Cost Per Hire Calculator
The Cost Per Hire contrasts employment methods and their related costs and interprets the results to determine, cost-wise, the most effective method of hiring new faculty.
The Cost Per Hire calculation incorporates the advertising medium used, the physical hindrances of employment (travel, moving, etc.), and related time consequences.
What is Cost Per Hire?
The Cost Per Hire is a way of contrasting employment methods and related costs and, usually, contrasting the results to determine, cost-wise, the most effective method of hiring new faculty.
The calculation normally encompasses the advertising medium used, the physical hindrances of employment (travel, relocation, etc.), and related time consequences.
Cost Per Hire calculations are useful for holistic staff hirings, especially when relocation or specialized skills which require international movement are required.
How to Calculate Cost Per Hire
There are a number of ways to determine Cost Per Hire. The best of these was developed by the Employment Management Association (EMA), as was the Cost Per Hire algorithm utilized by this calculator. The EMA is a team of specialists of the Society for Human Resources Management.
Cost Per Hire (CPH) = AD + ER + AF + Relo + T + RC + 10%
- CPH: Cost Per Hire
- AD: Advertising Costs
- ER: Employee Referral Costs
- AF: Agency Fees
- Relo: Relocation Costs
- T: Travel Costs
- RC: Recruiters Time
- 10%: Administrative costs related to the hire
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