Cost Per Hire Calculator
Cost Per hire compares hiring methods and associated costs and analyses the models to identify the most cost effective way of employing new staff.
The cost Per hire calculation includes the medium used for advertising, the geographical challenges of employment (Travel, relocation etc) and associated time costs.
What is Cost Per Hire?
Cost Per hire is means of comparing quantifying hiring methods and associated costs and, typically, comparing the models to identify the most cost effective way of employing new staff.
The calculation typically includes the medium used for advertising, the geographical challenges of employment (Travel, relocation etc) and associated time costs.
Cost per Hire calculations are beneficial for holistic new employee costings, particularly when relocation or specialist skills / capabilities are required which involve international relocation.
How to Calculate Cost Per Hire | Cost Per Hire Formula
There are a number of means of calculating cost per hire, the best of which (and the Cost per Hire Algorithm used on this calculator) was developed by the Employment Management Association (EMA). The Employment Management Association (EMA) is a specialist group of the Society for Human Resources Management.
Cost Per Hire = AD + AF + ER + T + R + RC + 10%
- AD Advertising Costs
- AF Agency Fees
- ER Employee Referral Costs
- T Travel Costs
- R Relocation Costs
- RC Recruiters Time
- 10% Administrative costs associated with the hire
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