Cost per hire is the honest number for what recruitment costs. It is easy to understate by counting only agency invoices and leaving out your own team's time.
(Internal + external recruiting costs) / Number of hires.
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Add external costs — job advertising, agency fees, assessments, background verification.
Add internal costs — recruiter salaries, referral bonuses, and interviewer time.
Divide the total by the number of hires made in the period.
₹4,00,000 of total recruiting cost across 10 hires is a cost per hire of ₹40,000.
Yes. Excluding internal cost is the single biggest reason reported cost per hire looks unrealistically low.
Referrals, a stronger employer brand and a direct-sourcing capability all reduce agency dependence, which is usually the largest external line.
Garuda HR looks after payroll, attendance, leave and statutory compliance for Indian teams — the same arithmetic, run for you every month, with a full audit trail. We would be glad to show you around.