How To Calculate Cost per Hire in PeopleSoft | Arithmix
Learn how to calculate the cost per hire in PeopleSoft with our step-by-step guide. Discover the key metrics and factors to consider when determining the true cost of hiring new employees. Optimize your recruitment process and make informed hiring decisions with this essential resource.
Calculating cost per hire is an important metric for any organization. It helps to determine the total cost incurred in hiring a new employee. PeopleSoft is a popular HR management software that can help you calculate cost per hire. However, even if you don't use PeopleSoft, understanding how to calculate cost per hire can be valuable for your organization.
What Is Cost per Hire?
Cost per hire is the total cost incurred by an organization to hire a new employee. This includes all the expenses incurred during the recruitment process, such as advertising, job fairs, travel expenses, and recruitment agency fees. It also includes the cost of the HR team's time spent on recruitment and selection, as well as the cost of onboarding and training the new employee.
Calculating cost per hire can help organizations to identify areas where they can reduce costs and optimize their recruitment process. It can also help to evaluate the effectiveness of recruitment strategies and identify the most cost-effective methods for hiring new employees.
When Is It Valuable To Calculate Cost per Hire?
Calculating cost per hire is valuable for any organization that wants to optimize its recruitment process and reduce costs. It is particularly useful for organizations that hire a large number of employees or have a high turnover rate. By calculating cost per hire, organizations can identify areas where they can reduce costs and improve their recruitment process.
Calculating cost per hire can also help organizations to evaluate the effectiveness of their recruitment strategies. For example, if an organization spends a lot of money on job fairs but finds that most of its hires come from employee referrals, it may want to reconsider its recruitment strategy and focus more on employee referrals.
Overall, calculating cost per hire is an important metric for any organization that wants to optimize its recruitment process and reduce costs. Whether you use PeopleSoft or another HR management software, understanding how to calculate cost per hire can help you make informed decisions about your recruitment strategy and improve your organization's bottom line.
How Do You Calculate Cost per Hire in PeopleSoft
PeopleSoft itself isn’t naturally geared towards letting you calculate complex metrics like Cost per Hire. As an alternative, teams typically use products like Arithmix to import data from PeopleSoft and build out dashboards.
What is Arithmix?
Arithmix is the next generation spreadsheet - a collaborative, web-based platform for working with numbers that’s powerful yet easy to use. With Arithmix you can import data from systems like PeopleSoft, combine it with data from other systems, and create calculations like Cost per Hire.
In Arithmix, data is organized into Tables and referenced by name, not by cell location like a spreadsheet, simplifying calculation creation. Data and calculations can be shared with others and re-used like building blocks, vastly streamlining analysis, model building, and reporting in a highly scalable and easy to maintain platform. Data can be edited, categorized (by dimensions) and freely pivoted. Calculations are automatically copied across a dimension - eliminating copy and paste of formulas.
Arithmix is fully collaborative, giving your entire team access to your numbers and the ability to work together seamlessly.
Calculating Cost per Hire in Arithmix
Calculating metrics like Cost per Hire is simple in Arithmix. Once you've created your free account, you’ll be able to import your PeopleSoft data, and use it to create natural language formulas for metrics like Cost per Hire.
Arithmix is designed to give you the power to build any calculations you want on top of your PeopleSoft data, while also being easy to use and collaborate on. You can share your dashboards with users inside and outside of your organisation, making it easy to empower your whole team.Use Arithmix free