How Much Does Not Hiring Cost You?
Not sure if you want to work with another company?
Well, we don’t blame you. It can be stressful to trust an outside company with a part of your hiring process.
But you do have positions to fill, right? Let’s take a look at what a broken hiring process can do to your company.
- Cost of vacancy.
- Every day you go without filling your vacancy, your efficiency takes a hit.
- Your employees have to fill in for the lost employee, leading to strain and short tempers.
- Either that or the work goes undone, which is just as bad.
- Leave the position unfilled long enough and morale will drop.
- You’ll see drops in productivity and an increased likelihood that even more of your employees will leave.
- And things only get worse from there.
- If you want a quick estimate for your cost of vacancy, take your revenue per employee (total revenue divided by number of employees) and divide that by 220 (the average number of working days in a year).
- That’s your daily cost of vacancy.
- Interview Fatigue.
- We get it. You want to know for sure that you have the right candidate.
- So you have lower management do a round of interviews. After a few interviews, they get shuffled up to upper management.
- Upper management interviews them, but by the time that’s done with, lower management has a new batch of candidates and wants to send them through.
- Many organizations put their candidates through a half-dozen interviews, sometimes even going into the double digits.
- The best candidates will be long gone if you don’t have a systematic approach to hiring and interviewing.
- If you want the best candidates, get some help before you end up gift-wrapping them for the competition.
- Worst of all—bad hires!
- You’ve had toxic employees before.The ones who seem so charming at first.
- The ones who leave you feeling so confident they’ll do a great job.
- The ones who end up chipping away at employee morale and setting things back in incalculable ways.
- If you want to let unsystematic hiring practices and indecisiveness eat at your company from the inside, you’re welcome to do it.
- But if that’s not what you want, you know how to reach us.