A guide for HR, People and Talent Leaders
War-induced price increases, broadening price pressure due to labour shortage and supply chain have led to an inflation projection of 5.7% in advanced economies and 8.7% in emerging and developing economies. As the major economies are experiencing the highest inflation in the last four decades, businesses also feel the impact of high prices.
Along with the high costs, the possibility of economic slowdown and recession further increases the pressure on businesses to control costs across all functions. Human resources (HR) costs are a significant investment for any enterprise, and HR directors need to optimise talent hiring and wider people activities costs to ensure their department expenses are within the defined budget.
The recruitment hiring costs comprise a significant part of the HR budget and must be controlled judiciously. Recruitment directly impacts organisational performance, so the costs cannot be indiscriminately cut; or, it will impact the quality of personnel being hired. Therefore HR, People and Talent leaders, along with finance directors, need to take a calibrated approach to optimise recruitment costs and manage the overall people budget prudently.
In this report, we discuss:
- What are the recruitment costs?
- What are internal and external recruitment costs?
- What is the cost per hire?
- How to optimise recruitment costs?
- How to optimise cost across the hiring value chain?
- How can innovative technology solutions enable organisations to optimise employee reference checks and background screening?
- How does Veremark help organisation control recruitment costs and deliver improved ROI?