Question

What does PRICES mean as it relates to interviewing for a job?

Answer 1

Answer:

There are various organisations that outsource the process of conducting the interview to other third party organisations so as to save the time of their employees and the associated higher amount of cost of conducting the process at their location. In this situation the third party organisation charges a certain amount to the organisation which has out sourced the process or the first party organisation. Hence, the first party organisation pays the prices to the third party organisation for conducting interview for the job.

While conducting an interview, the third party organisation is required to perform various tasks including publication of the advertisement in the leading newspapers and through other audio visual modes, collection of the applications, screening of the applications, alignment of the data of the suitable candidate, telephonic interview with the candidate, again screening of the most suitable candidate based on the telephonic interviews, calling the candidate for a face to face interview, finalising the panel for conducting the interview which may include the professionals from inside and outside the third party organisation and finalising the candidate for the job.

Conducting all the above discussed activities requires time and cost of the third party organisation to be invested. These costs can be divided into the internal cost and the external cost. Internal cost are the one which is associated with the salaries of the HR team, extra bonuses and the perks paid to the existing employees for referring the suitable candidate for the job and the other miscellaneous cost for conducting the interview. External cost includes the cost for advertisement for the job, cost incurred for conducting campus recruitment and career fair, and fees paid to the external experts, etc.

All these costs are calculated by the third party organisation and then its sets the amount to be charged to the organisation which has outsourced the hiring process or the first party organisation. And the first party organisation pays the price for conducting the interview to the third party organisation.