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The Cost of Hiring a New Employee

·4 min read
The Cost of Hiring a New Employee

Cash-strapped businesses often hesitate to start hiring, even when they need workers, due to the actual cost of hiring employees. It's easy to forget that the cost of taking on a new employee means more than just their salary, which can be substantial all by itself. In its 2016 Human Capital Benchmarking Report, the Society for Human Resource Management estimated that companies spend an average of 42 days to fill a position and $4,129 per hire.