There are ways to measure how much it’s costing you to recruit the right employee. Not tracking the numbers can cost your business in wasted time and money.
In her recent IdeaXchange blog, “Hiring: The phone screening process,” Jane Clark, VP Member Services for NationaLease, continues to talk about the art of successful recruiting. Although this blog offers valuable tips on screening top applicants by phone, including important questions to ask, the more intriguing issue Jane tackles is how to estimate what it is actually costing you to find the right employee and how to optimize the process.
What she suggests is “something similar to a cost-per-mile analysis on your recruiting efforts.” Among the information you should be looking at are the following:
- Sources of information
- Number of resumes from each source
- Number of qualified resumes from each source
- Cost to post a job or attend a job fair
- Number of interviews by posting sourse
Jane indicates that these and a number of other issues should be looked at on a spreadsheet and should result in understanding the actual number of hires your make by each individual source. Doing this may help you narrow down significantly the number of places you are posting, eliminating those that result in few hires and directing more funds towards those that end in recruiting success. She also suggests that you set the spreadsheet up by location (if your business has more than a single workplace) as a source that might be successful for one location may not be as successful in another.