Why the Average Cost Per Hire is Higher in June 2023

The competitive job market is one of the biggest drivers of the rising cost of hiring. In today’s economy, there are more qualified candidates than ever, and they often receive multiple offers. This means that companies have to offer more competitive salaries and benefits in order to attract and retain top talent.

The rising cost of living is another factor contributing to the rising cost of hiring. Housing, transportation, and other necessities have been rising steadily in recent years, putting a strain on businesses’ budgets. As a result, companies must spend more money on recruiting and onboarding to ensure that their new hires can afford to live in the area.

The increasing complexity of the hiring process also contributes to the rising hiring cost. In today’s world, companies can use several different channels to find and recruit candidates. This can make it difficult to track the cost of each channel and ensure that the company is getting the most bang for its buck.

The rising cost of hiring is a challenge that businesses are facing worldwide. However, there are several things that companies can do to reduce their cost per hire. These include:

• Using employee referrals: Employee referrals are one of the most cost-effective ways to find qualified candidates.
• Optimizing job postings: Well-written job postings can attract more qualified candidates and reduce the time needed to fill a position.
• Screening candidates carefully: Carefully screening candidates can help to ensure that the company is only interviewing and hiring the most qualified candidates.
• Offering competitive salaries and benefits: Offering competitive salaries and benefits can help to attract and retain top talent.

By taking these steps, businesses can reduce their hire costs and improve their chances of finding the right candidates for their open positions.

If you are a business owner or HR professional, you should be aware of the rising cost of hiring. By taking the steps outlined in this blog post, you can reduce your cost per hire and improve your chances of finding the right candidates for your open positions.