25+ Crucial Average Cost-Per-Hire Facts [2023]: All Cost-Of-Hiring Statistics

2️⃣5️⃣+ 𝖢𝗋𝗎𝖼𝗂𝖺𝗅 𝖠𝗏𝖾𝗋𝖺𝗀𝖾 𝖢𝗈𝗌𝗍 𝖯𝖾𝗋 𝖧𝗂𝗋𝖾 𝖥𝖺𝖼𝗍𝗌 [𝟤𝟢𝟤𝟥]: 𝖠𝗅𝗅 𝖢𝗈𝗌𝗍 𝖮𝖿 𝖧𝗂𝗋𝗂𝗇𝗀 𝖲𝗍𝖺𝗍𝗂𝗌𝗍𝗂𝖼𝗌

I came across this fascinating article from the team at Zippia about a recent study that explained the results of 25+ crucial average cost-per-hire facts for 2023. Pretty much all the cost-of-hiring statistics are explained in detail.

Research Summary: Hiring new employees with the appropriate experiences and qualifications is essential to the continued success and profitability of nearly every U.S. company. However, the average cost to hire an employee can be a huge factor when going through the process. After extensive research, our data analysis team concluded:

Some key takeaways:

👉 The average cost per hire is $4,700.
👉 It takes 36 to 42 days to fill the average position in the United States.
👉 15% of Human Resources expenses are allocated towards recruitment efforts.
👉 It costs up to 40% of an employee’s base salary to hire a new employee with benefits.
👉 63% of hiring managers and talent acquisition specialists report that AI has positively changed how recruiting is handled at their company.
👉 It takes, on average, 3-8 months for a new hire to become fully productive at work.

Boiling it down, think about your situation from the hiring manager’s point of view. He or she has to be pulled aside from their day-to-day at the end of the workday to review resumes and fill an open requisition. An open requisition that is either costing them money or not making them money by leaving it vacant. When they find an ideal candidate, sometimes it’s more of a cultural fit if they know they can train someone rather quickly. So trust that if it’s supposed to happen, it will. If not, keep looking for opportunities in this new space.

The hiring process is selective for a reason — it’s time-consuming and costs a lot of money and resources from sourcing, recruiting, and interviewing to background checks, reference checks, drug tests, and finally training. A lot is involved so it’s crucial they get it right. That means, showing them you care about their time. And their money! Show them you offer this value that they can use in this open requisition. Why is it open? What pains do they have because it’s open? Once you can hone in on that, you can start to massage in key-value- and accomplishments-based content that makes your resume pop and motivates these decision-makers to invite you in on an interview. Be pragmatic and don’t ask. Offer more than want. Rather than asking people to help you get a job resume, ask them how can you be a better candidate? How can you improve? And what knowledge do you offer to help them out to reciprocate?

Check out the article here: https://www.zippia.com/advice/cost-of-hiring-statistics-average-cost-per-hire