What is the cost of having an open position go unfilled? So, you need to fill a position. It could be from attrition, company growth, or succession, the bottom line is position needs to be filled. The real question is how much is it costing you to continue doing business with the position vacant? This is often hard to quantify, but in most cases your expenses or loss of profit increase exponentially with time. If the duties of the open position are leveed onto another employee or employees it can distract them from their day-to-day duties and cause them to not complete either task as efficiently as they would normally. You also start running the risk that the extra burden of responsibilities will lead to valued employee burn out and risk them quitting or seeking other employment. That is likely the most expensive issue that can arise from leaving a position vacant for too long.
The only time that an open position is not resulting in loss of revenue is when you are “Building the Bench” but this can be viewed as additional and unwanted overhead.
The best way to get the best of both worlds is to have a funnel of candidates on tap so that you can pick and choose when the timing is optimal for you to hire. Keep in mind that the processes of vetting, interviewing, and onboarding of a candidate, even in optimal conditions, can take 1 to 2 months.
Having a system in place that is engaging and delivering you candidates 24/7 and planning when to start the hiring process can all be your choice. In the next video, I’ll go over why top-tier candidates are difficult find and show you a proven method of sourcing exceptional candidates with the experience you need.
We will show you the 3 essential elements to accelerate your hiring of the best candidates in the market in our Talent Capture Blueprint. Click the button below to download the Talent Capture Blueprint so that you can beat your competition in hiring top tier talent when you need it.