Having a lingering open job vacancy is a headache that nobody wants, but more importantly, it can have a resounding negative effect on your company’s productivity and revenue.
In today’s increasingly competitive economy, having even a few days of decreased productivity can take a toll on your bottom line. In addition, not hiring quickly enough can mean that your top choices could look for work elsewhere, leaving your positions open for even longer.
Keep reading to discover the hidden costs of the average job vacancy and the actions you can take to minimize any potential losses.
The True Cost of a Job Vacancy
While having employees is expensive in terms of salary and benefits, having too few employees on your team can often end up costing you a lot more, in many more ways than one might initially think.
For fields such as manufacturing and warehousing, having missing team members can mean an increased likelihood of errors. When too few people are spread too thin, it can lead to a number of unforeseen costs such as overtime pay, legal fees following workplace injuries, and more. In industries like sales or customer service, not having enough employees connecting with customers or responding to inquiries can result in lost sales and a negatively affected company image.
While the exact cost of an unfilled position will inevitably vary from one workplace to another, there is an approximate formula that can help employees get a better picture of the impact.
Why it is important to fill your open jobs ASAP
When you have a lot on your plate (which can seem even more full when you are understaffed) it can be difficult to find the time to source, screen, interview and onboard a new hire. However, whether you are trying to fill a new role or replacing another team member, it is vital to try and fill your vacancies as soon as possible.
It goes without saying that the longer a job is unfilled, the more stress it can bring. Lowered productivity rates, mistakes, low workplace morale and burnout are just a few of the negative side effects that can occur when your team is missing team members.
Depending on the industry, the time it takes to fill an open job can range from anywhere between 12 to 49 days – unless you’re working with a leading staffing agency! When your open positions have the potential to cost hundreds of dollars a day according to the above formula, keeping your time-to-hire metric down is of the utmost importance.
How to fill your positions quickly – with a little help!
When it comes to ensuring the efficiency and effectiveness of your team’s output, it often pays off to bring in some professional help. In order to have your positions filled faster than the industry standard, partnering with a staffing agency may be your best bet.
Recruiters can strike a balance between speed and quality. They have streamlined processes in place that ensures you get from sourcing to placement in as few steps (and days) as possible. Recruiters also dedicate their time to finding you the best potential candidates for your open roles, considering the unique needs of your company and industry.
If you need help filling your open positions, Select Staff would be happy to help. We have over forty years of experience in the warehousing, skilled trades, light industrial and clerical staffing fields and know how to get the job done. Contact us today.