark increasing overall recruiting expenses with applicants still limitedly selected from the same talent pool. Other factors to consider are:
Employee referral bonuses
Recruiter salaries
Aptitude test costs
Training
Sign-on bonuses
Background checks
Advertising on job boards etc.
