Cost per applicant refers to the amount of money spent on a recruitment campaign divided by the number of people that subsequently apply for jobs as a result of the recruitment campaign.
Cost per applicant is a metric used in the field of psychology to measure the cost effectiveness of recruitment efforts for a particular program or position. It is calculated by dividing the total recruitment costs by the number of applicants received. Here are some examples of the use of cost per applicant in psychology:
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Graduate programs: Graduate programs in psychology may use cost per applicant as a way to evaluate the effectiveness of their recruitment efforts. For example, if a program spends $10,000 on recruitment efforts and receives 100 applicants, the cost per applicant would be $100.
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Job openings: Employers in the field of psychology may also use cost per applicant to evaluate the effectiveness of their recruitment efforts for job openings. For example, if an employer spends $5,000 on recruitment efforts for a particular job opening and receives 50 applicants, the cost per applicant would be $100.
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Clinical trials: Researchers conducting clinical trials in psychology may also use cost per applicant as a way to evaluate the effectiveness of their recruitment efforts for study participants. For example, if a researcher spends $2,000 on recruitment efforts and receives 20 applicants, the cost per applicant would be $100.
Overall, cost per applicant is a useful metric in psychology because it allows researchers, employers, and program administrators to evaluate the effectiveness of their recruitment efforts in a standardized and objective way. By tracking cost per applicant over time, organizations can identify areas for improvement in their recruitment strategies and make more informed decisions about how to allocate recruitment resources in the future.
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