What are the real costs of talent recruitment?

Calculating hiring costs is challenging—hidden expenses and limited data can obscure the full picture. Go beyond surface-level hiring costs to reveal the direct and indirect costs of traditional methods vs AI-driven solutions.

See where you’re missing out on significant time and cost savings, and discover the impact of Turing’s AI-powered approach.

With traditional recruitment, the numbers don’t add up

$4,700
is the average cost per hire in 2024—up 14% from 2019.
90
$4,219
is the average cost per vacancy before a new hire is found.
80
42 days
is the average time to hire a new candidate for a role.
60
50 hours
is the amount of time spent hiring for just one role.
60

There are a lot of reasons for rising costs

Manual work and administrative burden drain resources
Manual work and administrative burden drain resources

Recruiters spend up to 50 active hours on each role, but manual processes and hidden inefficiencies inflate time andby 2–3 times.

High cost-per-hire is eating your budget
High cost-per-hire is eating your budget

The average cost-per-hire is over $4,700, with inefficiencies in sourcing, screening, and interviewing adding thousands annually.

The unintended toll of lengthy processes
The unintended toll of lengthy processes

The average time to fill a role is 42 days while top candidates are only available for 10—and unfilled roles cost about $98 in lost productivity per day.

Bad hires are costly
Bad hires are costly

A single bad hire can cost up to 30% of the employee’s first-year earnings (between $14,900 and $17,000), and 20% of new hires leave within 45 days, causing re-hiring cycles, disrupting team productivity, and doubling recruitment expenses.

Recruitment ROI is hard to quantify
Recruitment ROI is hard to quantify

Companies allocate 15% of HR expenses to recruitment, but less than half of talent acquisition leaders can accurately assess ROI.

Coding and debugging

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Turing’s global talent solution saves you time and money

Discover the hidden cost saving at each stage in the hiring journey. Traditional recruitment methods often overlook expenses and inefficiencies that drain resources and budget. Turing’s AI-driven approach helps streamline these processes, offering substantial savings and optimizing hiring outcomes.

1
Reduce administrative burden
Automate sourcing, screening, scheduling, and onboarding to save 30+ recruiter hours per role.
2
Optimize cost-per-hire
Match with pre-vetted, on-board ready candidates in days, reducing recruitment overhead and vacancy costs while accelerating new-hire productivity.
3
Improve hiring timelines
Turn job requirements into capable candidates and bypass costly bottlenecks.
4
Superior candidate matching & vetting
Improve hiring outcomes with access to the largest global network of fully-vetted, precision-matched candidates ready to interview (with detailed profiles).
5
Maximize recruitment ROI
Gain a competitive advantage in a tight labor market. Turing compounds time and cost savings by combining scalable, pre-vetted candidates with advanced automation, delivering long-term savings.

You can’t afford not to use Turing

Fewer active recruiter hours per role
No need to source or screen with pre-vetted, precision-matched, interview-ready candidates.
0
30
%
70% faster time-to-hire
Match with pre-vetted and onboard-ready candidates in 14 days or less (down from the 44 days industry average)
0
70
%
97% candidate alignment with precision matching
AI precision, transparent rates, and vigorous pre-vetting result in optimized candidate alignment.
0
97
%

References

1- Balderson, Keelan. 2023. “35 AI Recruitment Statistics for Employers and Candidates.” MSPoweruser.
2- Blandford, Ainsley. n.d. “The Future of Recruiting 2024 I Hiring on LinkedIn.” LinkedIn. Accessed November 7, 2024.
3-Chen, Zhisheng. 2022. Collaboration among recruiters and artificial intelligence: removing human prejudices in employment.
4- Friedman, Gary D., Clifford Tatum, David Trone, Barney Hussey, Arun Subramaniyan, Marco Quiroz, Erin Prater, Brooke Seipel, and Chris Morris. 2023. “Artificial intelligence is increasingly being used to make workplace decisions–but human intelligence remains vital.” Fortune.
5- Harvard Business Review. n.d. “Transforming Talent Acquisition Through the Power of Automation and Artificial Intelligence.” Paradox. Accessed October, 2024.
6- HireDNA. 2022. “60% of Candidates Ditch the Application Because it’s Too Long or Complex: How to Simplify the Job Application Process.” HireDNA.
7- How Artificial Intelligence Cuts Down Recruitment Time.” 2024. Talent Management Institute.
8- “How long does it take to hire a Turing developer?” n.d. Help Center. Accessed 2024.
9- Human Resource Systems Group. 2020. “REPORT: The State of Job Descriptions Today.” State of Job Descriptions 2020.
10- Huptech HR Solutions and Rinku Thakkar. 2022. “Top 100 Hiring Statistics for 2022.” LinkedIn.
11- Kumar, Naveen. 2024. “AI Recruitment Statistics 2024 (Worldwide Data).” DemandSage.
12- “Leveraging ML for Effective Talent Matching: Whitepaper | Turing.” n.d. Turing. Accessed October, 2024.
13-“The Rise of AI in Recruitment: How Automation is Redefining Hiring Processes in 2024.” 2024. HireRush.
14- Rosales, IG. 2024. “Average Time To Hire By Industry (2024 Statistics).” Genius.
15- “7 Examples of Companies Successfully Using an AI Recruiting Platform.” 2024. Phenom.
16- Sharma, Anushree. n.d. “How AI reinvented hiring practice at L’Oréal.” People Matters. Accessed October, 2024.
17-“Top Candidates Are Gone Within 10 Days … So Assign Each a ‘Hire-By-Date.’” 2016.
18- “Using AI Tools to Hire for Potential.” 2024. HireVue.
19-Fazylova, Aida. 2024. “Benefits of Using AI in Recruitment - SSR.” SelectSoftware Reviews.