Cost per hire and quality: squaring the circle
As challenging questions go, squaring the circle of quality and quantity in cost per hire is a tough one. How can recruiters achieve the magic mix of high calibre candidates and manageable recruitment costs? What can recruiters do to meet both the demands of their budget and the requirements of their organisation? It’s quite a paradox. But there are some important things that recruitment professionals can do to move towards matching reduced cost per hire with finding exceptional and committed candidates:
Go hybrid: Going hybrid – in other words, combining in-house recruitment resource and outsourced expertise does two important things. It ensures that quality stays consistent and that costs stay manageable. A flat fee recruitment model provides both a transparent, up front view of cost plus targeted expertise for finding the right candidates.
Install a talent pipeline: A talent pipeline designed to find, recruit and, perhaps most importantly, retain high calibre candidates is an important step for recruiters. It is also another important step in answering the important question of how to balance quantity and quality in cost per hire.