As a recruiter, it’s up to you to fill open roles efficiently and minimize the cost of vacancy (COV). This year, a study found 75% of companies face talent shortages and have a hard time filling roles, or more specifically, with the right person. When it comes to filling positions, the Society for Human Resource Management (SHRM) reports the estimated cost to hire an employee is three to four times the job’s salary.
Many assume leaving a position unfilled simply saves the company from spending. A short-term view may show a couple of months’ worth of savings in salary and benefits. Better for business, right? Not so much, actually. It’s a common misconception that taking longer to fill a role benefits the organization.
Enter the cost of vacancy. In this eBook, we’ll examine several topics including:
In the longer-term view, an open position may lead to:
The ripple effect of vacancies means they’re not so great for business. So before issuing a hard stop on hiring, really think through the actual costs and benefits of it, including the impact on your recruiting pipeline. It’s a lot easier to nurture pipelines than to warm them up after they’ve gone stone cold.
Understand the COV to optimize your recruitment strategy and help leadership discover how open roles really impact your company.