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Understanding the Cost of Hiring a New Employee

Look, we know this is going to sound of preachy, but we need to have a serious chat for a moment about why you should take job interviews VERY seriously.

According to a study conducted by the Society of Human Resources Management the average cost to hire a new employee is $4,129. And the average time it takes to fill a given position is 42 days. That means, to get you in the door for an interview, your new employer put out wanted ads, sent representatives to job fairs, took hours out of their day to post your job to online websites – and they may have even hired a recruiter to get you in your interview seat.

The Bureau of Labor Statistics did a study in 2017 and it found that employers pay roughly 30 percent, on top of wages and compensation, for additional benefits like healthcare. So, let’s say you’re making $35,000 a year as your salary. That means your employer is paying another $10,500 in benefits per year – that $45,500 investment in your employment may not be so obvious when you think just about your take home pay.

So, the next time you go in for an interview, think about the investment that employers make in their new hires and remember just how much is at stake. And that way when you get the call saying, “we want to talk,” you’ll know how much your new employer has already put on the line. Please act accordingly.