As per recent articles and market dynamics India has witnessed large scale resignations and layoff’s across many sectors of the economy. The information technology sector in particular witnessed massive attrition, with over a million resignations in 2021 as per a report published last year.
Cost per Hire has become a very relevant metric which each and every founder / company needs to reevaluate and understand better.
A number that comes frequently is how much does a company spent to hire an employee, as per studies a company on an average spend Rs. 25500 for an employee with an average package of Rs. 3-4 lac per annum.
While the above number looks promising what companies usually dismiss is what is an actual cost companies incur due to a bad or lost hire opportunity. As per a recent study it is understood that companies on an average spend more than Rs. 20 lakh on every bad hire that happens. With the exponential increase in attrition and resignations it has become more so important for companies to rework on this number. India also incidentally also figures in the top four countries worldwide on basis of cost for bad hires.
These are simple parameters which help calculate and control hire cost for a company. The below parameters will help as a starting point which will help mapping your cost per hire.
- Consultants cost
- Job portals cost
- Career events cost
- Social media management costs
- Onboarding and training costs
- Recruitment team salaries
- Telephone bills
- Internet
- Reimbursement of travel expenses who attends the interview
- Relocation charges
- Advertisement cost
- Referral bonus
- Candidates salary and bonuses / incentive
About CUBENANT
Cubenant team handholds and helps talent to determine possible career paths and guides through possible opportunities with access to global market data and statistics.
Cubenant is a new age, niche tech, global talent acquisition and management partner helping startups, SMEs and corporates hire talent faster and retain longer. We are focused towards a customized approach to talent acquisition to provide better results.
Our core capabilities are into STEM, FinTech, Edutech, eCommerce, Data, AI, Virtual Reality and other new age verticals and tech stack. Our re-engineered talent acquisition strategy (currently in Beta) helps companies hire with minimal touch points and seamless engagement.
How to reach us
Website https://cubenant.com
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For job inquiries [email protected]
For general inquiries [email protected]
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