How do you calculate the cost per hire and quality of hire from online job fairs?

1 Cost per hire

Cost per hire is the average amount of money you spend to hire one candidate from an online job fair. It includes direct and indirect costs, such as advertising, technology, staff time, travel, and overhead. To calculate cost per hire, you need to track the total expenses of your online job fair and the number of hires you make from it. Then, you simply divide the total expenses by the number of hires. For example, if you spend $10,000 on an online job fair and hire 20 candidates, your cost per hire is $500.

2 Quality of hire

Quality of hire is the value that a new hire brings to your organization in terms of performance, retention, and fit. It is harder to measure than cost per hire, but it is more important for long-term success. To calculate quality of hire, you need to define the criteria and indicators that reflect your hiring goals and expectations. For example, you can use metrics such as productivity, turnover, customer satisfaction, and cultural alignment. Then, you need to collect and analyze data from various sources, such as performance reviews, surveys, feedback, and analytics. Finally, you need to compare the results of your online job fair hires with those of other hiring sources and methods.

3 Benefits of online job fairs

Online job fairs provide a range of advantages to employers and candidates alike, such as reducing travel, venue, and logistics costs. They also give employers the opportunity to access a larger and more diverse talent pool across different locations, backgrounds, and industries. Moreover, they enable employers to showcase their culture, values, and opportunities while providing a convenient and flexible way for candidates to learn about the company, apply for jobs, and interact with recruiters and hiring managers. Furthermore, technology and data can be leveraged to streamline and optimize the hiring process and outcomes.

4 Challenges of online job fairs

When hosting an online job fair, there are some challenges to be aware of and address, such as ensuring the quality and reliability of your platform and tools, designing and delivering an engaging and interactive experience, communicating effectively with candidates, managing and following up with a large number of applicants, and evaluating and selecting the best candidates from a potentially overwhelming pool.

5 Best practices for online job fairs

To make the most of your online job fairs and improve your cost per hire and quality of hire, it is best to plan ahead and set clear goals and expectations. Select the right online job fair platform and tools that suit your needs and budget. Promote your online job fair through various channels and platforms to attract and target ideal candidates. Additionally, prepare and train your staff to deliver a professional and positive online job fair experience. Engage with candidates through chat, video, webinars, and games. Track and measure your online job fair performance and results using data and feedback. Finally, follow up with candidates until they are hired or rejected.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?