In today's economy, competition is ever increasing, and it is the organizations that are able to identify the key talent and get that talent working for their organization in the shortest period of time that will flourish. However many organizations act too slowly to fill positions within their company resulting in lost opportunities and revenue.
A simple method to determine the lost revenue as a result of an unfilled position is the employee revenue calculation. This number represents on average the amount of revenue generated by each individual employee on a daily basis. To calculate:
Daily Revenue Lost per unfilled position = Total Revenue/Number of Employees/ 365
By using the above calculation organizations can see how much revenue on average is being lost on a daily basis every time an organization has a job opening that has not been filled based on the amount of revenue each employee generates per day.
Other impacts of unfilled positions include:
- Overworked Employees: Employees in the company have to pitch in to get the work done which would normally be done by the person in the position that is currently being recruited for
- A team in an organization which has a vacant position will require more support from the management team
- Customers will become dissatisfied since their requests are taking longer to be fulfilled
- Excessive vacancies can lead to poor hires simply to fill the vacancies which will ultimately harm the business
In order to deal with the costs of unfilled vacancies many organizations are now choosing to invest in recruitment solutions. Recruitment workforce solutions allow organizations to quickly get a pool of applicants, identify the most suitable candidates and identify a workflow to get a new employee contributing to the organization in the shortest amount of time.
In an increasingly competitive economy, investing in a recruitment solution has the opportunity to give organizations the competitive advantage they need.
To learn more about the advantages of investing in a Recruitment workforce solution, click here.
