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Cost Per Hire Formula

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Cost Per Hire represents the total cost of hiring an employee. Check FAQs

CPH = \frac{ERE + HR exp}{SH}

CPH - Cost Per Hire?ERE - External Recruiting Expenses?HR_exp - Internal Human Resource Expenses?SH - Successful Hires?

Cost Per Hire Example

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Here is how the Cost Per Hire equation looks like with Values.

Here is how the Cost Per Hire equation looks like with Units.

Here is how the Cost Per Hire equation looks like.

426.9231 = \frac{550 + 5000}{13}

426.9231 = \frac{550 + 5000}{13}

426.9231 = \frac{550 + 5000}{13}

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Cost Per Hire Solution

Follow our step by step solution on how to calculate Cost Per Hire?

FIRST Step Consider the formula

CPH = \frac{ERE + HR exp}{SH}

Next Step Substitute values of Variables

∴

CPH = \frac{550 + 5000}{13}

Next Step Prepare to Evaluate

∴

CPH = \frac{550 + 5000}{13}

Next Step Evaluate

∴

CPH = 426.923076923077

LAST Step Rounding Answer

∴

CPH = 426.9231

Cost Per Hire Formula Elements

Variables

Cost Per Hire

Cost Per Hire represents the total cost of hiring an employee.

Symbol: CPH

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Cost Per Hire

External Recruiting Expenses

External Recruiting Expenses refers to the Money spent to pay individual recruiters, recruiting agencies or staffing firms.

Symbol: ERE

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find External Recruiting Expenses

Internal Human Resource Expenses

The Internal Human Resource Expenses refers to the funds allocated to hiring, salaries, benefits, training, succession planning, workforce engagement, and employee wellness planning.

Symbol: HR_exp

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Internal Human Resource Expenses

Successful Hires

Successful Hires is defined as the ability to attract, select, and hire the best candidates, on time and on budget.

Symbol: SH

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Successful Hires

Other formulas in Human Resource Metrics category

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Go Market Penetration

MP = (\frac{n}{TP}) \cdot 100

How to Evaluate Cost Per Hire?

Cost Per Hire evaluator uses Cost Per Hire = (External Recruiting Expenses+Internal Human Resource Expenses)/Successful Hires to evaluate the Cost Per Hire, The Cost Per Hire formula is defined as the total cost of hiring an employee. The cost includes posting job adverts, payment of recruiting agencies, and other related costs. Cost Per Hire is denoted by CPH symbol.

How to evaluate Cost Per Hire using this online evaluator? To use this online evaluator for Cost Per Hire, enter External Recruiting Expenses (ERE), Internal Human Resource Expenses (HR_exp) & Successful Hires (SH) and hit the calculate button.

FAQs on Cost Per Hire

What is the formula to find Cost Per Hire?

The formula of Cost Per Hire is expressed as Cost Per Hire = (External Recruiting Expenses+Internal Human Resource Expenses)/Successful Hires. Here is an example- 426.9231 = (550+5000)/13.

How to calculate Cost Per Hire?

With External Recruiting Expenses (ERE), Internal Human Resource Expenses (HR_exp) & Successful Hires (SH) we can find Cost Per Hire using the formula - Cost Per Hire = (External Recruiting Expenses+Internal Human Resource Expenses)/Successful Hires.

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Cost Per Hire Formula

Cost Per Hire Example

Cost Per Hire Solution

Cost Per Hire Formula Elements

Other formulas in Human Resource Metrics category

How to Evaluate Cost Per Hire?

FAQs on Cost Per Hire

Variable Name