Written by Software Advice, published my employersjobs.com
As the economy improves, businesses are growing. In fact, according to a recent report by Bank of America, 31% of small business owners said they planned to hire additional employees in 2013.
This is great news, but the basic difficulties of finding the best individuals to fill the positions opening up remains. There are many resumes to sort through. In addition to determining if a candidate has the right skills, recruiters also have to take into account cultural fit. And then there’s the whole process of even finding these candidates to sift through. In sum, as always, hiring is hard.
Furthermore, it can also be expensive. Unlike other business expenses that are more or less easily tracked, the difficulty of hiring is that–quite often–employers are uncertain how much the process actually costs them.
But now there is a uniform process for calculating hiring costs. In 2012, the American National Standards Institute (ANSI) accepted the Society for Human Resources Management’s (SHRM) proposal to create a cost-per-hire algorithm that would provide a standard with which companies in the US could compare their hiring costs across industries.
The algorithm was a revolution in the HR world, where consistent metrics have often been hard to come by. As Lee Webster, SHRM’s director of HR standards, said, “The HR profession and its stakeholders can now begin to make business decisions based on credible, transferable, and inter-operable human capital analytics.”
While SHRM’s equation spans the costs of the recruiting life cycle, including factors like background checks, campus recruiting expenses, sourcing and technology costs and even recruiter travel expenses, the team at Software Advice, a company that provides free reviews of recruiting software, thought it would be useful to hone in on what is perhaps the most costly hiring expense: advertising and marketing open positions.
Their team created a survey to help employers better gauge where their advertising budget is going, and which marketing channels deliver the greatest bang for their buck. The survey, which is 10 questions long and takes about five minutes to complete, can be accessed here.
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