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A recent survey by the Society of Human Resource Management (SHRM) found that the average cost per hire is about $4,100. However, several factors may affect each company’s individual average. For example, cost per hire depends on hiring volume. The more people you hire, the lower your cost per hire will be. This is because some fixed costs can be spread out over a larger number of hires. Also, some roles and industries (e.g. engineering) have longer time to fill and the accumulated costs result in higher cost per hire.Depending on the size of company and industry, a good benchmark is anywhere from $3,000 to $5,000.

One bad hire costs companies $17,000 on average, according to a CareerBuilder survey. To determine how a particular bad hire affects your company, look into:Compensation costs of your bad hire until they leave your company. Recruiting costs associated with this hire (e.g. background checks, job postings, screening tests.) Training and on-boarding costs for this hire and their replacement. HR costs (e.g. relocation expenses, severance pay.) Time lost to correct issues with your hire’s work. Lost productivity and reduced team morale. Potential customer complaints. Lost revenue. Also, bad hires in executive positions can affect your company’s overall strategy and operations, resulting in long-term business costs and lost revenue. To avoid bad hires, invest in improving your recruiting process. With Nana.Mom software we can help limit or prevent this issue. Let us show you how!

Candidates often decline job offers for a variety of reasons. Firstly, inadequate compensation packages that do not meet their financial expectations can be a major deterrent. Secondly, a poor work-life balance, often resulting from excessive working hours or job demands, may make the job unattractive. Additionally, a lack of growth opportunities or skill development prospects can discourage potential hires. Furthermore, a toxic or unsupported company culture can be a significant turn-off. Personal factors like a long commute or unfavourable location may also lead to job rejection. Finally, candidates might receive more appealing offers from other employers during their job search, prompting them to pass on a particular opportunity. Understanding these factors is crucial for employers to attract and retain top talent.