How Meaningful is Cost Per Hire?

We all like to compare things and feel we are operating optimally. We all like to be the best and we would hate to be the worst.  TRUE?
So how meaningful is Cost Per Hire as a benchmark for measuring the effectiveness of an Internal Recruitment Function?  Is it really important on an ongoing basis?  Do your stake holders really care and is the measure really valid?  If so what stakeholder cares and how do they use this information?
In the webinar below, Trevor Vas Director of ATC Events is joined by Chris McDonald, Managing Director for Australia at Indeed and Duncan MacKay, National Manager Recruiting & Resources at Superpartners, to examine the relevance of measuring cost per hire in 2015, how it may be used, reported on, or substituted with a metric that really matters.
You can view the webinar here.