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Research Outline
Prepared for Vern H. | Delivered April 28, 2020
Cost per Hire by Industry
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Goals
Support research on a sales process by providing the average cost per hire for several industries that may be recruiting college majors from Engineering, Finance, Business, Liberal Arts, HR, and Supply Chain in the USA.
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Early Findings
The average cost per hire (for staffing firms) per industry varies widely.
For the professional, scientific, and technical industries, the the CPH was
$783
for those in the 25th percentile and
$6,862
for those in the 75th percentile, with an average CPH of
$6,096
and a median of
$2,000
.
For Finance specifically, the CPH was
$300
for those in the 25th percentile and
$4,650
for those in the 75th percentile, with an average CPH of
$5,100
and a median of
$1,000
.
For the administration and support industries, the CPH was
$683
for those in the 25th percentile and
$3,550
for those in the 75th percentile, with an average CPH of
$3,075
and a median of
$1,628
.
Liberal arts majors
do not have
an industry that's as closely tied to their degree. Many of them become
educators
, or take
further studies
for Masters degrees or enter law. However, liberal arts emphasizes critical thinking, adaptability, and problem-solving, which
help them enter
STEM, business, marketing, sales, strategy, or even people-centered work like customer and account management. Because of this, their cost per hire is likely to vary widely. Since many of them elect to enter education however, that is the cost-per-hire provided here. It is
$238
for those in the 25th percentile and
$3,000
for those in the 75th percentile, with an average CPH of
$2,225
and a median of
$1,450
.
There may be more paywalled information available from the Society for Human Resource Management (SHRM) that may be relevant. It is available
here
.
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