Hiring Costs Trending Up - Why That's Important

March 27, 2016 Kelly Marc Alston

The costs of hiring employees is an important metric for businesses to track. It’s a critical component when measuring the ROI of the hiring process, and if you're not constantly evaluating your hiring process, start now.

Small Business Trends examined the costs in today’s economy, where there are more higher paying positions available. Why is this important? Because hiring costs are estimated to range from 1.5x to 3.5x of the annual position salary, so the higher the salary, the more it costs to hire.

Naturally, the section that caught my eye is the last one, that talks about focusing on the hiring process. As costs to hire increase, it’s critical to find the best candidates available, to keep them invested in the hiring process, and to keep employees engaged from recruitment to retirement. This is important not just for small businesses, but for all businesses.

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