Cost per Hire Results
The report details your company's current average cost per hire—including labor costs for HR and recruitment efforts, third-party advertising expenses, and the hire rate percentage—and highlights potential annual savings through ApplicantStack by automating recruitment tasks and providing free access to popular job boards, thereby reducing both labor and advertising costs.
Your current cost per hire is:
$
You could save:
$
each year with ApplicantStack.
Current cost per hire represents the average expense of hiring a new employee at your company. This number takes everything into account: job board postings, labor, time spent looking over resumes, HR salaries, etc. The implementation of ApplicantStack could result in a sizable reduction of hiring costs.
Your labor cost per hire is $
Labor cost per hire is the amount you’re spending on HR representatives, third-party recruiters, headhunters, and other agencies (both internal and external) to acquire a new hire. This includes costs for the time your recruitment team spends reviewing resumes, scheduling and conducting interviews, and corresponding with candidates. Your applicant tracking system can reduce labor cost per hire by automating many of these tasks, freeing your team up for other, more complex activities.
Your 3rd-party cost per hire is $
This represents the amount of money you’re spending to advertise a new position through direct ads or agency fees. It includes employment branding costs as well as specific job posting costs. A job posting on Monster.com starts at $300 for 30 days. Posting an ad on Dice will run about $400. Other job boards, like LinkedIn and Indeed, have a pay-for-performance model; the more people who click on your job ad, the more money you pay. Each of these expenses contributes to your advertising cost per hire.
ApplicantStack cuts down costs by giving you free access to the most popular job boards, including Indeed and social media sites like LinkedIn and Facebook.
Your hire rate is %
Your hire rate represents the number of applications you receive for each job listing. This is the percentage of applicants who ultimately are offered and accept jobs at your company. If you receive 100 applications in one year and hire ten new employees, you have a hiring rate of 10%. This is also called the submission-to-hire ratio (SHR). A higher hiring rate indicates you’re receiving fewer applicants – but that they are of higher quality. A low hiring rate means you may be inundated with unqualified applications.
An applicant tracking system can help you leverage automated tools and prescreening questions to ensure the candidates you consider have the qualities you need. Your hiring team won’t have to wade through dozens of irrelevant applications to find the best of the bunch. ApplicantStack does it for you!
Your recruiting time per hire is hours
How much time is your recruitment team spending on each new hire? This statistic directly impacts your labor costs per hire. Through tools like online scheduling, pre-application questionnaires, resume ranking, and automatic email responses, ApplicantStack can reduce recruiting time per hire by 25% – saving you time and money.
Related
Making the Most of Job Posting Sites for Recruiting
The article explains how businesses can effectively use job posting sites—online platforms that share job openings and application details, ranging from broad to niche industries and sometimes integrating with applicant tracking systems—to attract top talent, highlighting popular free options like LinkedIn and Indeed for wide reach and niche sites for specialized roles.
How to Hire Employees: The Ultimate Guide
The guide emphasizes that hiring the right employee is a critical managerial function requiring a clear understanding of organizational needs, careful assessment of job requirements, and adherence to best hiring practices to ensure a good skills, work ethic, and cultural fit.
Using Paid Online Advertising for Recruitment Marketing
The article discusses how traditional recruitment methods are being supplemented by paid online advertising, emphasizing that with 62.3% of the global population active on social media and a $36 billion industry growing 15% since 2015, businesses can effectively reach both active and passive job seekers by leveraging targeted, thoughtful recruitment marketing informed by data-driven insights into their candidate pool.
Job Posting: Where and How to Post Job Listings - ApplicantStack
The article explains the distinction between internal job descriptions and externally focused job postings, describes job boards as specialized or broad online platforms for advertising open positions, and highlights how employers can efficiently use these boards—such as Indeed, Monster, ZipRecruiter, and niche sites—to target and attract ideal candidates, including through specialized boards for diversity, tech, or remote jobs.
A Guide to ATS Recruiting - ApplicantStack
The article explains that an applicant tracking system (ATS) is a recruiting software that centralizes and streamlines the hiring process by tracking candidates from application to hiring, benefiting organizations of all sizes by efficiently identifying top talent, and highlights key ATS features such as analytics, reporting, and advanced candidate tracking tools that help recruiters manage and evaluate applicants effectively.
Talent Acquisition Glossary and Processes
Talent acquisition encompasses the comprehensive HR processes involved in sourcing, attracting, screening, and hiring talent—including developing hiring plans, job descriptions, posting jobs, conducting interviews, and negotiating offers—with responsibilities varying by company size and often involving job requisition approval, job analysis, candidate sourcing, and application review.