There are dozens of headlines about recruiting, but something that doesn’t get talked about as often is how much not recruiting and hiring quickly enough can cost an employer. There are some clear and calculable costs, and there are even more intangible costs that can have serious long-term effects on the business. Let’s take a look at some examples.
Unfilled Vacancies—Calculable Costs
Calculable costs of not filling vacant positions quickly include:
- Lost productivity.
- Extra recruiting costs. More time on job boards means more costs incurred.
- The wages of hiring staff for their efforts in the recruiting process (which could go toward other activities if the vacancy were filled).
- Lost sales as a direct result of the unfilled role.
- Any overtime paid to current employees making up the work.