Cost per Hire Template Calculator [Free Download]

Download Cost per Hire Template Calculator excel file. 

Recruitment and retention can be costly; it’s therefore important to examine how companies minimise those costs. The Cost Per Hire is essentially a mathematical model for the cost of finding and hiring new employees. It contrasts hiring methods and their related costs to figure out which is the most cost-effective method of hiring. It involves the price of advertising (in time and money), the cost of travel, and other expenses that go into hiring a new employee.

How to calculate Cost per Hire?

  • Start by calculating your month-over-month spending on advertising and recruiting.
  • Figure out how many employees it takes to review and interview candidates and how much you’re paying for them.
  • Estimate the training expenses for each new employee.
  • Divide each with the number of successful applicants, interviews and hires.
  • Make sure to account for any miscellaneous costs.

Sounds complicated? It’s easier to download and use the calculator we have prepared for you.