So, the answer to the question of how much does it cost to onboard an employee
depends on many factors, and to understand the final price, you should calculate them all together. Start from the considering your job position salary and see the average hiring time and turnover rate to approximate how much you should spend. Then, to clarify this, define from which country you want to hire an employee, whether it’s your home country or not, and add advertising prices and subscription costs. After that, you’ll obtain the final onboarding cost.
The cost of training new employees
depends on the level of organization of training facilities in your company, and it is usually much cheaper than hiring new ones. In addition, while we all try to find the best candidates possible at once, further training is inevitable if you want them to become an integral and instrumental part of your company. Qualification increases, workflow adjustments, and knowledge exchange are important processes to maintain your company’s competitiveness and innovativeness.
So, let’s compare the hiring employees and training existing ones.