Define "A few feet from the hole" - three feet? Yeah, no problem. I mean, you're standing three feet from a hole that someone fell down into, and you can obviously SEE the hole - so yeah, you could probably hear them.
Ten feet? Maybe not. Much will depend on the size, shape, texture and composition of the walls of the hole. The hole is essentially a 'megaphone' focussing the sound STRAIGHT UP out of the hole. Depending on the diameter of the hole, and what the walls are made of, you might get a 'cardioid' shaped sound pattern just out of the entrance, or you might not.
Hard, stone like walls would tend to create an echo, possibly even reinforcing it - soft, turf like walls would absorb the sound - muffling it.