{"id":1603,"date":"2008-06-03T13:15:17","date_gmt":"2008-06-03T18:15:17","guid":{"rendered":"http:\/\/selectmetrix.com\/blogs\/2008\/06\/what-does-job-vacancy-cost\/"},"modified":"2008-06-03T13:09:08","modified_gmt":"2008-06-03T18:09:08","slug":"what-does-job-vacancy-cost","status":"publish","type":"post","link":"https:\/\/selectmetrix.com\/blogs\/2008\/06\/what-does-job-vacancy-cost\/","title":{"rendered":"What Does Job Vacancy Cost?"},"content":{"rendered":"<p><a target=\"_blank\" href=\"http:\/\/www.recruitingtrends.com\/online\/thoughtleadership\/955-1.html\">Interesting article here from RecruitingTrends.com<\/a> that highlights a speech given recently by Dan Hanyzewski, staffing director from Nike.\u00a0 There is one piece of data that caught my attention immediately:<\/p>\n<blockquote><p>\u201cThis is the first time in American history that we\u2019ve had four generations at work at the same time,\u201d Hanyzewski says. How do you communicate an employer brand that will attract such a broad audience?<\/p><\/blockquote>\n<p>Quite a dilemma, isn&#8217;t it?\u00a0 The task of branding your company effectively for 4 different generations is a tremendous undertaking.\u00a0 But the discussion then turns to a critical point (my editing):<\/p>\n<blockquote><p>\u201cOne of the most powerful metrics is time,\u201d Hanyzewski says. But, what\u2019s does it mean? What\u2019s the expectation? It\u2019s not time to fill. \u201cIf you had an understanding of what that role being empty represents on a daily basis, then you will know what it means to the bottom line.\u201d Whether a position is open 75 days or 125 days, unless you know what the vacancy cost is, it won\u2019t help you know the impact, Hanyzewski adds.<\/p>\n<p>Seventy days or 125 days, unless you know what that vacancy cost is, it won\u2019t help you know the impact, Hanyzewski says. Hanyzewski explains that if you can calculate your vacancy cost due to lost revenue, and maybe you deduct 10% due to the declining economic climate, and you know the vacancy has existed for 6 months, and you multiply it by the number of territories, then you now know the reality of time to fill because it\u2019s real money. \u201c<strong>Now you can come to the table with a real business concern<\/strong>.\u201d<\/p><\/blockquote>\n<p>Exactly.\u00a0 The costs in sales is even more dramatic.\u00a0 An open territory is lost revenue to your company and added revenue to your competition.<\/p>\n<p>I think the counter-argument we see is managers discussing the cost of a bad hire.\u00a0 Their view is that it is cheaper to wait to get the perfect hire than to accelerate their process to make a strong hire.\u00a0 You can effectively argue both sides of that equation until you get to one pertinent point &#8211; what if you don&#8217;t find the perfect hire?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Interesting article here from RecruitingTrends.com that highlights a speech given recently by Dan Hanyzewski, staffing director from Nike.\u00a0 There is one piece of data that caught my attention immediately: \u201cThis is the first time in American history that we\u2019ve had four generations at work at the same time,\u201d Hanyzewski says. How do you communicate an employer brand that will attract such a broad audience? Quite a dilemma, isn&#8217;t it?\u00a0 The task of branding your company effectively for 4 different generations is a tremendous undertaking.\u00a0 But the discussion then turns to a critical point (my editing): \u201cOne of the most powerful metrics is time,\u201d Hanyzewski says. But, what\u2019s does it mean?&hellip; <a class=\"read-more\" href=\"https:\/\/selectmetrix.com\/blogs\/2008\/06\/what-does-job-vacancy-cost\/\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"bgseo_title":"","bgseo_description":"","bgseo_robots_index":"","bgseo_robots_follow":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[16],"tags":[736,735,1762,734,38],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p5Oho-pR","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/selectmetrix.com\/blogs\/wp-json\/wp\/v2\/posts\/1603"}],"collection":[{"href":"https:\/\/selectmetrix.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/selectmetrix.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/selectmetrix.com\/blogs\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/selectmetrix.com\/blogs\/wp-json\/wp\/v2\/comments?post=1603"}],"version-history":[{"count":0,"href":"https:\/\/selectmetrix.com\/blogs\/wp-json\/wp\/v2\/posts\/1603\/revisions"}],"wp:attachment":[{"href":"https:\/\/selectmetrix.com\/blogs\/wp-json\/wp\/v2\/media?parent=1603"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/selectmetrix.com\/blogs\/wp-json\/wp\/v2\/categories?post=1603"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/selectmetrix.com\/blogs\/wp-json\/wp\/v2\/tags?post=1603"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}<!-- WP Super Cache is installed but broken. 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