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The Cost of Hiring New Employees (Infographic)

In Human Resources — by Trakstar

cost-of-hiring

Although hiring costs vary by industry and region, it is always surprising to see the bottom-line figure, after all of the line item costs have been factored in. The total cost of hiring one new employee could be as high as $5,000, or more, in a professional or manufacturing industry. Even hiring a new employee in a services-related industry typically costs more than $1,000.

There are many individual costs incurred during the hiring process, including advertising costs, in-house recruiters’ salaries, third-party recruiter fees, travel expenses, sign-on bonuses, and employee referral bonuses. For certain high-level jobs, there may be employee relocation costs, as well.

Download our “Recruiting Budget Guide” and plan your hiring spend

It is important to note that the hiring costs associated with hiring a productive employee are far less than the cost and overall impact of making a bad hire. If a new employee is not a good fit and terminates after a short period of time, then the company may experience a number of additional costs, including the cost to recruit and train a replacement, as well as the unproductive time that was lost. Please see the infographic below for a detailed breakout of the costs of hiring new employees.

Cost of Hiring New Employees | Recruiterbox


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