One of the most critical KPIs recruiters seek to improve is their cost-per-hire. Along with source pipeline, candidate quality, long-term retention, and other key performance metrics, tracking your cost-per-hire will help you to understand the performance of your recruiting initiatives better and minimize your expenses across the board.
For recruiters and hiring managers on a strict budget, there is a delicate balance between minimizing your cost-per-hire and getting the most out of the resources you have. Adequate planning, automation, and data-driven insights are helpful, but you need to know how to use the tools at your disposal. Here are some ways you can start cutting back on hiring costs and still maximize the results of your recruiting efforts.