The cost per hire refers to how much it costs a business to fill an available role. This is one of the most crucial HR metrics, as recruitment costs companies thousands of dollars for each position, adding up tremendously over time.
All costs involved with finding a new recruit are included in the cost per hire. This includes recruitment software subscriptions, interview expenses, advertising costs, relocation fees, and more. The average cost per hire depends on factors such as recruitment processes and the size of the company. The cost per hire often reduces for companies who can hire in large volumes.