If you’ve ever wondered how much time your recruitment team spends screening job applications and what this costs your recruitment department, then you’ll want to check out this new candidate screening costs calculator.
It’s been developed by pre-hire assessment specialists, ThriveMap, in response to the overwhelming increase in job application volumes due to the COVID-19 pandemic. The easy to use calculator quickly and simply shows just how much it costs your business to process job applications annually. Just a few readily available details are needed, such as the number of vacancies per year, average numbers of job applicants and interviews per vacancy to determine the impact of candidate screening costs on your business.
The calculator reveals the time spent on different candidate screening activities including sifting CVs, phone screens and interviews. The results page is also fully customisable so you can work out the exact amount for your business based on your own recruitment data.
How much time does candidate screening take?
Even before the pandemic, each corporate job posting would, on average, attract 250 applicants . That may seem like a high number, but considering that applicants per vacancy have increased in some sectors by as much as 427% , applicant screening is quickly becoming unmanageable. According to Indeed, job seekers are becoming less focused in their job search , which makes CV sifting an increasingly laborious process for recruiters.