Cost per hire

On some occasions cost-per-hire (CPH) is part of the calculation employers use to justify their advertising decisions i.e. if an advert cost £10k, I need to get e.g. 2 hires to make it a good return.

But is CPH the right measure?

Where the debate is great, is when we have employer branding thrown into the mix.

For example, does the '£10k' actually need to deliver 2 hires or, has the advert itself having been seen by many done a job in its' own right?  Is it more about branding than hiring?  Or is branding about hiring and only with branding will you hire anyway?

I know there are a number of 'experts' that read my blog so feel free to share your views.  And yes, I do realise it depends on the campaign objectives as to where the value is but, isn't it all about making better hires?