Wouldn’t you love to be able to provide the bean counters with an accurate number on what it costs to find — and snag — the best employees? Our friends at SHRM think they’ve come up with a formula.
The Standard for Measures and Metrics Taskforce, led by the Society for Human Resource Management (SHRM), has designed a cost-per-hire metric standard — a tool for organizations to determine accurate and comparable costs of recruitment using a standard algorithm.
“Previously, organizations had numerous and conflicting approaches for determining cost-per-hire,” Lee Webster, SHRM’s director of HR standards, said in a press release. “The proposed draft standard may soon be used by companies that would prefer to use a metric that consistently and comparably measures the performance of their staffing efforts.”
A draft of the SHRM proposal can be found here.
Individuals and organizations can view or submit comments on the proposed draft standard by visiting the SHRM balloting website.The comments will be reviewed by the taskforce that developed the standard and will be incorporated where appropriate. Questions about the proposed draft standard or about how to submit comments should be directed to Webster at 1-703-535-6047 or e-mail hrstds@shrm.org.
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