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How much does it cost to hire technical talent?
Our easy-to-use calculator will help you uncover the true cost of hiring to help you make smarter, faster, staffing decisions.
This hire could cost you
Based on your inputs we’ve estimated your hiring costs below. Scroll down to see how we arrived at this cost.
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How we developed our cost of hiring calculation for the FinTech Industry
Our Cost of Hiring Calculator was crafted in collaboration with industry and financial experts, including Quickbooks, CNBC, and The Fintech Times to provide hiring managers and HR leaders with a precise understanding of the costs associated with employee turnover and vacancy.
It distinguishes between non-negotiable "hard costs" for job listing and onboarding, and "soft costs," which vary based on the efficiency of your hiring process and team productivity. This tool aims to optimize your hiring strategy by highlighting areas of cost variability.
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Hard Costs
Advertising on Job Posting Boards
This is the cost incurred for listing job vacancies on various job boards. It's a crucial step in attracting the right talent, especially in the competitive FinTech sector.
Background Checks
Conducting background checks ensures the reliability and integrity of potential hires. This is particularly important in FinTech, where trust and security are paramount.
Technical Assessments
Assessing the technical skills of candidates is a critical step to ensure they meet the specific technological demands of the FinTech industry.
Cost of Onboarding Training
This includes the salary of an onboarding specialist ($65K) and the time invested in training new talent. The process also requires coordination efforts, accounting for additional costs.
Lost Equipment Costs
This refers to the cost of equipment that is not returned by departing employees or gets lost or damaged during the hiring process.
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Soft Costs
Time Invested by Departmental Leaders and Managers
The time these professionals spend in the hiring process is valuable. Considering an average of 30 hours at a $200K salary, this becomes a significant cost component.
HR Manager's Time
The cost of an HR manager's time is calculated based on their hourly rate ($40/hour), efficiency in processing resumes and conducting interviews, and decision-making time.
Productivity Cost for New Hire
This is the cost related to reduced productivity during the onboarding and adjustment period of a new hire, calculated over a 6-month period.
Knowledge Loss
The departure of an employee can lead to a temporary loss of knowledge and expertise, affecting overall productivity.
Two Months Not Filling the Position
The average time to fill a specific role, such as a Software Engineer, can be around 62 days, during which productivity and operations can be impacted.
Additional Costs When Applicable
False Start
If a new hire leaves or is fired within 90 days, the loss incurred includes their salary for that period and the cost of restarting the hiring process.
Loss of Other Employees Due to Understaffing
Prolonged vacancies can lead to increased workload on existing staff, potentially causing burnout and further turnover. The cost of replacing technical staff can range from 100% to 150% of the employee's salary.
In the FinTech industry, where the blend of finance and technology requires a unique skill set and a high level of adaptability, understanding these costs is crucial for efficient and effective hiring. This breakdown not only helps in budgeting but also highlights areas for potential optimization in the hiring process.
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