The average cost of recruiting a new college graduate for a full-time position rose dramatically from 2009 to 2010, according to results of NACE’s 2010 Recruiting Benchmarks Survey.
The average cost-per-hire for a Class of 2010 new hire was $8,947—up approximately 57 percent from $5,708 in 2009. The difference in number of hires from 2009 to 2010 accounts for much of that increase, according to Ed Koc, NACE director of research.
So, here’s my question – and a sidenote. If you spend all that money just hiring these brilliant, energetic young people who are ready to conquer the world – what will you do to keep them engaged and committed to your company’s vision, mission and goals so that you can recover that investment? If they lose interest and leave, turnover costs can wreak havoc on your bottom line. Check out ‘The Powerful Act of Coaching Employees’ Whitepaper on my website for some suggestions.
Another interesting insight from this study: while many firms invested heavily in social media as a means of recruiting college students, it was among the least effective of all methods employed for recruiting. What worked best? Good old-fashioned job fairs, with face to face contact, real people meeting real people. The lesson here: when the world zigs, you should zag. Like I’ve been telling you, people make all the difference.
The National Association of Colleges and Employers’ 2010 Recruiting Benchmarks Survey was conducted June 15 through August 15, 2010; 268 employer members, or 31 percent, took part.