Current cost per hire represents the average expense of hiring a new employee at your company. This number takes everything into account: job board postings, labor, time spent looking over resumes, HR salaries, etc. The implementation of ApplicantStack could result in a sizable reduction of hiring costs.

Your labor cost per hire is $

Labor cost per hire is the amount you’re spending on HR representatives, third-party recruiters, headhunters, and other agencies (both internal and external) to acquire a new hire. This includes costs for the time your recruitment team spends reviewing resumes, scheduling and conducting interviews, and corresponding with candidates. Your applicant tracking system can reduce labor cost per hire by automating many of these tasks, freeing your team up for other, more complex activities.

Your 3rd-party cost per hire is $

This represents the amount of money you’re spending to advertise a new position through direct ads or agency fees. It includes employment branding costs as well as specific job posting costs. A job posting on Monster.com starts at $300 for 30 days. Posting an ad on Dice will run about $400. Other job boards, like LinkedIn and Indeed, have a pay-for-performance model; the more people who click on your job ad, the more money you pay. Each of these expenses contributes to your advertising cost per hire.

ApplicantStack cuts down costs by giving you free access to the most popular job boards, including Indeed and social media sites like LinkedIn and Facebook.

Your hire rate is %

Your hire rate represents the number of applications you receive for each job listing. This is the percentage of applicants who ultimately are offered and accept jobs at your company. If you receive 100 applications in one year and hire ten new employees, you have a hiring rate of 10%. This is also called the submission-to-hire ratio (SHR). A higher hiring rate indicates you’re receiving fewer applicants – but that they are of higher quality. A low hiring rate means you may be inundated with unqualified applications.

An applicant tracking system can help you leverage automated tools and prescreening questions to ensure the candidates you consider have the qualities you need. Your hiring team won’t have to wade through dozens of irrelevant applications to find the best of the bunch. ApplicantStack does it for you!

Your recruiting time per hire is hours

How much time is your recruitment team spending on each new hire? This statistic directly impacts your labor costs per hire. Through tools like online scheduling, pre-application questionnaires, resume ranking, and automatic email responses, ApplicantStack can reduce recruiting time per hire by 25% – saving you time and money.