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hiring team? The best way to do this is to figure out an average cost per resume and track how many resumes you receive for each job to be able to calculate the administrative cost per job.
B.How much time does your hiring team / recruiter spend screening through resumes? This may also be an average cost per resume received for the job.
C.If your organization conducts preliminary phone interviews,tory burch wedge, how many were conducted and how much time was spent by the recruiter to prepare, conduct, summarize and communicate the results of those interviews?
D.Do you have an automated applicant-tracking program? This is an indirect cost that you may choose to pro-rate across your hires for a specific period of time, somewhat like depreciating a new computer on your taxes.
E.Did your hiring team or the interviewee incur any travel expenses that were reimbursed by the company?
F.How much time was spent scheduling interviews?
G.How many staff members were involved in the interviews? How long per interview? How many interviews? What is the average cost of the interviewers�� time
H.How much time and what was the cost for follow-up with candidates during negotiations and to notify those that were not hired?
I.What was the cost of referral fees from a recruiting agency or an employee referral?
J.What costs will the company be paying for the new hire to relocate? Some costs may include moving company, airplane tickets, hotel accommodations, temp housing, house hunting visits, assistance with sell/buy, or spouse/dependent assistance.
K.What was the cost for background investigations and/or reference checks? Drug screens?
L.If there was a signing bonus, how much was it?
M.What costs does the company typically incur to bring someone onboard �C orientation, mentor, benefits enrollment,Moncler Women's Coats, computers, cell phones, uniforms, etc.?
N.How long did it take to fill the position from start to hire date? What could you have done to reduce the time to hire and not have impacted the quality of the hire?
O.What was the impact on productivity while the position was left vacant? This is a very difficult calculation to conduct especially depending on the position. However, it does have an impact on the hiring manager and the organization as a whole. If it can��t be quantified, at least keep it in mind.
P.How satisfied was the hiring manager / organization with the hire? This assessment can be done following the hiring but should be repeated again 3 �C 6 months after the employee has been on the job to get a real sense of how successful the hire was.
Calculations for Recruitment Specialist
Cost per Hire:
(Cost per hire is a calculation you can use any time you are hiring. Let��s say you are a consulting firm bidding on a big project. Cost per hire can help you estimate the costs associated with adding new positions as part of being awarded the contract for the new project.)
Costs involved with a new hire
[Advertising + Agency Fees + Employee Referrals + Travel + Relocation + Recruiter Pay & Benefits] /Number of Hires
Turnover Cost:
Costs incurred when an employee leaves the organization Cost to Terminate + Cost per Hire + Vacancy Cost + Learning Curve Loss(Note: Cost to terminate includes severance, unemployment, exit interviews, legal fees, temp replacements, etc)
Turnover Rate:
Measures rate that employees leave an organization [No. of Separations During Month �� Average No. of Employees During the Month] x 100
(Note: Define what status of employee you will monitor. It might not make sense, for example, to monitor temporary employees. It could skew the statistics for your full-time staff and lead you to false conclusions. Consider conducting a position-specific analysis)
Time to Fill:
Number of days from job requisition approval to new hire starts date Total Days to Fill Requisitions /Number Hired
Conclusion
For a Recruitment Professional to be efficient and effective, there is so much to do. They can play an important role in ��Organization Transformation��, provided they are ��true an fair�� in their dealings. I have also mentioned in one of my ��earlier write-up�� that ��Recruitment Professional�� are corrupt, there is a good and bad face of each profession,ED Hardy Swimwear, all that is matter is how true you are to yourself and your integrity.
I will be looking forward to your comments and feedback.
Feel free to shoot any question, pertaining to this article.
Stay in Touch and take Care
Sanjeev Himachali
E-mail: ss_himachali@yahoo.com; sanjeev.himachali@gmail.com
Blog: http://sanjeevhimachali.blogspot.com/
You can read my ITES-BPO related articles at http://www.bpoindia.org/research/ or http://www.contactcenterworld.com/articles.asp
Sanjeev (Himachali) Sharma, is a 29 yrs of age from India, having six years of experience in "Human Resource Development". By qualification, he is Bachelor of Science and Masters in Business Administration. He is also a Motivational and Inspirational writer and speaker.)
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