Finding qualified employees in New York can be a daunting and expensive task. The cost of recruitment is one of the biggest challenges for small business owners and hiring managers in the area, due to its high cost of living, competitive labor market, and stringent regulations.
The cost of recruitment includes not only the cost of advertising job openings, but also the costs associated with screening and interviewing candidates. A study by the New York Department of Labor showed that the average cost per hire in New York is $4,449, which is significantly higher than the national average of $3,847. This cost includes expenses like advertising fees, background checks , and recruiting agency fees. Additionally, New York businesses face additional costs due to the high cost of living in the area. For example, potential candidates often require higher salaries than those offered in other parts of the country, making it harder for employers to find qualified individuals who are willing to work for lower wages.